The Research Of Patent Valuation Based On Real Option Theory

The scientific and technology level has improved since the 21st century,so that patent technology has played a vital part in the construction of GDP.Although enterprises can do independent research and experiment by themselves,only by virtue of their own R&D capabilities,which has gradually become the biggest obstacle for enterprises.under this circumstance,the market has gradually developed patent transactions,and the scope of the transfer and application has been enlarged.As the core problem in the process of patent technology transfer,the evaluation of patent value is particularly important.Reasonable assessment of t patent valuation can promote the transaction of patents smoothly,in order to make those patents fully involved in social and economic life.Firstly,this thesis analyzes the merits and drawbacks of the three traditional appraisal procedure,to explore the applicability of the three traditional methods in the patent evaluation.Secondly,it introduces the concept of patent and real option theory.According to the analysis,we can see that the real right option is included in patent right,so it is feasible to use the physical option way to asses the value of the patent.Thirdly,this paper stresses the application of B-S physical option pricing model in the evaluation of patent value,and mainly introduces the approach of confirming the parameters in this mould.Then,this thesis has carried on the concrete case analysis.Applying the traditional income method and B-S real property pricing model to evaluate the value of two patents in KL Co..Finally,the thesis compares the two approaches in the course of different applications in real cases.To sum up,the traditional present earning value method underestimates the value of patent right.And the evaluation value obtained from the real option theory is an important reference for the reasonable evaluation of the patent assets.At the same time,I also suggest that enterprises can apply the real option theory to the patent product production and investment decisions.Although there are many theoretical researches on real property in the field,there are few practical analysis.The author probes into practical research,which reflects the difference and innovation.In view of the valuation of two patents of KL Co.,this paper introduces how to use the real option theory and existing data to calculate the value of patent right.And using stock price data to estimate the fluctuation ratio according to the concrete condition of the example.Besides of this,this paper uses two approaches to evaluate the patent value,which aims to explain the maneuverability and applicability of the real option theory.