Research On Valuation Of Intangible Assets Of Enterprises Based On The Perspective Of Real Options

In the context of the accelerated development of Internet,cloud computing and artificial intelligence,the growth and decrease of enterprise value also showed bidirectional acceleration.Intangible assets play a crucial role in enhancing the core competitiveness of enterprises,and economic activities in an enterprise generally involve an assessment of the value of intangible assets.Because the intangible assets are risky,future earnings uncertain,and in the traditional evaluation method not considered the excess returns of their future,it could result in an understatement of the value of intangible assets.In this paper,the real option method and the fuzzy real option are compared with the traditional evaluation method,and the comparative analysis of the evaluation of the patent right in the intangible assets is carried out,so as to explore the new method of the real option in the value assessment of intangible assets.Therefore,this paper has a certain theoretical value and practical significance.Based on the theory of intangible assets evaluation,fuzzy mathematics and real time pricing,this paper applies the real option method to the value assessment of intangible assets,and through the patent right of intangible assets as a case for empirical analysis and comparison,and finally draws the corresponding conclusions based on the empirical analysis and comparison results.The main contents of this paper are as follows:The first part first elaborated the paper selected topic background and research significance,then the current situation of intangible assets evaluation at home and abroad as well as the application of real option pricing method for the literature related to comb and reviewed in this paper,finally summarizes the main research contents and methods.The second part first introduces the basic concept,characteristic and classification of intangible assets,then the cost method,market method and income method of intangible assets and other traditional evaluation methods were summarized,finally introduces the concept and classification of the real option pricing method,on the basis of based on option pricing method of dynamic programming and partial differentiation theory of real option pricing method were expounded B-s option pricing models,and on the basis of fuzzy mathematic model of fuzzy B-s option pricing model.The third part introduces the including patent and non-patented technology and land use rights,the human resources of intangible assets such as real option characteristics,and analyzed based on real option characteristics of intangible assets on the applicability of the evaluation.The fourth part describes the present situation of the application of enterprise intangible assets value assessment method,cost method,market method and income method are analyzed on the problems existing in the evaluation of enterprise intangible assets,further illustrate the real options can make up for the inadequacy of traditional evaluation methods.Fifth part selected the enterprise intangible assets in the patents as evaluation object,and the case analysis,first introduced the background and market factors in assessing case,and then respectively using the revenue method,the real options method in the traditional evaluation method of B-s option pricing model and the case of fuzzy real option model to evaluate different assessment results after evaluation.The sixth part of the income method,B-s option pricing model and evaluate the results of fuzzy real option,this paper compares and analyzes calculated the real option pricing method for income method has some advantages of conclusions;The stability of the real option pricing model is verified by individual and comprehensive analysis of the parameter sensitivity of the b-s option pricing model.The seventh part on the basis of summarizing the main research conclusions,based on the evaluation methods of intangible assets and market environment further prospect for the future research and innovation and deficiency of this article.In this paper,applying the real options method in the evaluation of intangible assets and case analysis,to study the following conclusions: one is compared with the traditional evaluation methods,real option method is due to consider the intangible assets in the future when the intangible asset value obtained economic returns,the correlation of value at risk so when assessing intangible assets value more accurate science.The second is to combine the fuzzy mathematics with the real option to evaluate the value of intangible assets and the expected value and evaluation interval of the underlying asset can help the management to make better decisions.