Research On The Evaluation Of Hong Yu Gene's Proprietary Technology Based On Real Option Theory

Capital has been looking for greater returns in the market economy and making investment in intellectual property assets is a hot channel.Many technology companies rely on a proprietary technology or proprietary technology for financing.The result is a series of intellectual property transactions,and valuation is an essential step of in vestment and transfer.In this paper,we explored the shortcomings of the original pricing method and introduce new evaluation methods.Finally through specific case implementation using the real option method to evaluate a proprietary technology,show the maneuverability and advantages of the real option method by comparison analysis.In this paper,we introduce the three traditional methods:replacement cost method,market method and income present value method.Replacement cost method was not applicable for the assessment of proprietary technology,because the value of the proprietary technology in the future can bring benefits,rather than a simple development costs.At the same time,there is a lack of consummate intangible asset trading place in China,and its transaction form is different,so it is difficult to obtain similar reference materials,so it is not suitable for the market method to evaluate.If we use the present value method to assess earnings,we need to predict future earnings.The prediction of earnings may be far from the actual returns,and there is a strong subjectivity in the selection of discount rate.Then according to the shortage of the commonly evaluation methods and the characteristic of the patent right itself,this paper chose the real option method to evaluate the value of real option theory with a special focus on investment in the process of decision-making,suit to proprietary technology,the uncertainty and high risk of investment project evaluation.The innovation of this paper is that although there are many theoretical researches on real option assessment,the main purpose is to analyze the applicability of real options for practical projects,but few examples show that the whole process of real option valuation is very limited.Based on the macro of the gene,a hunan medical detection technology evaluation as an example,shows how to use the actual model.