Study on Application of Real Option Method to Technology Valuation- A case for Biotech technology transfer
|關鍵字:||無形資產;技術鑑價;實質選擇權;Intangible assets;Technology valuation;Real option method|
With the wide adoption of the IFRS accounting system in enterprises, intangible asset valuing, which used to be undervalued, becomes more important nowadays. Intangible asset is different from other tangible commodities, and establishing a free market mechanism for intangible assets will rely on a fair valuation platform of “knowledge product.” It could be an arduous task; however, in view of the current condition of global development of knowledge economics, the “intangible asset valuation mechanism” will provide the foundation for future development of knowledge economics in our country. The approaches to valuating intangible assets currently commonly used include: Income Approach, Cost Approach, and Market Approach. However, the valuation results of these approaches are usually inconvincible to the public due to their accompaniment of too many subjective factors. Therefore, it is a top priority to build up a valuation method that is widely acceptable to the public. In this research, we collected and arranged the commonly used valuation approaches first, and introduced a biotechnology transfer case as an example to examine its results. We then proposed a valuation method, in which the option value of whether or not to proceed with building factory or business operation later that is possessed by a company in the R&D stage is introduced into their value decision and is calculated with binomial option valuation. By introducing the concept of Expanded NPV, it is hoped to find out a more objective and complete estimation for intangible asset valuation.
|Appears in Collections:||Thesis|