The Comparative Research Of The Present Value Of Future Earnings Method And The Option Pricing In The Techno-intangible Assets Evaluation

Under the background of modern scientific and technological development, Intangibleassets appear to be more active than visible assets. Generally, the amount of intangible assets canreflect its owner's abilities of science and technology as well as the ability of intellectual andculture. With the deepening of the economic system reform and the quickly developing of theeconomy, the setting-up of the market, annexation, investment, mortgage, bankruptcy,liquidation of the enterprises is increasingly frequent. Accordingly, the application and theoriesof the intangible assets valuation become the crux of the assets valuation and the focus of the allpeople attention in recent years. Under this economy development background, Base on a largeresearches of science and technology achievement evaluation at home and abroad, firstly, thispaper introduces usually traditional kinds of evaluations methods, and analyzes thecharacteristics and shortages when it is used in the evaluation of intangible assets, and then, baseon the characteristics between the intangible assets and options, the author propose an opinionthat applying the option pricing model in the evaluation of the intangible assets. Finally, theauthor applies the traditional DCF and option pricing model to the concrete evaluation case, andcompare these two methods in the evaluation of the intangible assets.