Evaluation On The Patent Economic Value On The Base Of Real Option Theory & Research On The Fluctuation Rate

Nowadays, the competition among enterprises is becoming international step by step, and the competition of patents is becoming a very important aspect between countries' national power competition during the acceleration of global economy .Who owns more patents, who will be capable to get more controlling powers in competition in the international market. The patent has economic value as one kind of intangible assets. On one hand, take the patent technology attributes as basis, we can invent commodities which bear the patent by using the patent's method. On the other hand, taking the patent right attribute as basis, which is more important and outstanding, we can use the patent to maximize the valuation through market operation. The patent has already became one kind of commerce implement which is powerful, natural interlink age between innovation and the marketplace. More and more enterprises want to gain their competitive advantage by owning the patent and the right to use the patent. One the basis of the contrast of the patent valuation method available, especially, the comparison between NPV and OP, NPV neglects the value of governor's flexibility to make policy and irreversibility of the investment. To get the actual assurance rate which has direct relation with the valuation result has difficulties. Real option method although considered the flexibility of governor's making policy, but it requires strict condition. It is very difficult to get the parameter in our country's bond market. Get the net present value by NPV method and the director's investment decision flexibility value by OP method, then get the fluctuation rate by Monte Carlo algorithm.