Intellectual Property Rights Value Evaluation Based On Real Option

Along with the development of economic globalization and thedeepening of the market economy, the knowledge economy age as anirresistible trend, is playing a more and more important role in promotingthe development of the economy， which has become the corecompetitiveness in a country and an enterprise. At present, the mainmethods of intellectual property value evaluation are traditional costmethod, Market approach and income method, these three methods arestatic analysis methods, don’t realize the value of the uncertain investmentenvironment, intellectual management flexibility and enterprisemanagement elasticity, which are easy to underestimate intellectualproperty rights’ value and will cause value leakage. In view of thedeficiency of the traditional methods, this paper introduces real optionmethod, evaluates its value from dynamic angle.This paper starts with qualitative analysis the characteristics of theintellectual property rights and real option, found they have a lot incommon, so real option method can be used to evaluate its value. Thereare many real option pricing models, different models have differentapplicable objects and scope, and different types of intellectual property has its uniqueness, only when the characteristics and surroundings of theintellectual property rights correspond to the characteristics of the model,the models are useful. Therefore, we need to classify intellectual propertyrights, and separately choose corresponding option pricing model toevaluate the value. According to the characteristics of the intellectualproperty rights, we classify it into three types: as to those can be traded inthe market, this paper choice B-S model and binary tree option pricingmodel to assess its value, then, revise the B-S model according to theactual environment, that make it more realistic; For those can’t be tradedin the market, this paper selects dynamic programming model toevaluate its value; Consider the influence that the competition make tothe enterprise knowledge property investment decision-making, we adoptoption game theory to analyze the optimal investment decisions of theintellectual property rights. Finally this paper takes A research institutionshave the support of the "urban sewage sludge chemical conditioningdepth dehydration technology" three invention patents for example, anduses traditional cash flow method and revised B-S option pricing modelto evaluate their value respectively, and qualitative analysis investmentdecision of enterprise knowledge according to the options game theory. Through qualitative and quantitative research to the intellectualproperty value evaluation, draw the conclusions: the traditional cash flowmethod underestimated the value of the intellectual property rights, whichcan lead to enterprise give up favorable decision; The real options methodconsidering the potential value of the intellectual property rights, ishelpful for the enterprise to make investment decision in the long run;The behavior of the competition of enterprise can influence investmentdecision of the knowledge, which needed to be considered. So theintellectual property rights of the value=the traditional net present value+option value+game value.