The Study On Valuation Of Patented Technology In Patent's Life Cycle Perspective

With the development of knowledge economy and science,the patented technology has played a more and more important role in promoting social development and enhancing the competitiveness of enterprises,which made the patent evaluation a significant problem.At present,the evaluation of patent in China still adopts the method of assessing tangible assets,which has not taken the characteristics of patents into account,just like intangibility,flexibility and uncertainty.Therefore,it is of great significance to establish a scientific and reasonable evaluation model for patented technology,and it helps to optimize the allocation of technological resources,to speed up the transformation of scientific achievements and to promote the development of technology trading market.This paper reviews the research on the patented technology valuation at home and abroad firstly,and finds out that the traditional evaluation method has the limitation to the patented technology.Secondly,the real option pricing theory is determined by analyzing the option attribute of the patented technology.Then this paper analyzes the characteristics and definition of patent's life cycle according to the theory of technology life cycle.On this basis,this paper combines the discounted cash flow model and the binary tree model to evaluate the value of patented technology,and the dynamic profit sharing rate and risk discount rate of patented technology are determined by analyzing the profitability and risk of patent in each life cycle.Finally,a case study of cryogenic methanol-washing patent for coal-based synthesis gas has been researched.In this paper,we builds a patent evaluation model by combining the discounted cash flow method and real option method,considering the patent option and patent's life cycle.This method can take into account the future risks of patented technology,the uncertainty of the technology itself and the patent owner's management flexibility,and it is a reasonable quantification of the overall value of patented technology assets.