导　　师： 舒建玲

学科专业： 120201

授予学位： 硕士

作　　者： ;

机构地区： 暨南大学

摘　　要： 随着我国科技水平的不断提高，专利技术在国民经济建设中发挥着越来越重要的作用。企业虽然可以自主研发技术，然而仅仅依靠企业自身内部的技术研发力量，已经越来越难以满足企业发展对技术的需求，专利权的交易应运而生，且其涉及的领域和规模迅速扩大。专利权的价值评估是专利技术转让过程中的核心问题。合理评估专利权价值，能够促进专利交易顺利进行，从而使其充分地参与经济生活。 本文首先介绍了专利权价值评估的三大传统方法，并分析和比较了它们各自的优劣之处。其次介绍了实物期权理论和实物期权定价模型，探讨了用实物期权法评估专利权价值的适用性和优势。本文认为Black-Scholes模型相比二叉树模型而言，更适于专利权价值评估。再次，对Black-Scholes模型在专利价值评估中的应用进行了探讨，重点对模型中的各参数进行了分析。最后，本文进行了案例分析，分别运用传统的收益现值法和Black-Scholes模型对X公司的专利权价值进行评估。评估结果显示后者所得的项目净现值大于前者，这是因为实物期权法考虑了专利权的灵活性投资价值。本文认为传统的收益法低估了专利权的价值，运用实物期权法所得出的评估值是确定最佳专利资产转移价格的重要参考。同时应将实物期权思维方式应用到专利产品项目的投资和生产决策中。 With the improvement of science and technology in our country, patent is playing a moreand more important role in the construction of the national economy. Although enterprises canresearch and develop technology independently, it has increasingly become difficult to meet theneed of enterprise development in technology if only rely on their own internal technologyresearch.The transaction of patent arises at the historic moment. The areas and scale areexpanding rapidly.The evaluation of patent is the core problem in the process of patenttransaction. Reasonable assessment of patent can promote the patent deals to go smoothly andmake it fully participate in economic life. Firstly,this paper introduces three traditional methods of patent evaluation, then it analyzesand compares their advantages and disadvantages. Secondly, it introduces the real option theoryand real option pricing models, and discusses the applicability and advantages of the real optionmethod in patent evaluation. The paper argues that the Black-Scholes model is more suitable forpatent evaluation, compared with the binomial pricing model. Again, it discusses the applicationof the Black-Scholes model in patent evaluation, especially focusing on the analysis of variousparameters in the model. Finally, in the case study, this article uses the traditional incomeapproach and the Black-Scholes model to evaluate the patent of X company respectively. Resultsshow that the net present value of the latter is greater than the former, which is because the realoption method considers the flexibility of patent investment. The paper argues that the traditionalincome approach underestimates the value of patent. We can determine the best price of patenttransaction by using the real option method. At the same time, the thinking mode of real optionshould be applied to the investment and production decisions of patent products.

关 键 词： 专利权 实物期权法 收益法 定价模型 评估

领　　域： [经济管理] [经济管理]