專利價(jià)值的評(píng)估及實(shí)現(xiàn)策略.pdf

1、華中科技大學(xué)碩士學(xué)位論文專利價(jià)值的評(píng)估及實(shí)現(xiàn)策略姓名：程勇申請(qǐng)學(xué)位級(jí)別：碩士專業(yè)：金融學(xué)指導(dǎo)教師：簡(jiǎn)志宏20060401華 中 科 技 大 學(xué) 碩 士 學(xué) 位 論 文 V Abstract The patent is an important component of the intellectual property right, and a valuable type of int

2、angible assets. The evaluation of patent project is of extreme importance in modern capital investment decisions of firms. Real options method is an extension of financial options theory to rea

3、l assets. The investor who has the options has the right (but no obligation) to invest, which adds value to the project and decrease the risk. So using real options method to evaluate inves

4、tment projects, the complicated option to invest can be simulated and valued reasonably. This thesis discussed the traditional methods of price- making of patent and analysis the weakness of trad

5、itional methods. On the basic of those traditional methods, the thesis used the real option method. With the complex structures and characters of the patent, quantitative analysis of the valuat

6、ion of the option to invest is more difficult than that of ordinary financial option pricing mode. According to the existing valuation theories on financial assets, the easy derivative securiti

7、es may have the simple computation model in theory, but valuation for most of the option to invest cannot be solved effectively, so the technique of numerical simulation has become a very im

8、portant means of evaluating the option to patent. The numerical simulation method of this thesis is Monte Carlo simulation. This thesis discussed the traditional methods of price- making of pate

9、nt and analysis the weakness of traditional methods. On the basic of those traditional methods, the thesis used the real option method. This thesis mainly researches price- making of patent mode

10、l. The model use real options approach to value investment strategies under regulation, and sets up an option- pricing model. The value of the project, whose path is simulated and analyzed numerically, f

11、ollows ageometric Brownian motion. This part derives the option pricing formula by using the dynamic programming method. Solving the formula numerically and analyzing the numerical results, influe

12、nces of regulation on patent investment are found out. The patent investment options in the idle and active states are evaluated respectively, the thresholds of entry and exit are obtained. Key