电子及通信设备制造业专利的期权定价评估
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摘要
现代经济的最显著特征之一,是创新在经济增长中作用越来越大,从科技成果到首次商业应用的技术创新步伐越来越快。专利作为知识产权的一个核心类别,在经济全球化和知识化的时代,对社会进步、经济发展和文化繁荣等所到起的作用越来越大。目前国家大力推进实施国家知识产权战略,电子及通信设备制造业技术专利价值评估的研究便是在这个大背景下进行的,目的在于促进该产业专利资产交易活动的有效进行,推动专利资产定价理论的完善和发展,有效配置电子及通信设备制造业的专利技术资源,促进国家和区域的自主创新,为电子及通信设备制造业技术专利的交易提供必要的理论基础。
本文首先对相关概念进行了界定,分析和阐述了国内外的研究现状,提出了电子及通信设备制造业技术专利价值评估研究的现实需求和研究意义；其次通过阐述期权定价的相关理论并分析电子及通信设备制造业技术专利价值的期权特征,确定应用期权定价理论来评估电子及通信设备制造业技术专利的价值；然后结合电子及通信设备制造业技术专利的特性,构建了基于期权定价理论的电子及通信设备制造业技术专利价值的评估模型,以及电子及通信设备制造业技术专利收益波动率的评价指标体系；最后从两个不同的案例入手,分别采用传统评估方法与期权定价模型对案例中的专利价值进行评估,验证了期权定价理论模型评估该产业专利价值的优势,指出科学合理评估模型中的波动率这一重要参数的重要性,并综合运用灰色多层次模型及模糊综合评价模型深入分析和评估了波动率。
本文以电子及通信设备制造业技术专利展开定价研究,提出的专利价值评估方法对于其他高技术产业或更多领域的专利价值评估也具有借鉴意义。
One of the most striking features of the modern economy is that the role of innovation in the economic growth is becoming bigger and bigger. The time interval of the technology innovation from scientific and technological achievements to the first commercial application is becoming shorter and shorter. In the era of economic globalization and knowledge, as one of the core categories of intellectual property rights, the role of the patents is becoming bigger and bigger to the social progress, economic development and cultural prosperity, etc. At present the country is vigorously promoting implementation of national intellectual property strategy, the research on the patent evaluation of electron and communication equipment manufacturing industry is carried out in this context. The purpose is to promote the patent assets trading activities effectively, and promote the improvement and development of the patent asset pricing theory, effectively allocate the patent technology resources of electron and communication equipment manufacturing industry, promote national and regional innovation, and provide necessary theoretical basis for the technology patent trading of the electron and communication equipment manufacturing industry.
This paper firstly defines the related concepts and research status, puts forward the realistic needs for the evaluation of electron and communication equipment manufacturing industry patents and research significance. Secondly the paper introduces the related theories of option pricing, analysis the option characteristics of the electron and communication equipment manufacturing industry patents, then determines to use option pricing theory to evaluate the patent value of the electron and communication equipment manufacturing industry. Thirdly, the paper combines with the characteristics of electron and communication equipment manufacturing industry, constructs B-S model and Binary tree model of electron and communication equipment manufacturing industry technology patent value evaluation, and establishes the evaluation index system. Finally, through two different cases examines the advantages of the option pricing models by comparison analysis between traditional and current methods, and points out the importance to scientifically and rationally to determine the volatility, and uses gray multi-level model evaluates the volatility in the case.
This paper carries out the pricing research on electron and communication equipment manufacturing industry technology patent, the proposed patent value evaluation method can be learned for the other high technology industries or more areas of the patent value evaluation.
本文首先对相关概念进行了界定,分析和阐述了国内外的研究现状,提出了电子及通信设备制造业技术专利价值评估研究的现实需求和研究意义；其次通过阐述期权定价的相关理论并分析电子及通信设备制造业技术专利价值的期权特征,确定应用期权定价理论来评估电子及通信设备制造业技术专利的价值；然后结合电子及通信设备制造业技术专利的特性,构建了基于期权定价理论的电子及通信设备制造业技术专利价值的评估模型,以及电子及通信设备制造业技术专利收益波动率的评价指标体系；最后从两个不同的案例入手,分别采用传统评估方法与期权定价模型对案例中的专利价值进行评估,验证了期权定价理论模型评估该产业专利价值的优势,指出科学合理评估模型中的波动率这一重要参数的重要性,并综合运用灰色多层次模型及模糊综合评价模型深入分析和评估了波动率。
本文以电子及通信设备制造业技术专利展开定价研究,提出的专利价值评估方法对于其他高技术产业或更多领域的专利价值评估也具有借鉴意义。
One of the most striking features of the modern economy is that the role of innovation in the economic growth is becoming bigger and bigger. The time interval of the technology innovation from scientific and technological achievements to the first commercial application is becoming shorter and shorter. In the era of economic globalization and knowledge, as one of the core categories of intellectual property rights, the role of the patents is becoming bigger and bigger to the social progress, economic development and cultural prosperity, etc. At present the country is vigorously promoting implementation of national intellectual property strategy, the research on the patent evaluation of electron and communication equipment manufacturing industry is carried out in this context. The purpose is to promote the patent assets trading activities effectively, and promote the improvement and development of the patent asset pricing theory, effectively allocate the patent technology resources of electron and communication equipment manufacturing industry, promote national and regional innovation, and provide necessary theoretical basis for the technology patent trading of the electron and communication equipment manufacturing industry.
This paper firstly defines the related concepts and research status, puts forward the realistic needs for the evaluation of electron and communication equipment manufacturing industry patents and research significance. Secondly the paper introduces the related theories of option pricing, analysis the option characteristics of the electron and communication equipment manufacturing industry patents, then determines to use option pricing theory to evaluate the patent value of the electron and communication equipment manufacturing industry. Thirdly, the paper combines with the characteristics of electron and communication equipment manufacturing industry, constructs B-S model and Binary tree model of electron and communication equipment manufacturing industry technology patent value evaluation, and establishes the evaluation index system. Finally, through two different cases examines the advantages of the option pricing models by comparison analysis between traditional and current methods, and points out the importance to scientifically and rationally to determine the volatility, and uses gray multi-level model evaluates the volatility in the case.
This paper carries out the pricing research on electron and communication equipment manufacturing industry technology patent, the proposed patent value evaluation method can be learned for the other high technology industries or more areas of the patent value evaluation.
引文
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[22]Cox J.C, Ross S.A & Rubinstein, Option Pricing: A Simplified Approach[J], Journal of Financial Economics,1979(7).
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[34]enver Sturm College of Law,2009
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[38]杨伟华.非完全市场下的有信用风险的期权定价理论研究[硕十学位论文].厦门大学.2007.4
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[41]唐春霞.发明专利权的价值及实例解析——基于带跳的期权定价模型分析[J].重庆工学院学报(社会科学版).2009(05).
[42]夏轶群.有可替代性和时间贬损的不确定条件技术专利价值评估[J].科技进步与对策.2009(15).
[43]刘小青.陈向东.基于复合齐全模型的外国在华专利价值研究[J]科学学与科学技术管理.2009(11):57-63
[44]蔡强.曾勇.基于专利商业化投资的非对称期权博弈[J]系统工程学报.2010(25):512-518
[45]程夷.周焯华.技术进步对专利价值影响的实物期权分析[J].工业工程.2011(14):58-61
[46]穆荣平.中国通信设备制造业国际竞争力评价[J].科学学研究2000年第18卷第3期
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[51]陈力田.中国通信设备制造业创新能力测度和初步分析[J].管理工程学报2010年增刊
[52]赵珏.中国电子及通信设备制造业竞争力评价[J].南阳理工学院学报2011年第3卷第1期
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[2]高山行.专利权的经济学分析[M].西安：西安交通大学出版社,2001
[3]杨雄文.专利代理与检索[M].广州：华南理工大学出版社,2010
[4]张新锋.专利权的财产权属性-技术私权化路径研究[M].武汉：华中科技大学出版社.2011
[5]金永红.叶中行.奚玉芹.价值评估[M].北京：清华大学出版社.2004.
[6]许晓冰.基于延迟期权的专利价值评估方法研究[博十论文].上海：同济大学.2008
[7]陈金龙.实物期权定价理论与方法研究[博士论文].天津：天津大学.2003
[8]高汝熹,周波.知识交易的经济特征.[J]研究与发展管理,2007年(3):69-77
[9]金泳锋.高技术产业专利态势与绩效及专利风险研究[博十论文].武汉：华中科技大学,2009
[10]OECD.Managing nationalin novation systems.Paris:OECD,1999:62-65
[11]国家发改委网站http://gjss.ndrc.gov.cn/tjsj/tjsjhy/fhyzjzsj/t20111024_444459.htm
[12]国家统计局.中国高技术产业统计年鉴2011[M].北京：中国统计出版社.,2011
[13]魏衍亮.知识产权价值评估问题研究[J].电子知识产权.2006.12:19-21
[14]苑泽明.21世纪无形资产系列丛书-无形资产评估[M].上海：复旦大学出版社,2005.
[15]郑成思.知识产权价值评估中的问题与对策[M].北京：法律出版社,1999.
[16]Brealey and Myers. Principles of Corporate Finance[J]. Singapore:McGraw-Hill,1984.
[17]Parr and Smith. Quantitative Methods of Valuing Intellectual Property [J]. In the New Role of Intellectual Property in Commercial Transactions. 1994.2.
[18]Bertolotti. Valuing Intellectual Property [J]. Managing Intellectual Property.1995.2.
[19]Pitkethly. The Valuation of Intellectual Property[J]. Templeton College Working Papers,Oxford,1993.
[20]Black Fisher & Scholes Myron, The Pricing of Options and Corporate Liabilities[J], Journal of Political Economy, 1973(81).
[21]Merton Robert C, The Theory of Rational Option Pricing[J], Bell Journal of Economics and Management Science, 1973(4).
[22]Cox J.C, Ross S.A & Rubinstein, Option Pricing: A Simplified Approach[J], Journal of Financial Economics,1979(7).
[23]Merton Robert C, Application of Option-pricing Theory: Twenty-five Years Later[J], American Economic Review, 1988(88).
[24]Mayers, Steward C., Determinants of Corporte Borrowing[J], Journal of Financial Economics, 1977(5).
[25]Tourinho, Octavio A, The Valuation of Research of Natural Research:An Option Pricing Approach, Unpublished Ph. D. dissertation, University of California, Berkeley, 1979.
[26]Faulkner T. W, Applying Options Thinking to R&D Valuation [J] Research-Technology Management. 1996(6).
[27]Perlitz M, Peske T, Schrank R, Real Options Valuation: The New Frontier in R&D Project Evaluation[J], R&D Management, 1999(29).
[28]Graham, J. & Harvey C., The Theory and Practice of Corporate Finance: Evidence from the field[J], Joural of Financial Economics, 2001(60).
[29]Pakes A.Patents as Options:some estimates of the value of holding European patent stocks[J]. Econometrics,1986(54):755-784
[30]Scherer, F.M. The Distribution of Profits from Invention[J]. Midland Corporate Finance Journal, 1997(1):35-42
[31]Norris, M. Option Valuation of Patents in the Telecommunications Industry. Cambridge MBA Dissertation Thesis. Cambridge Unibersity, 1996.
[32]Eldor, R. On the Valuation of Patents as Real Options[J]. Foerder Institute for Economic Research,1982(9):57-68.
[33]Christopher A. Cotropia,Describing Patents as Real Options[J]Journal of Corporation Law,March 13,2009
[34]enver Sturm College of Law,2009
[35]Barry R. Cobb,John M. Charnes.Real Options Valuation[C].Proceedings of the 2007 Winter Simulation Conference.2009
[36]范银华.粟娟.Black-Scholes期权风险厌恶定价公式用于专利价值评估[J].价值工程.2000(4)：17-18
[37]马忠明.专利价值评估的实物期权方法[J].价值工程.2004(1)
[38]杨伟华.非完全市场下的有信用风险的期权定价理论研究[硕十学位论文].厦门大学.2007.4
[39]唐春霞.葛翔宇.带跳的专利权期权定价模型[J].统计与决策.2008(11).
[40]詹惠蓉.彭龙.基于多重实物期权的专利权价值评估[J].科技进步与对策.2009(8)
[41]唐春霞.发明专利权的价值及实例解析——基于带跳的期权定价模型分析[J].重庆工学院学报(社会科学版).2009(05).
[42]夏轶群.有可替代性和时间贬损的不确定条件技术专利价值评估[J].科技进步与对策.2009(15).
[43]刘小青.陈向东.基于复合齐全模型的外国在华专利价值研究[J]科学学与科学技术管理.2009(11):57-63
[44]蔡强.曾勇.基于专利商业化投资的非对称期权博弈[J]系统工程学报.2010(25):512-518
[45]程夷.周焯华.技术进步对专利价值影响的实物期权分析[J].工业工程.2011(14):58-61
[46]穆荣平.中国通信设备制造业国际竞争力评价[J].科学学研究2000年第18卷第3期
[47]余翔.詹爱岚.移动通信产业专利分析及我国对策研究[J]知识产权.2004(3):20-25
[48]王国顺.谢桦.电子及通信设备制造业R&D能力与国际竞争力关系研究[J].系统工程2005年第23卷第3期
[49]谭智斌.周勇.我国电子通信设备制造业技术创新能力评价研究[J]现代管理科学.2006(8)：33-34
[50]李永强.孙林岩.赵丽.电子及通信设备制造业升级的影响因素分析[J]现代管理科学.2009(9)：75-77
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