選擇權訂價模型應用於「技術及專利」評價之研究∼以技術移轉權利金為例

• Main Authors: Chia-Lian Lu, 陸佳蓮
• Other Authors: 方國榮
• Format: Others
• Language: zh-TW
• Published: 2002
• Online Access: http://ndltd.ncl.edu.tw/handle/77889452042808201268

碩士 === 實踐大學 === 企業管理研究所 === 90 === In the era of advocating knowledge economy around the world, the production elements of business contain not only tangible assets but also intangible ones. The core of knowledge economy is producing, performing and protecting intellectual properties. The time for Taiwan to pay much attention to the Intellectual Property Right (IPR) is not long enough. There have been many discussions about IPR, however, as to the issue of pricing IPR, it is seldom discussed. During the period of Taiwan government has developed technology transaction interface and technology trade service industry, pricing IPR is worthy of our emphasis on. This study focuses on the evaluation of technology and patent, which is not equal to the final price of technology transaction. Technology evaluation primarily thinks of economic dimension about the technology, including cost and income; as to technology final price, it thinks not only the economic value of technology but also many other factors which contain transfer cost, competitive relationship and relative negotiation advantages etc. Through theoretical and empirical study, this research takes Taiwan’s high-tech industries as the sample. The research period is 1997 to 2001; there are totally 50 technology transfer data in which 8 cases are result transfer. This research uses Black-Scholes Model to evaluate the value of technology and patent, furthermore, compare the calculated value with the real transaction price. We discovered that the calculated value through B-S model is much higher than the real transaction price, the reasons for this phenomenon are: (1) this study assumes that the stock market is efficient; however, in Taiwan’s stock market, it is not always true. Thus, we cannot precisely calculate business’ real market price. (2) 84% of the research samples are initial technology transfer cases. Ministry of Economic Affairs in order to enhance industrial technology, it just takes few R&D fee as the real technology transfer royalty. (3) The technology transfers of the Ministry of Economic Affairs are justice and openness. No matter what scale the accepted business is, royalty of certain technology transfer is exactly the same. In fact, every business has its yield when it gets the same technology.