Real Options Analysis of Hi-Tech Firm with Intellectual Property Rights: A Case Study of Novatek Microelectronics Corporation

• Main Authors: Chun-Ming Huang, 黃俊銘
• Other Authors: 作者未提供
• Format: Others
• Language: zh-TW
• Published: 2004
• Online Access: http://ndltd.ncl.edu.tw/handle/847v3z

碩士 === 銘傳大學 === 財務金融學系碩士在職專班 === 92 === The core of knowledge economy is characterized by producing, applying, and protecting intellectual property. High-tech firms have to continue revaluating their patents. Future profit of patent-linked product is highly uncertain; therefore, the model to evaluate the high-tech firms must take uncertainty into consideration as much as possible. Lots of literatures explain that NPV can not fully capture the unobserved value, say managerial flexibility, value-irreversibility and value-deferability. This paper chooses the representing Novatek with many pieces of TFT-IC-driver-linked patents as case study in which the two-stage compound real option is implemented to calculate the implicit value of Novatek. As well, the scenario-analysis will be employed to identify the key determinants of such a firm with high-tech patents.