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    政大機構典藏 > 商學院 > 金融學系 > 學位論文 >  Item 140.119/33976
    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/33976


    Title: 以實質選擇權法評價高科技產業之專利權價值
    The Value of Intellectual Properties for a firm in the Hi-Tech Industry: A Real Options Approach
    Authors: 謝明志
    Contributors: 陳威光 博士
    江彌修 博士



    謝明志
    Keywords: 實質選擇權
    專利權
    專利鑑價
    更新過程
    real option
    patent
    intellectual property
    renewal process
    Date: 2002
    Issue Date: 2009-09-17 18:59:42 (UTC+8)
    Abstract: 本研究以實質選擇權的觀點出發,針對高科技產業中各家競爭廠商投入R&D費用所研發出的創新技術與所對應的專利權進行評價。由於企業在競爭的環境中可藉由R&D過程獲取生產新商品所需的關鍵技術,進而申請專利權以保護公司的研發成果,提昇經營與獲利能力。然而,在技術上的小幅領先並不足以擺脫競爭對手的威脅而獲取絕大部分的市場商機,唯有競爭環境中的領導廠商成功地在技術上明顯的領先其競爭對手,方能取得該產品利基市場的獨占地位,獲取市場的絕大部分的潛在商機。針對高科技產業中不斷研發出來的創新技術所帶來的價值,本研究將以實質選擇權的觀點出發,評價此類創新技術所帶來的專利權之價值與此類研發投資所帶來的企業價值增值。
    論文中將針對高資本支出、研發時間具有高度不確定性以及未來產品價格波動性高的高科技產業作為研究目標。定義在市場競爭下的個別公司必須藉由領先競爭環境內的所有對手多達兩代的創新技術方能取得市場的獨占地位。如此一來,企業一開始面對一個潛在的市場需求時,由於投入的研發費用將會影響企業的研發速度、市場獨占地位取得的可能性以及此投資案所能帶來的預期報酬,因此企業應針對此投資計畫決定投入多少研發預算,才能達到最大的預期報酬。
    Reference: 1. 林家帆,「以實質選擇權法評估高科技產業股價」,國立政治大學金融研究所碩士論文,民國90年。
    2. 鍾炫城,「考慮R&D與市場需求不確定下之高科技產業投資方案評估分析」,國立中央大學財務管理研究所碩士論文,民國89年。
    3. Bollen, N., 1999,”Real option and product life cycles,”Management Science, 45, 5, 670-684
    4. Dixit, Avinash K., and Robert S. Pindyck, 1993,”Investment Under Uncertainty,” Princeton University, New Jersey
    5. Garner, Jacqueline L., Jouahn Nam, and Richard E. Ottoo, 2002,”Determinants of corporate growth opportunities of emerging firms,” Journal of Economics and Business, 54, 73-93
    6. Henderson, Vicky, 2002,”Valuation of Claims on Nontraded Assets Using Utility Maximization,” Mathematical Finance, 12, 4, 351-373
    7. Kester, W. Carl, 1984,”Today’s Option for Tomorrow’s Growth,” Harvard Business Review, 84, 2,153-160
    8. Kossovsky, Nir,2002,”Fair value of intellectual property An options-based valuation of nearly 8,000 intellectual property assets,” Journal of Intellectual Capital, 3, 1,62-70
    9. Myers, Stewart C., 1977,”Determinants of corporate borrowing,” Journal of Financial Economics, 5, 2, 147-175
    10. Myers, Stewart C., 1984,”Finance theory and financial strategy,” Interfaces, 14, 126-137
    11. Ottoo, Richard E., 1998,”Valuation of internal growth opportunities: the case of a biotechnology company,” The Quarterly Review and Finance, 38, 615-633
    12. Ottoo, Richard E., 2000,”Valuation of corporate growth opportunities: a real options approach,” Published by Garland Publishing, Inc.
    13. Pindyck, Robert S., 1988,”Irreversible investment, capacity choice, and the value of the firm,” American Economic Review, 78, 5, 969-985
    14. Scherer, F.M. and Dietmar Harhoff, 2000,”Technology policy for a world of skew-distributed outcomes,” Research Policy, 29, 559-566
    15. Schwartz, Eduardo S., and Mark Moon, 2000,” Rational Pricing of Internet Companies Revisited,” University of California at Los Angeles.(Revised June 2001)
    16. Schwartz, Eduardo S., 2001,” Patents and R&D as Real Options,” University of California at Los Angeles.
    17. Trigeorgis, Lenos, and Scott P. Mason, 1987,”Valuing managerial flexibility,” Midland Corporate Finance Journal, 5, 1, 14-21
    Description: 碩士
    國立政治大學
    金融研究所
    90352007
    91
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0090352007
    Data Type: thesis
    Appears in Collections:[金融學系] 學位論文

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