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• Background
• Patent valuation methods
  • Quantitative approach
    • Cost-based approach
    • Market-based method
    • Income-based method
    • Option-based method
  • Qualitative approach
    • How would you define the patented technology innovation compared to the actual state of the art?
  • Which level of its life cycle has the patent reached?
  • What is the geographic coverage of the reference market?

Background

Intellectual property assets such as patents are the core of many organizations and transactions related to technology. Licenses and assignments of intellectual property rights are common operations in the technology markets, as well as the use of these types of assets as loan security. These uses give rise to the growing importance of financial valuation of intellectual property, since knowing the economic value of patents is a critical factor in order to define their trading conditions.[1]

知識產權資產，例如專利，是許多技術組織和交易的核心問題。知識產權的許可和授權以及使用知識產權資產作為借貸信用，這種行為在技術市場十分常見。以上用途使得智力成果的商業(yè)價值評估變得尤為重要，因為總所周知，公司在設置貿易條件的時候，專利的商業(yè)價值是一個至關重要的因素。

Patent valuation methods

Different approaches of patent valuation are used by companies and organizations. Generally, these approaches are divided in two categories: the quantitative and qualitative valuation. While the quantitative approach relies on numerical and measurable data with the purpose to calculate the economic value of the intellectual property, the qualitative approach is focused on the analysis of the characteristics and potential uses of the intellectual property, such as the legal, technological, marketing or strategic aspects of the patented technologies. Qualitative valuation deals also with assessing the risks and opportunities associated to the intellectual property of the company.[2]

公司和組織使用不同的專利價值評估方法。大體上講，這些方法分為兩大類：數量評估和質量評估。為了計算知識產權的經濟價值，數量評估方法依賴于數值上可計算的數據，然而質量評估方法則專注于分析知識產權的特征和應用前景，例如專利技術在法律上、技術上、市場上或者戰(zhàn)略上等方面的價值。此外，質量評估還能夠評估公司知識產權的風險和機遇。

Quantitative approach

Several methodologies are used on the quantitative approach, but generally they can be grouped in four methods:[3]

• Cost-based method
• Market-based method
• Income-based method
• Option-based method

數量評估可以使用很多策略，但是大體上可以分為以下四種方式：

• 基于成本的策略
• 基于市場的策略
• 基于收入的策略
• 基于選擇的策略

Cost-based method

This method is based on the principle that there is a direct relation between the costs expended in the development of the intellectual property and its economic value. Two different techniques are mainly used to measure costs:

該方式基于這種假設：智力成果發(fā)展過程中的成本和它的經濟價值之間有直接關系。計算成本主要有兩種方式：

• Reproduction cost method: Estimations are performed by gathering all costs associated with the purchase or development of a replica of the patent under valuation.
  復制成本方法：通過匯總和專利復制品的交易和發(fā)展有關的所有成本來評估專利價值。
• Replacement cost method: Estimations are performed on the basis of the costs that would be spent to obtain an equivalent patent asset with similar use or function.
  代替成本方法：基于與花費在相同用途或者機制上所用的等價的專利資產所付出的代價來評估專利價值。

In both methods, present prices are taken into account, i.e. the expenditures as of the valuation date and not the historical costs when these actually happened.[4]
For assessing costs, two cost sources of two sorts should be included: direct expenditures, such as costs with materials, labor and management; and opportunity costs, relating to the lost profits due to delays in market entrance or investment opportunities lost with the aim of developing the assets.
在以上兩種策略中，當前的價格會被考慮在內，也就是說，實際評估的時候是按照估值日期而不是歷史日期的成本來計算。
為了評估成本，這兩種方式的兩種價值來源需要包括在內：直接開支，比如說材料，人力資源和管理；機會成本，它和損失利益相關，比如為了使得資產利益更多而推遲進入市場或者引進投資造成的損失。

Market-based method

The market-based valuation method relies on the estimation of value based on similar market transactions (e.g. similar license agreements) of comparable patent rights.Given that often the asset under valuation is unique, the comparison is performed in terms of utility, technological specificity and property, having also in consideration the perception of the asset by the market.Data on comparable or similar transactions may be accessed in the following sources:

• Company annual reports.
• Specialized royalty rate databases and publications.
• In court decisions concerning damages.

基于市場的估值策略依賴于與專利權相似的市場貿易的價值評估。
假定資產估值通常是唯一的，考慮到資產市場的看法，比較的方面在于實效性，技術特點和技術資產。類似的可類比的貿易數據也許可以通過以下幾個方面來評估：

• 公司的年度總結
• 專業(yè)版稅率相關的數據和出版物
• 法院的判決賠償

Income-based method

This method is based on the principle that the value of an asset is intrinsic to the expected income flows it generates. After the income is estimated, the result is discounted by an appropriate discount factor with the objective to adjust it to the present circumstances and therefore to determine the net present value of the intellectual property. There are different methods of calculation of the future cash flows, such as:
該策略基于以下假設：資產價值和它產生的期待收入流之間具有內在聯(lián)系。在評估得到的收入基礎之上，按照折扣指數適當進行打折來適應當前情況，進而得到知識產權的凈現(xiàn)值。這里有幾種不同的方式計算未來現(xiàn)金流動，例如：

• Discounted cash flow method: This method aims to estimate future cash flows, which are projected and after discounted by applying an appropriate discount factor. The main source of information to estimate the cash flows is generally the business plan of the company that exploits or intends to exploit the asset.
  折扣金額流動策略：該策略致力于評估未來金額流動情況，該方法通過實現(xiàn)一個適當的折扣因子來計算折扣以后的現(xiàn)金流動。評估現(xiàn)金流動的主要依據是當前正在利用或者想要利用資產的公司的商業(yè)規(guī)劃。
• Relief-from-royalty method: In this method the value of the asset is considered as the value of the royalty payments from which the company is relieved due to its ownership of the asset. Hence, the appropriate royalty rate must be determined, allowing the estimation of the future royalty income stream. A discount rate is applied to determine the present value of the asset.
  Relief-from-royalty 策略：該策略中，資產價值被認為是特許使用金的價值，公司的特許試用金標志著該資產的所有權。因此，非常有必要設定適當的特許使用金率，這就給未來的特權收入評估提供了可能。折現(xiàn)率被應用于當前的資產價值評估當中。

Option-based method

Differently from the other methods, the option methodology takes into consideration the options and opportunities related to the investment. It relies on option pricing models (e.g. Black-Scholes) for stock options to achieve a valuation of a given intellectual property asset. In these cases, patents may be valued using the techniques developed for financial options, as applied via a real options framework.The key parallel is that a patent provides its owner the right to exclude others from using the underlying invention, so both patents and stock options represent a right to exploit an asset in the future, and to exclude others from using it. The patent (option) will have value to the buyer (owner) only to the extent that the expected price in the future exceeds the opportunity cost of earning just as much in a risk-less alternative. Thus patent rights can be thought of as corresponding to a call option and may be valued correspondingly.
與其他策略不同，基于期權的策略把與投資相關的選擇和機遇考慮在內。它依賴于期權定價模型（例如Black-Scholes），以達到給定知識產權的估值。這些案例當中，專利也許是通過制定財政期權的技術，例如通過實物期權的框架。專利所有者有權排他性地使用專利發(fā)明。

Qualitative approach

This method does not rely on purely financial analytical data. In fact, the valuation in this method is performed through the analysis of different indicators with the purpose of rating the patent right, i.e. of determining its importance quality in terms of aspects that can impact the value of an intellectual property asset, covering legal aspects, the technology level of the innovation, market details and company organization. Commonly, the method is implemented through questionnaires comprising all these different criteria. Examples of questions included in such questionnaires can be:

該機制并不僅僅依賴于財政分析數據。事實上，該估值方式是通過不同指標的分析來實現(xiàn)對專利權進行平級的目的，例如可以影響知識產權的價值、涉及法律層面、技術層面的創(chuàng)新性、市場細節(jié)和公司組織的這些重要方面。通常情況下，該機制是通過問卷調查的形式來比較這些不同的方面。問卷中所涉及的問題可以是：

• How would you define the patented technology innovation compared to the actual state of the art?
  和藝術的實際狀態(tài)相比，你如何去定義專利技術創(chuàng)新？
• Which level of its life cycle has the patent reached?
  專利所涉及的是它生命周期的哪一層？
• What is the geographic coverage of the reference market?
  所涉及市場的地理覆蓋面有多大？