以技術體制補充技術鑑價方法之探索性研究：以權利金為例

An Exploratory Study of Technological Regime as a Complementary Approach in Technology Valuation: Royalty as Example

李沿儒(Yan-Ru Li)

指導教授 ： 陳怡之

元智大學/管理學院/管理研究所/博士(2004年)

摘要

在實務工作上，鑑價是購併(M&A)、合資(joint venture)、策略聯盟(strategic alliance)、共同開發(co-development)、融資借款與授權(licensing)工作之基礎。據學者保守估計西元1999年全球技術授權市場規模高達1100億美金，這個數字是台灣光電產業的2003年總投資金額的15倍或者台積電稅前盈餘的70倍。而技術之鑑價，有別於固定資產之估算，主要的原因是技術價值可由財務、技術與企業策略等不同邏輯來思考，雖然代表技術鑑價有著不可忽視的重要性，但亦具有不可避免的困難性。然而過去的技術鑑價文獻主要是以財務觀點和策略觀點進行研究，本研究則建立了從技術觀點出發的一種理性的分析方法，可以用來補充傳統的鑑價觀點。
本研究透過1990年1月至2005年4月期間的數千筆新聞與期刊資料進行理論文獻之回顧，採取歸納真實現象與理論發展並重的方式來建立本研究之概念性架構，期間為確保本研究架構可包含不同背景專家所陳述的關鍵事件，特別進行一系列的訪談。本研究最後，透過三個科技產業個案之討論，提出實務與學術上之意涵。

關鍵字

技術鑑價、技術體制、技術典範、技術軌跡、技術多樣化、技術私有化

並列摘要

Technology valuation is a very important task that has provided the core information of high-tech investments and R&D decision-makings such as M&A, joint ventures, strategic alliances, co-development, and licensing. Researchers estimate the global scale of technology licensing in 1999 at up to $110 billion, and this number is 15 times the total investment of Taiwan’s optical-electronics industry in 2003 and 70 times the pre-tax revenues of TSMC. Technology valuation is not as the same as fixed assets, which should count from financial, technological, and strategic logic; thus, it is difficult in its nature. However, while researchers focus on financial and strategic viewpoints over the past years, this research develops a reasonable structure on the basis of s technological regime in order to complement the traditional viewpoints.
This study reviews the materials of newspaper reports and journal articles from January 1999 to April 2005, and then we establish the conceptual structure on the basis of inductive reasoning. To ensure the construct validity, this study also implements critical incident research to collect experts’ opinions to be included in our constructs. Finally, this study discusses three complete cases and proposes several academic and managerial implications.

並列關鍵字

technological regime, technology valuation, technology paradigm, technology trajectory, technology appropriability, technology d

參考文獻

吳豐祥(2002)，「技術鑑價的八大考量」，工商時報，2002年9月24日。

Hoehn, J.P., Randall. A., 1989. Too many proposals pass the benefit cost test. American Economic Review 79, 544-551.

Adner, R., 2004. A demand-based perspective on the technology life cycle, in: Baum, J.A.C. and McGahan, A.M. (Eds.), Advances in Strategic Management Volume 21.

Amram, M., 2000. Bank of America roundtable on the real options approach to creating value in the new economy. Journal of Applied Corporate Finance 13, 45-63.

Archibugi, D., Pianta M., 1992. Specialisation and size of technological activities in industrial countries: the analysis of patent data. Research Policy 21, 79-93.