選擇權法於技術移轉價值評估之研究 -以環保光觸媒T技術移轉案為例-

The Empirical Study of Options Model on Technical Transfer Pricing Valuation-A Case of Environmental Photocatalyst T Technique-

魏德興(Di-Xon Wei)

指導教授 ： 胡為善

中原大學/商學院/企業管理研究所/碩士(2004年)

https://doi.org/10.6840/cycu200400064

摘要

中文摘要
高科技智慧財產權的關鍵在於技術，而技術進步是經濟成長的主要因素，技術發展程度的高低更成為已開發國家與開發中國家分野的指標。如何建立知識與技術的價值參考標準，做為技術移轉過程中評估重要的依據，以降低知識型商品的評價時，產生主觀認定或資訊不對稱的風險。
Black & Scholes(1973)指出傳統現金流量折現法認為當投資計畫淨現值(NPV)為負數時，便無投資價值，忽略管理者的決策彈性而低估價值。當投資標的物的未來效益具有高度不確定性，且階段性投資之決策在可延遲、擴充、緊縮、暫停等彈性的投資計畫中，應用選擇權之方法以求得更合理的計畫價值。
故本研究採用Black & Scholes（1973）所建構的選擇權評價模型來研究個案研發機構之生化科技領域技術移轉作業時，如何評估技術價值。本技術移轉案「環保光觸媒T技術」主要應用產品為螢光燈管，市場規模依經濟部出版之台灣地區工業生產統計月報近十二年之產銷數量資料，並假設A公司之瑩光燈管佔總市場佔有率為10%、接受技術移轉後推出新產品每年可增加市場佔有率為0.3%、折現率為16%，並分別將預估增加銷售收入現值等相關參數代入Black-Scholes OPM模型後，計算得知技術移轉標的物在目前的預估價值約為879萬2,700元，與移轉A公司收入之技術授權金額約310萬元（可視為技術移轉之市場交易價格）相比較顯示本研究之結果應較為客觀且合理。
本研究最後建議個案研發機構經營者應針對制度面問題，建立相關技術市場產銷數量規模調查分析資料、市場佔有率分析及技術接受者之財務報表等資料庫，並責成智慧財產專責管理部門延攬具有技術、法務、財務及市場調查等專業背景人員辦理技術資產移轉之相關評價作業，以避免價值認定不一或資訊不對稱的風險，以求得更客觀及合理的價值。另建議個案研發機構應針對技術移轉/合作契約領域，指派專人並參考本研究之推導過程與經驗做更深入研究，避免有價值的技術可能僅以成本價格或低估技術價值而被銷售（或移轉），並可間接擴大預算作業收入，增加個案研發機構之競爭力。

關鍵字

技術移轉 ； 選擇權 ； 資訊不對稱

並列摘要

Abstract
We all know the improvement of high-tech technology is a critical factor of economic development, and “know-how” is the key point of high-tech intellectual property. Moreover, the extent of high-tech becomes a major indicator to determine whether a country is classified as developed country or not.
In order to reduce the risk of misjudgment of the value of “know-how”, which was caused by the subjective opinion and the asymmetric information during the evaluation of technology transfer, we have to establish a standard value of “know-how” and technology.
The traditional pricing method of “Discounted Cash Flow” assumes that there was no investment value when “NPV” is negative. However, Black & Scholes (1973) argued that this traditional method ignores the decisive flexibility of manager and the real value would be underestimated, so that they employed option pricing method to value a particular asset.
This study use Real Options Model to evaluate the pricing of technology during the process of technology transfer. The target of this work is company A, whose high-tech is transferred from a government institute, and the object of transfer is the know-how of “Environmental Photocatalyst T”, which was used in fluorescence light tubes. Based on the statistical data published by the Bureau of Industry of the Ministry of Economic Affairs of R.O.C for recent twelve years, and the market occupancy ratio was assumed as 10%, we also assume that the market occupancy ratio will increase 0.30% per year after the technology transfer and the discounted cash ratio is 16%. The result indicates that the current value of the “Know-how” before the expiration time of the know-how is calculated as NT$8,792,700 , which compares the technology license pricing NT$3,100,000 from A Company, we found that the high-tech license pricing is underestimated.
According to the empirical results, we propose the following conclusions and suggestions:
(1) The government institute should collect the relevant market’s information for further analysis.
(2) The government institute should establish a patent supervising department for recruiting the personnels who have the backgrounds of high-technology, law, financial and marketing survey.
(3) The government institute should set a standard procedure to evaluate technology transfer.
(4) The government institute should assign a specialist to supervise the technology transfer in order to avoid underestimating the value in the future, which will get a more accurate value than before and improve the competitive ability for the government institute.

並列關鍵字

Asymmetric information ； High-tech transfer. ； Real Option Model

參考文獻

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