本研究透過理論與實證調查，探討進行技術交易時影響價值評量的「關鍵指標」與技術價值的「評估模式」。此價值評估指標可以協助於技術評價時，建立客觀及公正的一致性標準，降低社會成本、提昇無形資產的價值及運用度。本研究所建立「市場基準的評價理論」，將技術價值評量模式分為三個價值構面：(1)商業價值，以市場機制為本評估新技術進入價值高低，由市場結構與規模、市場預期遠景與接受度、市場擴散能力與促銷三項結構指標組成。(2) 技術價值：由技術競爭與創新能力、技術支援能力與風險、技術應用程度及基礎科學能力等結構指標組成。(3)技術策略(智財權應用)價值：產權策略、產品信用及有利條款、交互授權條件等結構指標組成。 本研究結論「市場總價值的評估模式」，可以評估該項技術技術於全球市場的技術總價值，由技術價值f(T)、技術策略(智財權應用)價值f(IP)、商業價值f(B)所組成。最後，該項技術於全球市場之總價值，將依據技術價值、技術策略價值、商業價值分別與「技術、行銷經費貢獻率」及「市場總體或預測產能」相乘所得 【附件二】。 第壹章 緒論………………………………………………………… 2 第一節 研究背景…………………………………………………….. 2 第二節 研究動機……………………………………………………… 3 第三節 研究目的 ……………………………………………………... 4 第四節 研究案例 ..……………………………………………..……13 第五節 研究程序 ....……………………………………………..…... 13 第貳章 文獻回顧……………………………….……………………. 15 第一節 無形資產的技術價值………………………………………... 15 第二節 無形資產技術價值影響因素………………………………... 25 第三節 無形資產的定價策略及評估模式…………………………... 41 第四節 無形資產技術評價分析………………………………………61 第參章 研究方法與研究模型………….……………………………. 68 第一節 無形資產技術價值影響因素及研究構面……………………68 第二節 技術價值與評量模式…………………………………………80 壹、 成本基準法 ─ 技術價值分析理論…………………………80 貳、 市場基準法 ─ 技術價值評估模式…………………………92 第肆章 技術價值模型─影響因素及指標分析 ..…………………. 97 第一節 研究樣本蒐集 ………………..………………………………97 第二節 研究樣本信度檢定…………………………………………..100 第三節 構念效度檢測 ………………………………………………101 第四節 技術之市場總價值理論驗證 ………………………………113 第伍章 技術價值理論之案例分析………………………………..…119 第一節 全球趨勢分析 ………………..……………………………..119 第二節 市場價值定義 ………………………………………………130 第三節 技術價值分析 ………………………………………………138 一、 Intel 8086/8088技術分析 …………………………………..138 二、 Intel 80286 技術分析 ………………………………………178 三、 Intel 80386 技術分析 ………………………………………205 四、 Intel 80486 技術分析 ………………………………………237 五、 Intel Pentium技術分析………………………………………268 六、 Intel技術生命週期之總體價值評估………………………..303 第陸章 結論與建議 第一節 研究結論 ……………………………………………………310 第二節 研究理論之貢獻 ……………………………………………313 第三節 研究於管理上意涵 …………………………………………315 參考文獻 ……………………………………………………………316 附 錄 一……………………………………………………………329 國內外技術評價相關主題博碩士論文文獻表 附 錄 二……………………………………………………………330 市場基準法─技術評價模式(Market-Based Valuation Model) / Through theoretical and empirical studies, this research focuses primarily on the essential valuation indicator and valuation model of technology. The purpose is to eliminate the discrepancy distraction and obtain an most accurate and fair result. The market-based valuation model has based on three values: (1) Business Value─market structure & size, market drawing & acceptance, market expansion & promotion. (2) Technology Value─technology innovation & competition, technology assistance capability & risk, technology implementation & science base capability. (3) Technology Strategy Value─property rights & product creditability & favorable condition, crossing licensing condition. This research concludes that, in order to evaluate the value of technology, one needs to look into the essentiality of technology value f(T), technology strategy value f(IP), and business value f(B) of world-wide market. Finally, the total market value of technology is evaluated by the product of each technique value, technique strategy value, business value multiplied by “research and marketing of benefit contribution ratio” and “real or forecast market capacity” .

This thesis proposes a theory of inefficient markets that uses limited rational choice as a central trait and I call it the theory of Homo comperiens. The theory limits the alternatives and states that the subjects are aware of and only allow them to have rational preference relations on the limited action set and state set, i.e. limited rationality is introduced. With limited rational choice, I drive a wedge between the market price and the intrinsic value and thus create an arbitrage market. In the theory, the subjects are allowed to gain knowledge about something that they previously were unaware of. As the discovery proceeds, the arbitrage opportunities disappear, and the market prices regress towards the intrinsic values. The theory is applied to firms and market-pricing models for a Homo comperiens environment is a result. The application of the theory to firms also leads to testable propositions that I test on a uniquely comprehensive Swedish accounting database that cover the years 1978—1994. Hypotheses are tested which argues that risk-adjusted residual rates-of-returns exist. The null hypotheses argue that risk-adjusted residual rates-of-returns do not exist (since they assume a no-arbitrage market). The null hypotheses are rejected in favor of their alternatives at a 0.0 percent significance level. The tests use approximately 22,200 observations. I also test hypotheses which argue that risk-adjusted residual rates-of-returns regress to zero with time. The null hypotheses are randomly walking risk-adjusted residual rates-of-returns, which are rejected in favor of the alternative hypotheses. The hypotheses are tested using panel regression models and goodness-of-fit tests. I reject the null hypotheses of random walk at a 0.0 percent significance level. Finally, the results are validated using out-of-sample predictions where my models compete with random-walk predictions. It finds that the absolute prediction errors from my models are between 12 to 24 percent less than the errors from the random walk model. These results are significant at a 0.0 percent significance level.

The master’s thesis deals with a valuation of agricultural plots in Vsetínsko. In the theoretical part there are defined some important concepts related to valuation of agricultural plots, next there are described individual valuation methods and done analysis of market with agricultural plots in the Czech republic. In the practical part there is done valuation of selected file of plots in the villages Lešná and Choryně. The valuation is done by three ways: the valuation according to valuation regulations, the yield method and the comparative method. In the conclusion of the thesis there are compared results of all three ways of valuation and there is evaluated profitability of prospective investment to these plots.

The master's thesis deals with methods of land valuation in France. The thesis contains the definition of basic terms and the legislation related to the land valuation. In the text the types of lands are defined and the division of areas according to the territorial plan is indicated. The thesis clarifies the requirements of the expert opinion and specifies who can qualify as an expert in France. It also includes an overview of the most commonly used valuation methods in France, an example of land valuation according to these methods, and a comparison with the Czech Republic. Additionally, the thesis deals with the situation on the land market in France.

Venture capital (VC) plays an increasing role as part of the private equity asset class and the general investment continuum. The lack of transparency due to limited reportings and market data obstructs a concise view on VC investment value and performance. This thesis aims to shed some light on VC investment peculiarities and their effect in valuation terms. It primarily reflects on the implications of contractual rights on the investment value. In the first chapter, I present an approach to integrate the multi-perspective of VC investment and analyze the interaction effects of control and cash flow rights on the feasibility of follow-on funding based on the value position of investors. In the second chapter, I present a joint study by Prof. Dr. Schwetzler, Dr. Schreiter, Dr. Lodowicks and myself where we propose a valuation framework that is applied to a sample of primarily European ventures to derive investment level values and assess misvaluation when using simple heuristics instead. In the third chapter, a joint work by Dr. Schreiter, Dr. Lodowicks and myself is presented where we develop a prediction model that allows to derive more accurate estimates of VC investments.

År 2005 blev det obligatoriskt för samtliga börsnoterade företag att upprätta sin koncernredovisning enligt IFRS. Detta medförde en ökad jämförbarhet mellan företag från olika länder vilket har lett till en redovisningsmässig harmonisering. För de koncerner med förvaltningsfastighetsinnehav, vars syfte är att generera hyresintäkter eller värdestegring, betydde det att fastigheterna ska värderas till verkligt värde i enlighet med IAS 40.  Studien syftar till att studera principen om verkligt värde gällande förvaltningsfastigheter och avgränsas till koncernföretag noterade på NASDAQ OMX Stockholm. Urvalet består av nio företag och deras finansiella rapporter för räkenskapsåren 2015-2019 vilka granskas genom en kvalitativ fallstudie. För att kunna göra en likvärdig och jämförande bedömning av dessa används en mall innehållande sex frågor.  Värdering till verkligt värde är huvudregeln i koncernredovisning och det redovisade företaget ska vid värdering av verkligt värde bedöma vad marknadspriset är. Om det finns liknande tillgångar och skulder på en aktiv marknad kan denna bedömning vara enkel att utföra. För marknader som exempelvis för förvaltningsfastigheter, vilka kräver bedömningar för att komma fram till ett verkligt värde, är det desto svårare. Aktörer kan ha ofullständig information som kan bidra till olika bedömningar om tillgångar och dess framtida värde.  Upplysningskraven i IAS 40 är endast principbaserade, vilket ger företagen ett tolkningsutrymme. Företagen kan därtill använda sig av olika tillvägagångssätt och en jämförelse sinsemellan företag kan vara svår att göra för intressenter. Detta har vi erfarit i vår studie då företagen har använt sig av olika tillvägagångssätt i sina värderingsmetoder och att de i sina finansiella rapporter angett olika mängd information. Studien har även visat att de har använt sig av olika parametrar i sin beaktning för värdering till verkligt värde.  Företag som innehar förvaltningsfastigheter uppmuntras till att använda sig av oberoende värderingsmän, men det är inget krav. Däremot ses en risk med att endast utföra en intern värdering av fastighetsbeståndet med hänsyn till under-/övervärdering. Detta kan då betyda att fastigheten värderas för lågt för att därefter kunna säljas till ett högre pris, vilket innebär att koncernen kan redovisa ett högre resultat eller tvärtom. Om värderingen istället utförs av en extern värderare kan tillförlitligheten öka. Det kan därför anses fördelaktigt att låta oberoende värderare göra bedömningen av tillgångens verkliga värde. Det är inte alla undersökta företag som har använt sig utav oberoende värderare, utan ibland bara till en viss del, medans andra har använt sig av externa värderare för hela fastighetsbeståndet. 5 Studien har visat att företag värderar på olika sätt, både gällande värderingsmodell, beräkningar samt intern- och extern värdering därav dras vår första slutsats. Verkligt värde skiljer sig åt mellan företag som innehar förvaltningsfastigheter eftersom standarderna är principbaserade. Då samtliga företag presenterar en värdering till nivå 3 i IFRS 13:s värderingshierarki, dras slutsatsen att det inte med säkerhet går att fastställa att företag noterade på NASDAQ OMX Stockholm följer standarderna till fullo då det torde vara möjligt att värdera en del av sina fastighetsinnehav genom indata på nivå 2.  Centrala begrepp: Förvaltningsfastigheter, IAS 40, IFRS 13, verkligt värde, marknadspris, värderingshierarki, extern värdering, intern värdering. / In 2005, it became mandatory for all listed companies to prepare their consolidated financialstatements in accordance with IFRS. This led to increased comparability between companiesfrom different countries, which has led to accounting harmonization. For those groups withinvestment property holdings, the purpose of which is to generate rental income or increase invalue, this means that the properties must be valued at fair value in accordance with IAS 40.The study aims to examine the principle of fair value regarding investment properties and islimited to Group companies listed on NASDAQ OMX Stockholm. The sample consists of ninecompanies and their financial reports for the financial years 2015-2019, which are examinedthrough a qualitative case study. In order to be able to make an equivalent and comparativeassessment of these, a template containing six questions is used.Valuation at fair value is the main rule in consolidated accounts and the reported company mustassess the market price when valuing fair value. If there are similar assets and liabilities in anactive market, this assessment can be easy to perform, but in markets such as investmentproperties that require many assessments to arrive at a fair value, it is all the more difficult.Actors may have incomplete information that may contribute to different assessments of assetsand their future value.The disclosure requirements in IAS 40 are only principle-based, which gives companies a roomfor interpretation. In addition, companies can use different approaches and a comparisonbetween companies can be difficult for stakeholders. We have experienced this in our study asthe companies have used different approaches in their valuation methods and that they havestated different amounts of information in their financial reports. The study has also shown thatthey have also used various parameters in their consideration for valuation at fair value.Companies that own investment properties are encouraged to use independent valuers, but thisis not a requirement. On the other hand, there is a risk of only performing an internal valuationof the property portfolio with regard to undervaluation or overvaluation. This can then meanthat the property is valued too low to be subsequently sold at a higher price, which means thatthe Group can report a higher result or vice versa. If the valuation is instead performed by an 4external valuer, the reliability may increase. It can therefore be considered advantageous to letindependent valuers make the assessment of the asset's fair value. Not all companies surveyedhave used independent valuers, but sometimes only to a certain extent, while others have usedexternal valuers for the entire property portfolio.The study has shown that companies value in different ways, both in terms of valuation model,calculations and internal and external valuation, from which our first conclusion is drawn. Fairvalue differs between companies that own investment properties because the standards areprinciple-based. As all companies present a valuation to level 3 in IFRS 13's valuationhierarchy, it is concluded that it is not possible to establish with certainty that companies, listedon NASDAQ OMX Stockholm, fully comply with the standards as it should be possible tovalue some of their property holdings through level 2 input.

The thesis focus on the reconversion church building in the selected location. At the beginning of the work described church buildings and their influence on the surrounding, the structure of the Roman Catholic Church and the development of church property during the history. This is complemented by theoretical terms and possible methods of valuing cultural monument. The practical part deals with the reconversion church building, specifically the Dominican monastery in Znojmo. Based on an analysis of Znojmo and monastery was suggesting possible use of the monastery. Of these, two variants were selected and were compared. Of these two options, one was chosen as the most suitable option for future use.

Lantmäteriet har annonserat intresse av hur andra utvecklade länder organiserar och utför sin fastighetstaxering och det är på uppdrag av dem som detta arbete utförs. Syftet med arbetet har varit att förbättra det svenska fastighetstaxeringssystemet genom att förse Lantmäteriet med en jämförande bild av den nederländska motsvarigheten. I Sverige har ett centralt system skapats som bygger på att Skatteverket har som uppdrag att utföra fastighetstaxering för hela landet. Fastighetstaxeringen sker i tidsperioder av sex år med en förenklad fastighetstaxering det tredje året. I Nederländerna är det istället en decentraliserad organisation av fastighetstaxering. Det är kommunerna som utför hela processen. De har även en central översiktsmyndighet, Waarderingskamer, som kontrollerar och säkerställer att kvalitén på taxeringsvärdet håller en bra och jämn nivå över hela landet. I Nederländerna sker fastighetstaxering årligen. Studien har avgränsats till att endast jämföra småhus och bostadshyreshus. Två metoder har använts i studien. En komparativ metod där en jämförelse mellan befintliga beskrivningar av respektive lands fastighetstaxeringssystem utförts, samt en intervjumetod med kvalitativa grunder och av semi-strukturerad form. Den komparativa metoden har besvarat den första och något större frågan ur frågeställningarna. Intervjuerna har primärt besvarat de två senare frågorna ur frågeställningarna. I Sverige används två värderingsmodeller, en för småhus och en för bostadshyreshus. Nederländerna har en och samma modell för samtliga bostadsfastigheter, däremot har kommunerna större möjlighet att utforma sina värderingsmodeller. Kommunerna kan välja ut egna egenskaper i sina modeller, men vissa punkter måste finnas med för att modellen ska vara godkänd. I Sverige är taxeringsvärdet tillgängligt för allmänheten, medan i Nederländera är det endast ägaren av fastigheten som får reda på taxeringsvärdet. Där har Sverige ett försprång med sitt system. Transparens är sannolikt en viktig del i ett taxeringssystem och bidrar till att förtroendet för taxeringsvärdet förbättras. / The Swedish Mapping, Cadastral and Land Registration Authority, Lantmäteriet, is interested to see how other developed countries organizes and carry out their real estate property taxation. The study aims to improve the Swedish property tax system by providing Lantmäteriet with a comparative picture of the Dutch counterpart. Sweden has a system based on a national authority that has the mandate to carry out real estate valuation for the entire country. The assessed value is decided every sixth year, with a simplified assessment during the third year of the six year period. In the Netherlands, they have a decentralized organization of real estate assessment. The municipalities perform the entire process. They have a central authority, Waarderingskamer, which controls and ensures that the quality of the assessed value have a good and consistent level. The assessed value is decided every year. This study will only handle residential properties. The methods that are used are; a comparative method where the comparison between existing descriptions of each country's real estate property tax system is performed. This will answer one the first questions asked in the in the issue section. The other method that is used is interviews, it will be with qualitative grounds and will answer the second and third question of the issue section. In Sweden, there are two assessment models that is used, one for one-to-two family houses and one for residential apartments. As for The Netherlands, there is one model for all residential properties, although the municipalities are allowed to have different models for their assessments. It can differ from two municipalities in what characteristic that is used; however, there are some mandatory characteristics that they must apply to the model for it to be approved. In Sweden, the assessed value is available to the public, while in the Netherlands, only the owner of the property that can see the assessed value. Sweden has an advantage with this in its system, since transparency is likely an important part of a property tax system and helps to improve confidence. However, The Netherlands will soon go public with their assessed values.

Thesis (MBA (Business Management))--University of Stellenbosch, 2010.

Thesis (PhD)--Stellenbosch University, 2014. / ENGLISH ABSTRACT: The practice of combining single-factor multiples (SFMs) into composite multiples models is underpinned by the theory that various SFMs carry incremental information, which, if encapsulated in a superior value estimate, largely eliminates biases and errors in individual estimates. Consequently, the chief objective of this study was to establish whether combining single value estimates into an aggregate estimate will provide a superior value estimate vis-á-vis single value estimates. It is envisaged that this dissertation will provide a South African perspective, as an emerging market, to composite multiples modelling and the multiples-based equity valuation theory on which it is based. To this end, the study included 16 SFMs, based on value drivers representing all of the major value driver categories, namely earnings, assets, dividends, revenue and cash flows. The validation of the research hypothesis hinged on the results obtained from the initial cross-sectional empirical investigation into the factors that complicate the traditional multiples valuation approach. The main findings from the initial analysis, which subsequently directed the construction of the composite multiples models, were the following: Firstly, the evidence suggested that, when constructing multiples, multiples whose peer groups are based on a combination of valuation fundamentals perform more accurate valuations than multiples whose peer groups are based on industry classifications. Secondly, the research results confirmed that equity-based multiples produce more accurate valuations than entity-based multiples. Thirdly, the research findings suggested that multiples models that are constructed on earnings-based value drivers, especially HE, offer higher degrees of valuation accuracy compared to multiples models that are constructed on dividend-, asset-, revenue- or cash flowbased value drivers. The results from the initial cross-sectional analysis were also subjected to an industry analysis, which both confirmed and contradicted the initial cross-sectional-based evidence. The industry-based research findings suggested that both the choice of optimal Peer Group Variable (PGV) and the choice of optimal value driver are industry-specific. As with the initial cross-sectional analysis, earnings-based value drivers dominated the top positions in all 28 sectors that were investigated, while HE was again confirmed as the most accurate individual driver. However, the superior valuation performance of multiples whose peer groups are based on a combination of valuation fundamentals, as deduced from the crosssectional analysis conducted earlier, did not hold when subjected to an industry analysis, suggesting that peer group selection methods are industry-specific. From this evidence, it was possible to construct optimal industry-specific SFMs models, which could then be compared to industry-specific composite models. The evidence suggested that composite-based modelling offered, on annual average, between 20.21% and 44.59% more accurate valuations than optimal SFMs modelling over the period 2001 to 2010. The research results suggest that equity-based composite modelling may offer substantial gains in precision over SFMs modelling. These gains are, however, industry-specific and a carte blanche application thereof is ill advised. Therefore, since investment practitioners’ reports typically include various multiples, it seems prudent to consider the inclusion of composite models as a more accurate alternative. / AFRIKAANSE OPSOMMING: Die praktyk om Enkelfaktor Veelvoude (EFVe) te kombineer in saamgestelde veelvoudmodelle word ondersteun deur die teorie dat verskillende EFVe oor inkrementele inligting beskik, wat, indien dit in ’n superieure waardeskatting opgeneem word, grootliks vooroordele en foute in individuele skattings elimineer. Gevolglik was die hoofdoel van hierdie studie om vas te stel of die kombinering van verskeie enkelfaktor waardeskattings in ’n totale waardeskatting ’n superieure waardeskatting sal verskaf vis-á-vis enkelfaktor waardeskattings. Dit word voorsien dat hierdie proefskrif ’n Suid-Afrikaanse perspektief, as ’n ontluikende mark, sal bied aangaande saamgestelde veelvoudmodellering en die veelvoud-gebaseerde ekwiteitswaardasie-teorie waarop dit gebaseer is. Hiermee ten doel, sluit hierdie studie 16 EFVe in, gebaseer op waardedrywers wat al die vernaamste waardedrywerkategorieë, naamlik verdienste, bates, dividende, omset en kontantvloeie, verteenwoordig. Die bevestiging van die navorsingshipotese is afhanklik van die resultate soos bekom vanuit die aanvanklike dwarsdeursnee-empiriese ondersoek na die faktore wat die tradisionele veelvoudwaardasieproses kompliseer. Die hoofbevindinge van die aanvanklike ontleding, wat daarna rigtinggewend was vir die komposisie van die saamgestelde veelvoudmodelle, was die volgende: Eerstens, dui die bewyse daarop dat, wanneer veelvoude saamgestel word, veelvoude waarvan die portuurgroepe op ’n kombinasie van fundamentele waardasieveranderlikes gebaseer is, meer akkurate waardasies lewer as veelvoude waarvan die portuurgroepe op industrie-klassifikasies gebaseer is. Tweedens, het die navorsingsresultate bevestig dat ekwiteitsgebaseerde veelvoude meer akkurate waardasies lewer as entiteitsgebaseerde veelvoude. Derdens, toon die navorsingsbevindinge dat veelvoudmodelle wat saamgestel word uit verdienstegebaseerde waardedrywers, veral wesensverdienste (WV), hoër grade van waardasie-akkuraatheid bied in vergelyking met veelvoudmodelle wat saamgestel word uit dividend-, bate-, omset- of kontantvloei-gebaseerde waardedrywers. Die resultate van die aanvanklike dwarsdeursnee-ontleding is ook onderwerp aan ’n industrie-ontleding, wat die aanvanklike bevindinge van die dwarsdeursnee-ontleding beide bevestig en weerspreek het. Die bevindinge vanaf die industrie-ontleding dui daarop dat beide die keuse van optimale Portuurgroepveranderlike (PGV) en die optimale keuse van waardedrywer, industrie-spesifiek is. Soos met die aanvanklike dwarsdeursnee-ontleding, het verdienste-gebaseerde waardedrywers die top posisies by al 28 sektore wat ondersoek is, gedomineer, terwyl WV weer as die akkuraatste individuele waardedrywer bevestig is. Die superieure waardasie-resultate van veelvoude waarvan die portuurgroepe gebaseer was op ’n kombinasie van fundamentele waardasie-veranderlikes, soos afgelei uit die aanvanklike dwarsdeursnee-ontleding, het egter nie dieselfde resultate gelewer op ’n per sektor basis nie, wat aandui dat portuurgroep seleksiemetodes industrie-spesifiek is. Vanuit hierdie bevindinge was dit moontlik om optimale EFV-modelle saam te stel, wat dan vergelyk kon word met industrie-spesifieke saamgestelde veelvoudmodelle. Die bevindinge het voorgestel dat saamgestelde modellering gemiddeld jaarliks, tussen 20.21% en 44.59% meer akkurate waardasies gelewer het as optimale EFVmodellering oor die tydperk 2001 tot 2010. Die navorsingsresultate dui aan dat ekwiteitsgebaseerde saamgestelde modellering aansienlike toenames in waardasie-akkuraatheid mag bewerkstellig bo dié van EFVmodellering. Hierdie toenames is egter industrie-spesifiek en ’n carte blanche toepassing daarvan is nie aan te beveel nie. Gevolglik, aangesien beleggingspraktisyns se verslae tipies verskeie veelvoude insluit, blyk dit redelik om die insluiting van saamgestelde modelle as ’n meer akkurate alternatief te oorweeg.