Valuation of R&D projects is quite complex due to the substantial uncertainties in a project's life-cycle phases. The sequential nature of R&D projects continuously provides decision-makers with choices regarding whether and when to undertake future potential investment opportunities. This means that when valuing R&D projects decision-makers should take these factors into account. But R&D project usually takes long time to complete processes for commercialization. If the time to complete is longer, it is easier to trigger the crisis for capital shortage. So it seems very important modeling the capital shortage risk to induce the probability of failure in the pricing model. In this thesis we try to apply the analogy of financial securities subject to credit risk of Jarrow & Turnbull (1995) and attempt to value patents with capital shortage risk in an arbitrage free environment using the martingale measure technique. Furthermore, derive closed form formula for patents valuation which makes application easier than that of the theoretic option model. The major findings are: (1) when considering the effect of the failure frequency (capital shortage risk), the patent value will grow rapidly and then converge in the short run, no matter how other parameters incorporated into the robust analysis; (2) when increasing in the volatility of market revenues with synchronized higher volatility of investment cost, the volatility curve will be distorted to be U-shaped. Meanwhile, lower failure frequency could aggravate the decreasing in the option value. Another issue is when the manager exercises the project with multiple underlying assets, where the assets returns are of non-linear correlation particularly in the non-Normal environment. Non-parametric dependence measures may better employed when explaining co-movement. We focus on the value of a (such as resources development) project in general depends on the price of the multiple products; these are usually correlated to some extent. So the project was treated as having a rainbow option, whose underlying asset prices correlate with each other, and also as having uncertainties that decrease according to the project stage. Based on Cherubini and Luciano’s framework (2002), the risk-neutral copula models are derived to figure decision flexibilities out easily. The main framework studies the valuation of a project (call on Max) by determining the joint risk-neutral distribution of the underlying assets (products) using copulas. Monte-Carlo simulations show that the higher default risk and association among the assets and the expected cost to completion contributes the higher risk premium in our model with dependence structure of Archimedean copula family than traditional Black-Scholes environment. / Valuation of R&D projects is quite complex due to the substantial uncertainties in a project's life-cycle phases. The sequential nature of R&D projects continuously provides decision-makers with choices regarding whether and when to undertake future potential investment opportunities. This means that when valuing R&D projects decision-makers should take these factors into account. But R&D project usually takes long time to complete processes for commercialization. If the time to complete is longer, it is easier to trigger the crisis for capital shortage. So it seems very important modeling the capital shortage risk to induce the probability of failure in the pricing model. In this thesis we try to apply the analogy of financial securities subject to credit risk of Jarrow & Turnbull (1995) and attempt to value patents with capital shortage risk in an arbitrage free environment using the martingale measure technique. Furthermore, derive closed form formula for patents valuation which makes application easier than that of the theoretic option model. The major findings are: (1) when considering the effect of the failure frequency (capital shortage risk), the patent value will grow rapidly and then converge in the short run, no matter how other parameters incorporated into the robust analysis; (2) when increasing in the volatility of market revenues with synchronized higher volatility of investment cost, the volatility curve will be distorted to be U-shaped. Meanwhile, lower failure frequency could aggravate the decreasing in the option value. Another issue is when the manager exercises the project with multiple underlying assets, where the assets returns are of non-linear correlation particularly in the non-Normal environment. Non-parametric dependence measures may better employed when explaining co-movement. We focus on the value of a (such as resources development) project in general depends on the price of the multiple products; these are usually correlated to some extent. So the project was treated as having a rainbow option, whose underlying asset prices correlate with each other, and also as having uncertainties that decrease according to the project stage. Based on Cherubini and Luciano’s framework (2002), the risk-neutral copula models are derived to figure decision flexibilities out easily. The main framework studies the valuation of a project (call on Max) by determining the joint risk-neutral distribution of the underlying assets (products) using copulas. Monte-Carlo simulations show that the higher default risk and association among the assets and the expected cost to completion contributes the higher risk premium in our model with dependence structure of Archimedean copula family than traditional Black-Scholes environment.

Patents have become a direct source of revenue, apart from providing legal protections for inventions. A patent generates revenue in its patented form through licensing or sell-out. Three challenges confront this shift in use of patents as direct revenue generators especially in the context of patent sale. First, the challenge of estimating the price a patent fetches in a sale (referred as ‗patent value‘) remains scarcely addressed owing to the intangible nature of patents and lack of patent sale data in public domain. Secondly, the variations in price and the method used to estimate the price while selling a patent individually (called as a singleton) or in a group along with other patents (called as portfolio) are little understood. Thirdly, literature focus so far has been on the static dimensions of patent value determinants leaving scope for researching the time varying dynamic nature of potential value determinants. This thesis aims to systematically address the above challenges and research gaps through five specific research objectives pertaining to the following four aspects of patent sale: (1) Successful sale aspect of patent lots in an auction (Research objective 1) Research objective 1: To explore the determinants of successful sale of singletons and portfolios. (2) Selling strategy aspect of the sold patents (Research objective 2) Research objective 2: To characterize the singleton and portfolio patent lots successfully sold in an auction. (3) Time dynamic aspect of factors influencing price (Research objectives 3 & 4) Research objective 3: To investigate the effect of time dynamic nature of patent age on the selling prices of singletons and portfolios. Research objective 4: To understand the effect of time dynamic trend of technological importance (TI) and patent class trend on selling prices of singletons and portfolios. (4) Valuation aspect (Research objective 5) Research objective 5: To identify the determinants of selling prices of singletons and portfolios. In this thesis, we use a combination of patent bibliometric and market based approach to study various aspects of singleton and portfolio patent sale incorporating the time dynamic aspect. A set of US patents auctioned by an US auction firm, called Ocean Tomo, is used as sample. The sample was dominated by patents from Computer & Communication field. The research findings showed significant differences in the characteristics of sold and unsold lots both in the case of singletons and portfolios. Amongst the sold lots, singletons were found to include more novel (lesser patent backward citations) and technology specific (higher C&C technology scope) patents than the portfolios sold. Further investigation on the variation in selling prices fetched by singletons and portfolios showed portfolios fetching significantly higher prices than singletons at the lot level. Interestingly, at a granular level, the equation reversed with singletons showing significantly higher price compared to the average price per individual US patent member within the portfolio. Along the time dynamic aspect, the existence of an optimal age to sell patents for higher prices is evidenced especially in the case of singletons from C&C technology field. The optimal age was found to be around 10 year 2 months of age from grant of singletons. No such optimal age was identified for portfolios. The growth trend analysis of the forward citations (technological importance of patent) and the patent applications filed within the specific patent class of a patent (attractiveness of patent class) illustrated the significance of the patent class trend in explaining variation in selling price of singletons. Finally, the valuation models of singletons and portfolios showed singletons being valued more on the patent related characteristics unlike portfolios which were valued based on the all three aspects – patent, seller and bundling. In summary, the novelty of the thesis resides in the (1) incorporation of new set of variables namely forward citation diversity, forward citations trend, patent class trend, technology scope and portfolio type in understanding patent price (2) treatment of time dynamic variables in understanding patent value and (3) focus on portfolio analysis through independent analysis of singleton and portfolio selling prices.

專利權融資、專利權入股及專利訴訟皆為現今相當重要的專利運用方式。專利權價值辨識為企業多項活動進行之基礎，舉凡如專利權融資承貸額、專利權入股金額及專利訴訟等，皆須先對專利權價值做認定，才有下一步行動之可能。 專利權在不同的運用方式下應有不同的價值，然而現今鑑價方法中並未探討不同運用情境下專利之價值，將專利權價值視為單一，以致於在實際運用上遭到限制。本研究的目的為探討前述三種運用情境下，影響專利權價值的因子。 本研究將分析專利鑑價利害關係人在評估專利權價值時的認知重點，以探討專利運用情境是否會影響專利權價值因子之項目及其優先順序?特別是在專利權融資及專利權入股的情境下，主理人(銀行、創投業者等)與代理人(鑑價機構)不同立場的角色差別對專利權價值衡量觀點會有何不同? 因此，本研究擬就下列問題進行討論： 問題一：現行鑑價相關理論衡量專利權價值之原理及限制為何? 問題二：在專利權融資、入股及訴訟的情境下，有哪些較重要因子影響其專利價值實現? 問題三：當專利運用情境不同時，其價值因子是否有所不同? 問題四：承三，若有影響，其重要性程度優先順序有何不同? 問題五：現今鑑價機構在融資、入股情境下，在專利權價值衡量看法上與主理人有何差異? 並提出建議為何? 最後，本研究得到下列結論： 1、 現有之相關鑑價方法未能真確評鑑出專利權價值之主要原因，部分係未考量專利權之運用情境，而傾向於給予專利權單一價值所致。專利權之價值衡量重點應與運用情境有相當大的關係，三種情境下變數及參數估計應有不同的觀點。進行專利權鑑價時，如果能加以了解個別運作情境下專利價值之衡量重點，搭配現今既有之鑑價理論，較能反應出不同運用情境下專利權之價值，讓專利鑑價發揮實益。 2、 在專利權與商品間的關係複雜，層次甚多，吾人整理融資、入股及訴訟的過程中的主要影響因子，共有18項重要因子影響其價值實現，可分為六大構面。(詳細因子，請見內文) 3、 在專利權融資、入股及訴訟情境下，其必要考量之價值因子不同，且其重要性程度優先順序亦不同。 (1) 專利權融資之必要考量因子依序為：「事業化潛力、收益及風險」、「產權狀態」、「法律地位穩固程度」、「該技術對該產品的關鍵程度」、「技術實力及未來經濟年限長短」、「在企業中之定位」及「技術的完成度」。主要係基於授信5P中之客戶還款能力、擔保品處分及還款意願的考量。 (2) 專利權入股之必要考量因子依序為：「事業化潛力、收益及風險」、「該技術對該產品的關鍵程度」、「法律地位穩固程度」及「技術實力及未來經濟年限長短」。較著重於技術及商品化收益。 (3) 提起專利權訴訟之必要考量因子依序為：「Claims是否能排除競爭者」、「該技術對該產品的關鍵程度」。較著重於法律上勝訴的難易度及該專利權對商品的關鍵性。 (4) 「技術對該產品的關鍵程度」為各情境下之共通因子 。 4、 在融資、入股情下，鑑價機構對專利價值因子之認知與主理機構(銀行、創投業者等)不同。因此在鑑價之前應特別針對這些不同點加以溝通，較能幫助主理人與智財服務業間在價值認定上達成共識。 (1) 融資情境下「該專利權在融資企業中之定位」，主理人給予相當高的重視，認為企業越重視該專利權，越能提高其還款意願，然而鑑價機構對其評價較低。「Claims是否能排除競爭者」及「受侵權時，採取法律行為的難度」兩法律構面因子，主理人對其重視程度明顯較代理人為高，因為銀行所握有的擔保品係專利權之權利質權，若侵權者能輕易by pass，則對該專利權之價值將有大幅影響，此部分尚未明顯成為鑑價機構之考量。 (2) 入股情境下，「法律地位穩固程度」與「受侵權時，採取法律行為的難度」等法律構面的因子，鑑價機構對其關注程度明顯較主理人為低，而「產權狀態」因子亦為鑑價機構與主理人有明顯差異之因子。 / Patent-based financing, patent-based investing and patent litigation are the important applications of patents. Patent valuation is usually the first step of corporate activities, in order to proceed the activities like buying stocks by patents. The value of patents will be different under the diverse conditions of applications. However, the concept is neglected in the patent valuation process. It still emphasizes on single value pursuit. This results in the limited effects in the end. This research focuses on the effects of different patent application types, by analyzing the points of view of related parties when valuing patents. Therefore, the objects of the research were to answer the questions as the follows: 1、 What are the theorem and limitation of existing patent valuation？ 2、 Will different applications affect value factors? 3、 What are the different key factors of value under patent-based financing, patent-based investing and patent litigation？ 4、 Following the question 3, what is the difference of key factors’ importance? 5、 What is the difference of views between principal and valuation agents under patent-based financing and patent-based investing? At last, the research concluded that: 1、 Patent application types do really affect patent value. There should be different parameters and variables under the three application types. 2、 There are 18 key factors, constructed to 6 angles, affecting patent valuation. The 18 key factors are listed in the text. 3、 Patent application types do affect value factors, in constitute of essential factors and the priority of these essential factors. The differences are listed in the text. 4、 The different standpoints do affect the results of patent valuation. There are differences of views between principal and valuation agents under patent-based financing and patent-based investing. The differences are listed in the text.

無形資產中的智慧財產權與其他財產一樣，都是使競爭性的市場經濟得以發揮機能的必要條件，因為使用智慧財產權而賺得的利潤，對發明人而言是其創新的報酬，而對於向別人購買權利的人而言，亦必須因此而付出相當代價。這利潤無形中激勵了原來從事研究發展的那一方，如此一來，創新者賺取較多利潤並能長期保持競爭優勢，會更鼓勵更多的人願意投入創新發明。 本研究企圖將智慧財產權視為一項企業資源，將其視為可以商品化交易的商品，而研究其中研發所投入的成本、所投入的代價，如何在市場的交易買賣中，獲得回饋與報酬，或是形成企業的核心資源，在對價格的認知提供企業思考的方向。 本研究另一主要目的在於探討智慧財產權中專利權，其主張專利範圍權限的核心--「申請專利範圍」(claim)，述說其滿足要件、撰寫原則、侵權理論，將專利權中的申請專利範圍做全方位的分析，並說明在侵權損害認定上的優劣，提供企業在申請專利時應妥善思考的方向。 而在「專利計價模式」方面，除了整合世界各國的專利計價模式，並對專利計價模式與公司智慧財產權策略之關係，作更明確的剖析。 最後則以國內 DVD 光碟機產業為例，訪談國內企業在面對專利的評價時應有的認知與應採取的策略，並且訪問國內智慧財產保護頗有成就的公司輿相關領域專家，企圖對於企業在專利授權或是專利策略評估時，提供更明確的價格觀念，以免除其誤蹈專利地雷的窘境。 智慧財產權中，有關專利權在實務上，通常較為人注意的是法律層次的問題，而在專利權價值方面，一般文獻均歸類於會計層次，甚少將法律與評價問題作歸納整合。本研究企圖將兩者作更緊密的連結，並且歸納出有關的策略議題，期能對國內廠商在面對國外廠商索求專利權與公司內部專利權的價值評估時，有一較清楚的方向。 / Patent Pricing for DVD Technology In the business of high technology manufacturing and marketing, intellectual property is a company's lifeblood. As with any other assets, intellectual property assets must be carefully managed. When it come to manage intellectual property assets, your company's main challenge will lie in skillfully navigating a minefield of existing or pending patents, both to produce goods that do'nt infringe on other companies' right and to vouchsafe rights that will secure your marketshare. Concern for those issues is especially important when your company seeks financing. Inventors need assurance that their investment will not be endangered by infringement litigation or by poorly framed intellectual property right that do not adequately stake out a share of the company's markets Intellectual property right (IPR) encourages the R&D, and protect their IPR by litigation. In another way, the exhibition of IPR will light a way for another companies to avoid infrigement and can take more research in new product or process. The research attempt to view IPR - especially patent, as industrial resources, and make it exchangeable just like merchandise. When patent is exchanged in industrial market, how to evaluate its price? How to determine the price? According to industry norm or R&D expense? Whether to sell it or keep it in company as core competence? The research will focus on another topic -- the patent "Claim", will estate the condition of patent, the principles of patent, the infringement theory. And research will identify this topic and give a clear way for company when considering IPR. Thesis also integrates all the patent pricing models and list the relationship between pricing theory and IPR strategies. It will use the tomorrow star industry - DVD (Digital Versatile Disc) industry as a example, because it is the way for Taiwan to approach the high technology and DVD will knock the heaven's door for next century. The paper outlines all the founded documents and visit the field expert and list all the patents for various technologies, take reaserch about the determination of price and give a clear direction for Taiwan DVD industry.