以實質選擇權法應用於技術鑑價相關研究-以生技技轉個案為例

Abstract

隨著IFRS會計制度於企業界的普遍施行之後，以往不受重視的無形資產評價，重要性愈益顯著。無形資產並非一般有形商品，如何建立一個無形商品的自由市場機制，有賴於建立一「知識型商品」公允鑑價平台。此一理想雖為一項艱困的任務，但是依據國際知識經濟發展現況，「無形資產評估價值機制」將為我國未來發展知識經濟時代的基石。 目前一般常用無形資產鑑價方法為收益法、成本法、市場法，但仍有主觀因素過多造成結果無法取信於大眾的弊端存在，如何建立一能為大眾所廣泛接受之鑑價方法實為當務之急。本篇研究係將現今採用的鑑價方式作一完整整理，續引入一工研院技轉實例並提出一新鑑價方法，該法將公司於研發計畫進行階段所擁有的後續是否建廠或商業化選擇權價值以二項式模型估量，將財務上實質選擇權概念引入價值評價中，希冀能藉由擴充淨現值(Expanded NPV)的考量得到更能完整考量、且相對更為客觀的結果估算

With the wide adoption of the IFRS accounting system in enterprises, intangible asset valuing, which used to be undervalued, becomes more important nowadays. Intangible asset is different from other tangible commodities, and establishing a free market mechanism for intangible assets will rely on a fair valuation platform of “knowledge product.” It could be an arduous task; however, in view of the current condition of global development of knowledge economics, the “intangible asset valuation mechanism” will provide the foundation for future development of knowledge economics in our country. The approaches to valuating intangible assets currently commonly used include: Income Approach, Cost Approach, and Market Approach. However, the valuation results of these approaches are usually inconvincible to the public due to their accompaniment of too many subjective factors. Therefore, it is a top priority to build up a valuation method that is widely acceptable to the public. In this research, we collected and arranged the commonly used valuation approaches first, and introduced a biotechnology transfer case as an example to examine its results. We then proposed a valuation method, in which the option value of whether or not to proceed with building factory or business operation later that is possessed by a company in the R&D stage is introduced into their value decision and is calculated with binomial option valuation. By introducing the concept of Expanded NPV, it is hoped to find out a more objective and complete estimation for intangible asset valuation.