基于收益的评价方法.PPT

The market approach can be used for valuing any IPR – provided that you can obtain sufficient comparable market transaction data. For the most part, transaction details are typically kept confidential, pricing information is not always publicly available. When you are identifying comparable transactions, try to your best ability to find comparables that represent similar technology, used in the same or similar industries with comparable market sizes. But it’s very difficult to find two similar deals. After all, no two technologies are ever the same, and without inside knowledge, comparable deals and terms can be hard to identify. For a market-based valuation to be accurate the parties must acquire inside information about the details and nature of the comparable transaction: Are technical features of the technology really comparable? Is the development stage the same – simply put, the further along in development, the higher the market value (see next slide) Are there specific conditions associated with the comparable transaction that would impact value such as Time of use? Development milestones? Or are there special financing terms that might impact value? Economic conditions at the time can modify IP valuations: Technology bubble can drive up IPR valuations. Conversely a downturn can push IPR valuations down. Positions of the parties – it may be the case that a party is desperate for a quick sale or license? Even if transactions are often kept confidential, you can find some data in the following sources: Sometimes, especially for start-ups, you can find them directly on the company web sites, or going to company presentations The annual reports are another possibility Specialized online databases such as royaltysource or windhover Securities filing such as SEC in the US or the FSA in the UK Asking licensing specialists or one of the LES, you can find their references on the LESI website In a journal dedicated to royalty-rates, the licensing economics review An