Patent Evaluation

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• Background
• Patent valuation methods
  • Quantitative approach
    • Cost-based approach
    • Market-based method
    • Income-based method
    • Option-based method
  • Qualitative approach
    • How would you define the patented technology innovation compared to the actual state of the art?
  • Which level of its life cycle has the patent reached?
  • What is the geographic coverage of the reference market?

Background

Intellectual property assets such as patents are the core of many organizations and transactions related to technology. Licenses and assignments of intellectual property rights are common operations in the technology markets, as well as the use of these types of assets as loan security. These uses give rise to the growing importance of financial valuation of intellectual property, since knowing the economic value of patents is a critical factor in order to define their trading conditions.[1]

知识产权资产，例如专利，是许多技术组织和交易的核心问题。知识产权的许可和授权以及使用知识产权资产作为借贷信用，这种行为在技术市场十分常见。以上用途使得智力成果的商业价值评估变得尤为重要，因为总所周知，公司在设置贸易条件的时候，专利的商业价值是一个至关重要的因素。

Patent valuation methods

Different approaches of patent valuation are used by companies and organizations. Generally, these approaches are divided in two categories: the quantitative and qualitative valuation. While the quantitative approach relies on numerical and measurable data with the purpose to calculate the economic value of the intellectual property, the qualitative approach is focused on the analysis of the characteristics and potential uses of the intellectual property, such as the legal, technological, marketing or strategic aspects of the patented technologies. Qualitative valuation deals also with assessing the risks and opportunities associated to the intellectual property of the company.[2]

公司和组织使用不同的专利价值评估方法。大体上讲，这些方法分为两大类：数量评估和质量评估。为了计算知识产权的经济价值，数量评估方法依赖于数值上可计算的数据，然而质量评估方法则专注于分析知识产权的特征和应用前景，例如专利技术在法律上、技术上、市场上或者战略上等方面的价值。此外，质量评估还能够评估公司知识产权的风险和机遇。

Quantitative approach

Several methodologies are used on the quantitative approach, but generally they can be grouped in four methods:[3]

• Cost-based method
• Market-based method
• Income-based method
• Option-based method

数量评估可以使用很多策略，但是大体上可以分为以下四种方式：

• 基于成本的策略
• 基于市场的策略
• 基于收入的策略
• 基于选择的策略

Cost-based method

This method is based on the principle that there is a direct relation between the costs expended in the development of the intellectual property and its economic value. Two different techniques are mainly used to measure costs:

该方式基于这种假设：智力成果发展过程中的成本和它的经济价值之间有直接关系。计算成本主要有两种方式：

• Reproduction cost method: Estimations are performed by gathering all costs associated with the purchase or development of a replica of the patent under valuation.
  复制成本方法：通过汇总和专利复制品的交易和发展有关的所有成本来评估专利价值。
• Replacement cost method: Estimations are performed on the basis of the costs that would be spent to obtain an equivalent patent asset with similar use or function.
  代替成本方法：基于与花费在相同用途或者机制上所用的等价的专利资产所付出的代价来评估专利价值。

In both methods, present prices are taken into account, i.e. the expenditures as of the valuation date and not the historical costs when these actually happened.[4]
For assessing costs, two cost sources of two sorts should be included: direct expenditures, such as costs with materials, labor and management; and opportunity costs, relating to the lost profits due to delays in market entrance or investment opportunities lost with the aim of developing the assets.
在以上两种策略中，当前的价格会被考虑在内，也就是说，实际评估的时候是按照估值日期而不是历史日期的成本来计算。
为了评估成本，这两种方式的两种价值来源需要包括在内：直接开支，比如说材料，人力资源和管理；机会成本，它和损失利益相关，比如为了使得资产利益更多而推迟进入市场或者引进投资造成的损失。

Market-based method

The market-based valuation method relies on the estimation of value based on similar market transactions (e.g. similar license agreements) of comparable patent rights.Given that often the asset under valuation is unique, the comparison is performed in terms of utility, technological specificity and property, having also in consideration the perception of the asset by the market.Data on comparable or similar transactions may be accessed in the following sources:

• Company annual reports.
• Specialized royalty rate databases and publications.
• In court decisions concerning damages.

基于市场的估值策略依赖于与专利权相似的市场贸易的价值评估。
假定资产估值通常是唯一的，考虑到资产市场的看法，比较的方面在于实效性，技术特点和技术资产。类似的可类比的贸易数据也许可以通过以下几个方面来评估：

• 公司的年度总结
• 专业版税率相关的数据和出版物
• 法院的判决赔偿

Income-based method

This method is based on the principle that the value of an asset is intrinsic to the expected income flows it generates. After the income is estimated, the result is discounted by an appropriate discount factor with the objective to adjust it to the present circumstances and therefore to determine the net present value of the intellectual property. There are different methods of calculation of the future cash flows, such as:
该策略基于以下假设：资产价值和它产生的期待收入流之间具有内在联系。在评估得到的收入基础之上，按照折扣指数适当进行打折来适应当前情况，进而得到知识产权的净现值。这里有几种不同的方式计算未来现金流动，例如：

• Discounted cash flow method: This method aims to estimate future cash flows, which are projected and after discounted by applying an appropriate discount factor. The main source of information to estimate the cash flows is generally the business plan of the company that exploits or intends to exploit the asset.
  折扣金额流动策略：该策略致力于评估未来金额流动情况，该方法通过实现一个适当的折扣因子来计算折扣以后的现金流动。评估现金流动的主要依据是当前正在利用或者想要利用资产的公司的商业规划。
• Relief-from-royalty method: In this method the value of the asset is considered as the value of the royalty payments from which the company is relieved due to its ownership of the asset. Hence, the appropriate royalty rate must be determined, allowing the estimation of the future royalty income stream. A discount rate is applied to determine the present value of the asset.
  Relief-from-royalty 策略：该策略中，资产价值被认为是特许使用金的价值，公司的特许试用金标志着该资产的所有权。因此，非常有必要设定适当的特许使用金率，这就给未来的特权收入评估提供了可能。折现率被应用于当前的资产价值评估当中。

Option-based method

Differently from the other methods, the option methodology takes into consideration the options and opportunities related to the investment. It relies on option pricing models (e.g. Black-Scholes) for stock options to achieve a valuation of a given intellectual property asset. In these cases, patents may be valued using the techniques developed for financial options, as applied via a real options framework.The key parallel is that a patent provides its owner the right to exclude others from using the underlying invention, so both patents and stock options represent a right to exploit an asset in the future, and to exclude others from using it. The patent (option) will have value to the buyer (owner) only to the extent that the expected price in the future exceeds the opportunity cost of earning just as much in a risk-less alternative. Thus patent rights can be thought of as corresponding to a call option and may be valued correspondingly.
与其他策略不同，基于期权的策略把与投资相关的选择和机遇考虑在内。它依赖于期权定价模型（例如Black-Scholes），以达到给定知识产权的估值。这些案例当中，专利也许是通过制定财政期权的技术，例如通过实物期权的框架。专利所有者有权排他性地使用专利发明。

Qualitative approach

This method does not rely on purely financial analytical data. In fact, the valuation in this method is performed through the analysis of different indicators with the purpose of rating the patent right, i.e. of determining its importance quality in terms of aspects that can impact the value of an intellectual property asset, covering legal aspects, the technology level of the innovation, market details and company organization. Commonly, the method is implemented through questionnaires comprising all these different criteria. Examples of questions included in such questionnaires can be:

该机制并不仅仅依赖于财政分析数据。事实上，该估值方式是通过不同指标的分析来实现对专利权进行平级的目的，例如可以影响知识产权的价值、涉及法律层面、技术层面的创新性、市场细节和公司组织的这些重要方面。通常情况下，该机制是通过问卷调查的形式来比较这些不同的方面。问卷中所涉及的问题可以是：

• How would you define the patented technology innovation compared to the actual state of the art?
  和艺术的实际状态相比，你如何去定义专利技术创新？
• Which level of its life cycle has the patent reached?
  专利所涉及的是它生命周期的哪一层？
• What is the geographic coverage of the reference market?
  所涉及市场的地理覆盖面有多大？