초록 ▼

○ 시장접근법 기반의 가치평가모형에 관한 문헌 분석 및 시장접근법 활용현황 분석
○ 기술-기술가치-시장가치 전이체계 모형 개발
● 기술성과 사업성으로 특징지어지는 기술이 가치를 띠고 그것이 시장에서 인식되어 평가되는 과정, 즉 기술-기술가치-시장가치 전이체계 모형을 제시함
● 정액기술료 방식과 경상기술료 방식에 대해 기술-기술가치-시장가치 전이체계 모형을 개발함
○ 시장-소득-비용접근법 간의 관계 모형 개발
○ 정액기술료 산정 모형 개발
● 증분이익과 변동성으로 특징지어지는 기술가치의 크기를 나타내기

○ 시장접근법 기반의 가치평가모형에 관한 문헌 분석 및 시장접근법 활용현황 분석
○ 기술-기술가치-시장가치 전이체계 모형 개발
● 기술성과 사업성으로 특징지어지는 기술이 가치를 띠고 그것이 시장에서 인식되어 평가되는 과정, 즉 기술-기술가치-시장가치 전이체계 모형을 제시함
● 정액기술료 방식과 경상기술료 방식에 대해 기술-기술가치-시장가치 전이체계 모형을 개발함
○ 시장-소득-비용접근법 간의 관계 모형 개발
○ 정액기술료 산정 모형 개발
● 증분이익과 변동성으로 특징지어지는 기술가치의 크기를 나타내기 위한 증분이익 / 변동성 비율을 개발함
● 증분이익 / 변동성 비율과 시장 거래가격 간의 비율을 나타내는 PTSRR 지표를 정의하여 시장승수로 역할을 하도록 함
○ 경상기술료 산정 모형 개발
● 평가대상기술의 경상기술료를 해당 기술이 소속된 산업의 산업 특성요인과 평가대상기술 고유의 개별기술 특성요인의 곱으로 모형화함
● 산업 특성요인의 값을 구하는 과정에서 시장거래데이터를 활용하도록 하는 시장기반 기술요소법을 제안함
○ 시장대체원가접근법 모형 개발
● 기술가치를 기술개발비용과 사업기회보상비의 합으로 구분하여 추정하되, 평가대상 기술에 대한 대체원가를 시장데이터를 활용하여 추정
● 평가대상의 기술수명주기 상 단계에 따라 서로 다른 기업가 사업기회보상 비율을 적용하여 기술진부화 요인을 반영

Abstract ▼

Ⅳ. Result of the study
○ Literature review on market approach based technology valuation methods and eliciting important implications
● First, the three approaches are not independent and they should be closed interconnected
● Second, this interconnection should be taken into account when d

Ⅳ. Result of the study
○ Literature review on market approach based technology valuation methods and eliciting important implications
● First, the three approaches are not independent and they should be closed interconnected
● Second, this interconnection should be taken into account when developing a new market based valuation method
● Third, the market perceived value of a technology is based on and proportional to the technology’s cash generating capability
○ Application case analysis of market based methods
● Income approach based relief-from-royalty methods are most widely utilized in practice
● Some important active market conditions for the effective application of market based methods are lacked
○ Developing a technology-technology value-market value transition system model
● Technology itself is endowed with its intrinsic value based on its technology- and market-specific features, which is in turn transitioned into the market perceived value
● Technology-specific features are the technology’s usefulness and competitiveness in its own nature, and market-specific features are the technology’s usefness and competitiveness from the market-associated standpoint
● A technology characterized by its technology- and market-specific features is endowed with its intrinsic value, and the technology value is translated into the market value when traded
● Developing two technology-technology value-market value transition system models: fixed sum royalty model and running royalty model In the fixed sum royalty model, technology value is characterized by incremental income and variation
● In the running royalty model, technology value is chracterized by business value and technology contribution
○ Developing a relationship model among cost-income-market approaches
● Income approach estimates the intrinsic value of a technology based on its cash-generating capability
● Market approach estimates the technology’s market perceived value of the tech-intrinsic value based on market transaction data
● Cost approach estimates the technology’s value by adding the developer’s incentive and profit to the reproduction cost
● In term of the technology-technology value-market value transition system model, cost approach deals with the technology itself, and market approach deals with the entire transition process to estimate the value
○ Developing a fixed sum royalty model
● Proposing the incremental income / variation ratio to charaterzie the value of a technology
● Proposing a new market muliple PTSRR, which is defined by market price divided by the incremental income / variation ratio
● Proposing a way of classifying industries and technologies based on PTSRR
● Fixed sum royalty is determined by multiplying industry-specific PTSRR and technology-specific incremental income / variation ratio
○ Developing a running royalty model
● Modeling the running royalty by the multiplication of the industry-specific factor and the technology-specific factor
● The industry-specific factor is determined based on market data, where the industry average royalty rate becomes the industry-specific factor
● Proposing a way of maintaining the industry-specfic factor based on the exponential smoothing technique
● Proposing a formula for transforming the technology-specific factor value to be used for calculating the running royalty rate
○ Developing a market replacement cost model
● Estimating a technology’s value by adding its replacement cost to the developer’s incentive and profit
● Proposing a hybrid model of market approach and cost approach, where the replacement cost is estimated based on market data
● Developer’s incentive and profit is determined based on the technology’s life cycle to reflect technology obsolescence
● NTIS is used for searching for similar technologies
● Proposing a technology specification structure for similar technology search
● When averaging cost data of similar technologies, recent data are more highly weighted, price adjustment is made, and data with higher similarity are more highly weighted