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http://dx.doi.org/10.6106/KJCEM.2014.15.4.058

Technology Valuation Evaluation Model of Decision Making System using Income Approach for Commercialization in LNG Plant Construction  

Park, Hwan Pyo (Construction Management & Economy Research Division, Korea Institute of Civil Engineering and Building Technology)
Han, Jae Goo (Construction Management & Economy Research Division, Korea Institute of Civil Engineering and Building Technology)
Chin, Kyung Ho (Construction Management & Economy Research Division, Korea Institute of Civil Engineering and Building Technology)
Publication Information
Korean Journal of Construction Engineering and Management / v.15, no.4, 2014 , pp. 58-67 More about this Journal
Abstract
The proportion of investment in national R&D projects in construction and transportation has been increasing continuously; in terms of the size of R&D projects, there are many medium- to large-sized projects of over KRW 10 billion. However, in spite of such continuous increase in R&D investments, there are many technologies developed but not commercialized, i.e., the quiescence of technology. Accordingly, it is necessary to link the R&D results to commercialization by expanding the scope of R&D projects. In this context, this study presented objective reference prices to be used in contracting/transacting technology and implementing commercialization strategy by conducting technology valuations against on-going research projects with earnings approach, and by estimating value of patented technology. Sum of free cash flow (business value) that can be generated during the life of the technology was estimated as KRW 512 million by reflecting a discount rate of 16.34% to convert it into the present value. In addition, the technology value was computed as KRW 227million by applying a technology factor of 44.39% to the above value. Based on the technology value estimated in this way, it is necessary to establish industrialization and commercialization strategy of the technology.
Keywords
Technology Valuation; Income Approach; Sensitivity Analysis; LNG Plant Construction; Decision Making System;
Citations & Related Records
Times Cited By KSCI : 4  (Citation Analysis)
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