• Journal of Digital Convergence
• /
• v.19 no.6
• /
• pp.113-132
• /
• 2021

This study is a new evaluation using the Arrhenius equation, which is known as the chemical reaction rate estimation equation, to evaluate the intrinsic and extrinsic value elements of patents as a model. The performance of the evaluation model was superior to the SVM, Logistic reg. and ANN models that were used as patent evaluation models in prior studies. In addition, there was a strong correlation between the predicted lifespan of the patent and the actual lifespan of the patent. These evaluation models may be used for evaluation purposes only, or if an evaluation is required, including a commercialization entity or technical characteristics.

• Management & Information Systems Review
• /
• v.28 no.4
• /
• pp.27-44
• /
• 2009

Economic value of a certain technology is of great interest and importance in a wide variety of investment circumstances. These vary from companies considering investing in R&D projects, to venture capitalists funding start-up companies. However, such valuation is extremely difficult in any case, and the cost of failure can be very high. Many techniques have been proposed to assist managers facing this issue, from traditional discounted cash flow analysis to more recent methods based on real options. In the meantime, the discounted cash flow method has limitations in applying the valuation of technology. At the same time, there have been various solutions to overcome theoretical problems of the method. Real options have been thought as a solution. However, there are another problems in using them in real world. This paper reviews the previous studies on the valuation of technology in several aspects, discusses the practicability of the various methods available, and explore the application of a hybrid model, which aims to make these rather aore the ideas more accessible to practicing managers.

• Journal of Intelligence and Information Systems
• /
• v.24 no.3
• /
• pp.177-198
• /
• 2018

Recently, as economic property it has become necessary to acquire and utilize the framework for water resource measurement and performance management as the property of water resources changes to hold "public property". To date, the evaluation of water technology has been carried out by feasibility study analysis or technology assessment based on net present value (NPV) or benefit-to-cost (B/C) effect, however it is not yet systemized in terms of valuation models to objectively assess an economic value of technology-based business to receive diffusion and feedback of research outcomes. Therefore, K-water (known as a government-supported public company in Korea) company feels the necessity to establish a technology valuation framework suitable for technical characteristics of water resources fields in charge and verify an exemplified case applied to the technology. The K-water evaluation technology applied to this study, as a public interest goods, can be used as a tool to measure the value and achievement contributed to society and to manage them. Therefore, by calculating the value in which the subject technology contributed to the entire society as a public resource, we make use of it as a basis information for the advertising medium of performance on the influence effect of the benefits or the necessity of cost input, and then secure the legitimacy for large-scale R&D cost input in terms of the characteristics of public technology. Hence, K-water company, one of the public corporation in Korea which deals with public goods of 'water resources', will be able to establish a commercialization strategy for business operation and prepare for a basis for the performance calculation of input R&D cost. In this study, K-water has developed a web-based technology valuation model for public interest type water resources based on the technology evaluation system that is suitable for the characteristics of a technology in water resources fields. In particular, by utilizing the evaluation methodology of the Institute of Advanced Industrial Science and Technology (AIST) in Japan to match the expense items to the expense accounts based on the related benefit items, we proposed the so-called 'K-water's proprietary model' which involves the 'cost-benefit' approach and the FCF (Free Cash Flow), and ultimately led to build a pipeline on the K-water research performance management system and then verify the practical case of a technology related to "desalination". We analyze the embedded design logic and evaluation process of web-based valuation system that reflects characteristics of water resources technology, reference information and database(D/B)-associated logic for each model to calculate public interest-based and profit-based technology values in technology integrated management system. We review the hybrid evaluation module that reflects the quantitative index of the qualitative evaluation indices reflecting the unique characteristics of water resources and the visualized user-interface (UI) of the actual web-based evaluation, which both are appended for calculating the business value based on financial data to the existing web-based technology valuation systems in other fields. K-water's technology valuation model is evaluated by distinguishing between public-interest type and profitable-type water technology. First, evaluation modules in profit-type technology valuation model are designed based on 'profitability of technology'. For example, the technology inventory K-water holds has a number of profit-oriented technologies such as water treatment membranes. On the other hand, the public interest-type technology valuation is designed to evaluate the public-interest oriented technology such as the dam, which reflects the characteristics of public benefits and costs. In order to examine the appropriateness of the cost-benefit based public utility valuation model (i.e. K-water specific technology valuation model) presented in this study, we applied to practical cases from calculation of benefit-to-cost analysis on water resource technology with 20 years of lifetime. In future we will additionally conduct verifying the K-water public utility-based valuation model by each business model which reflects various business environmental characteristics.

• Journal of the Korea Society of Computer and Information
• /
• v.5 no.2
• /
• pp.130-142
• /
• 2000

A model of value estimation for Technology Evaluation refers to technology and trade criterion is Presented on this study. Technology evaluation will be recognized to immediately solve the problem in government, Policy executive organs, enterprises. There is a necessity for fixing of technology evaluation institution to objectify technology evaluation method and means, to train and accumulate specialist of technology evaluation, to specialize technology evaluation organ, to secure public-trust, to spread application of technology evaluation results. And there will be become established consideration is indispensable to organize and operate Technology Exchange.

• Proceedings of the Korean Information Science Society Conference
• /
• 2008.06c
• /
• pp.132-137
• /
• 2008

최근 들어, 기업의 내재 가치를 평가하여 투자에 활용하는 이른바 가치투자에 대한 많은 분석과 전략들이 나오고 있다. 그러나 현존하는 대부분의 투자 지원 툴들은, 단기적으로 등락을 반복하는 주가에 매매 조건을 제시하여 차액을 얻는 방식인 기술적 분석 툴로서 기업의 내재 가치를 평가하여 투자를 지원하기 에는 제한이 있다. 때문에 가치 투자자들은 기업의 가치를 체계적이고 객관적으로 판단하기 보다는, 몇몇의 공시된 자료들을 보고 개인의 판단에 따라 평가하는 경우가 대부분이다. 따라서 감정과 선입견을 배제한 기존의 기술적 분석 툴과 같이 기업의 가치를 정량적으로 추정하여 다양한 전략개발을 할 수 있는 툴이 필요한 실정이다. 본 논문에서는 기업의 가치를 정량화하여 가치투자 전략을 개발할 수 있는 가치투자 시스템(이하 KPU-VISS)의 설계 및 구현 내용을 기술한다. 즉, 본 시스템은 주식가격을 포함한 기업의 다양한 정보와 경기 지표 등을 이용하여 기업의 가치 모델 개발을 지원하고, 이 모델에 근거하여 저평가된 종목을 검색하는 전략 개발을 지원한다. 또한, 개발된 전략을 과거의 특정 시점에 반영시킨 투자 시뮬레이션을 통하여, 전략의 실효성을 검증하는 기능도 지원한다. 본 논문에서 제안한 가치투자 지원시스템은 최초로 가치투자전략의 개발과 검증을 지원하는 시스템으로, 향후 가치투자 시스템 개발을 위한 선도적인 방향을 제시할 것으로 예상한다.

• Journal of Technology Innovation
• /
• v.21 no.1
• /
• pp.229-252
• /
• 2013

The aim for this study is to suggest a practical model to measure the financial values of the achievements from corporate research and development(R&D) projects. Performance indicators for R&D projects were identified from the extensive literature reviews and the evaluation methods to convert them into financial values were proposed to overcome the problems of excessive predictions and subjective expert assessments in existing methods. The proposed model was applied to R&D projects of an IT company in Korea for its validity test. The model is expected to be a turning point in economic evaluation of corporate R&D projects in general due to its practical and reasonable scheme.

• 한국신재생에너지학회:학술대회논문집
• /
• 2006.11a
• /
• pp.62-65
• /
• 2006

가스하이드레이트의 국내 부존 가능성이 확인됨에 따라 가스하이드레이트 개발기술 및 부존 정보의 확보를 위한 가스하이드레이트 연구개발사업이 추진 중에 있다. 가스하이드레이트 개발사업과 같은 국가주도 연구개발사업의 경우 사업의 타당성 확보와 효율적인 추진을 위해서 사업 및 개발기술의 가치를 객관적으로 평가해야 할 필요성이 높아지고 있다. 본 연구에서는 가스하이드레이트 개발사업의 가치평가를 위한 주요 속성들을 결정하고 속성별 쌍대비교를 통해 중요도를 도출 할 수 있는 Fuzzy AHP 방법론을 사용하여 상대적 가중치를 도출하였다 연구 결과 가스하이드레이트 개발사업 및 기술의 가치는 상위계층으로 직접가치와 유발가치로 나눌 수 있고, 하위계층으로 총 8개의 속성으로 분류 할 수 있는 것으로 분석되었다. 중요도 분석결과 가스하이드레이트를 직접 개발함으로써 얻을 수 있는 개발가치가 사업시행으로 인한 탐사개발 기술의 확보로 유발되는 가치보다 높은 중요도를 가지는 것으로 평가 되었다. 또한 개발가치의 세부항목 중에는 에너지 안보 증진 효과가, 유발가치의 세부항목 중에는 인력양성효과가 가장 중요한 가치평가 요소로 나타났다

• Proceedings of the Korea Technology Innovation Society Conference
• /
• 2017.05a
• /
• pp.161-174
• /
• 2017

최근 들어 기술벤처기업에 대한 투자가 증가하고, 이를 위한 기술신용평가의 역할이 증대하였다. 그러나 금융권에서 바라보는 기술신용평가의 경우, 해당 기업의 신용등급이나 기술(력) 등급평가에 초점을 두어, 대상기술의 사업화 및 수익성 관점을 체계적으로 반영하지 못하는 한계를 지닌다. 따라서, 벤처캐피털(VC)이나 엔젤투자자를 비롯한 금융권에서 대상기술의 수익성 정보를 참조하거나 기술벤처기업 설립시 기술지분을 참고하는 등, 기존 기술이전거래 협상참조용이나 담보 보증용에 널리 이용되던 기술가치평가의 활용범위가 급격히 확대되고 있다. 제조 서비스 분야의 일반 기술 뿐만이 아니라, 바이오 제약 의료 분야 기술에서도 미래 투입되어야 하는 사업화 소요기간 및 비용을 고려하여 기술가치를 산정해야 할 때가 있다. 기존의 현금흐름할인법(DCF법)이 연속된 투자에 대한 고려를 못하거나 기술적용 제품의 상용화 투입비용에 대한 확률적인 속성을 반영하지 못하는 등 한계점을 지니고 있다. 그러나 기술과 투자의 가치는 기회가치로 보고 자원배분을 위한 의사결정 정보를 감안해야 하므로, 실물옵션의 개념을 적용하는 것이 바람직하다고 여겨진다. 흔히 기업가치를 평가할 때 주가의 변동성(volatility) 개념을 도입하여 전일종가 대비 익일시가의 분산값을 활용하기도 한다. 이러한 개념을 기술가치평가에 적용하기 위해서는 '주가의 연속성(상대적 미세한 변화)' 및 '양(+)의 조건'을 고려해야 하는데, 실제 기술가치평가 상의 현금흐름은 사업초기년도 음(-)의 값이 나타나거나 2~3년 내외의 짧은 수익예상기간 하에서는 주가와 같은 변동성을 도출하는데 무리가 있다. 따라서 많은 문헌에서 연구된 바와 같이, 실물옵션 기반의 기술가치 산정을 위한 블랙-숄즈 모형에서 변동성과 기초자산가치, 그리고 사업화비용 간의 관계를 살펴볼 필요가 있다. 아울러 옵션가격결정모형(Option Pricing Model)에서 불확실성을 반영한 기초자산의 현재가치와 사업화비용의 현재가치분이 특정 임계조건 하에서 '옵션행사 포기(NAT; no action taken)' 영역으로 구분되는 지를 수학적으로 도출하고 관찰변수(입력값)에 따른 옵션가치 산출표를 개발하여 제시한다.

• Journal of Intelligence and Information Systems
• /
• v.23 no.1
• /
• pp.23-46
• /
• 2017

Although there have been cases of evaluating the value of specific companies or projects which have centralized on developed countries in North America and Europe from the early 2000s, the system and methodology for estimating the economic value of individual technologies or patents has been activated on and on. Of course, there exist several online systems that qualitatively evaluate the technology's grade or the patent rating of the technology to be evaluated, as in 'KTRS' of the KIBO and 'SMART 3.1' of the Korea Invention Promotion Association. However, a web-based technology valuation system, referred to as 'STAR-Value system' that calculates the quantitative values of the subject technology for various purposes such as business feasibility analysis, investment attraction, tax/litigation, etc., has been officially opened and recently spreading. In this study, we introduce the type of methodology and evaluation model, reference information supporting these theories, and how database associated are utilized, focusing various modules and frameworks embedded in STAR-Value system. In particular, there are six valuation methods, including the discounted cash flow method (DCF), which is a representative one based on the income approach that anticipates future economic income to be valued at present, and the relief-from-royalty method, which calculates the present value of royalties' where we consider the contribution of the subject technology towards the business value created as the royalty rate. We look at how models and related support information (technology life, corporate (business) financial information, discount rate, industrial technology factors, etc.) can be used and linked in a intelligent manner. Based on the classification of information such as International Patent Classification (IPC) or Korea Standard Industry Classification (KSIC) for technology to be evaluated, the STAR-Value system automatically returns meta data such as technology cycle time (TCT), sales growth rate and profitability data of similar company or industry sector, weighted average cost of capital (WACC), indices of industrial technology factors, etc., and apply adjustment factors to them, so that the result of technology value calculation has high reliability and objectivity. Furthermore, if the information on the potential market size of the target technology and the market share of the commercialization subject refers to data-driven information, or if the estimated value range of similar technologies by industry sector is provided from the evaluation cases which are already completed and accumulated in database, the STAR-Value is anticipated that it will enable to present highly accurate value range in real time by intelligently linking various support modules. Including the explanation of the various valuation models and relevant primary variables as presented in this paper, the STAR-Value system intends to utilize more systematically and in a data-driven way by supporting the optimal model selection guideline module, intelligent technology value range reasoning module, and similar company selection based market share prediction module, etc. In addition, the research on the development and intelligence of the web-based STAR-Value system is significant in that it widely spread the web-based system that can be used in the validation and application to practices of the theoretical feasibility of the technology valuation field, and it is expected that it could be utilized in various fields of technology commercialization.

• The Journal of the Convergence on Culture Technology
• /
• v.7 no.4
• /
• pp.705-710
• /
• 2021

Nowadays, cutting-edge information communication technology is the genuine core technology of the fourth Industrial Revolution and is still making great progress rapidly among various technology fields. The biggest issue in ICT fields is the machine learning based Artificial Intelligence applications using big data in cloud computing environment on the basis of wireless network, and also the technology fields of autonomous control applications such as Autonomous Car or Mobile Robot. Since value of the high-tech ICT technology depends on the surrounded environmental factors and is very flexible, the precise technology valuation method is urgently needed in order to get successful technology transfer, transaction and commercialization. In this research, we analyze the characteristics of the high-tech ICT technology and the main factors in technology transfer or commercialization process, and propose the precise technology valuation method that reflects the characteristics of the ICT technology through phased analysis of the existing technology valuationmodel.