• 기술혁신학회지
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• 제5권1호
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• pp.44-58
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• 2002

There have been many solutions to overcome theoretical problems of the Discounted Cash Flow Methods, especially on the valuation of technology. Real Options are thought as a solution. There, however, are another problems in applying Real Options for the valuation of technology; diversity and complexity of models. This Paper recommends 5 models for the valuation of technology, especially for practitioners.

• 한국철도학회:학술대회논문집
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• 한국철도학회 2004년도 춘계학술대회 논문집
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• pp.420-427
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• 2004

Increasing number of transactions and investments in technology has sparked a growing interest in technology valuation. However, it has not been easy to come up with an objective valuation of technology due to variance in technology value, purpose of valuation, and technology patterns. The central paradigm for making decisions about large technology investments is net present value. Unfortunately, it is badly flawed and systematically under values every investment opportunity. The main objective of this paper lies in the development of a new approach for technology valuation using the Real Option Valuation.

• 한국벤처창업학회:학술대회논문집
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• 한국벤처창업학회 2006년도 추계학술발표회
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• pp.61-85
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• 2006

The Purpose of this study is to prove empirically the relationship between ventures' technology valuation and performance, while considering the uniqueness of Korean firms. We use technology valuation index, marketability valuation index, business valuation index as ex-ante independent variables, use firm's performance(sales, asset, operating income ratio, net income ratio etc) as ex-post dependent variables. Parametric analysis such as Paired T-test, ANOVA are applied in this paper. The results of Empirical analysis is summarized as follows. Firstly, operating income ratio and net income ratio are different in portfolios classified by technology valuation index. Secondly, the growth rate of operating income is different in portfolios classified by technology valuation index. Finally, this study has shown that technology valuation index has possibility which it use the predictive variables of ventures' performances.

• 기술경영경제학회:학술대회논문집
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• 기술경영경제학회 2003년도 제22회 동계학술발표회 논문집
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• pp.191-199
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• 2003

It is critical to select an appropriate technology valuation method when the characteristics of a technology and valuation environment are variable. To ensure high quality decision making when selecting a technology valuation method, it is necessary to understand the principles of a good technology valuation method, and define and apply a decision making theory for selecting an optimal method. The authors propose that Axiomatic Design Principles can be applied as a decision making theory. In order to apply Axiomatic Design for this problem, this paper describes four domains(customer, functional, physical, and process domain) and four axioms(independence, information, cost, time axiom) for the decision making process for the optimal technology valuation method. The result of this study will contribute flexibility to the dynamic technology valuation process.

• 기술혁신학회지
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• 제4권2호
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• pp.182-197
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• 2001

The standards of valuation for technology and business are announced on December of 2000, by a Committee for the Standards of Valuation for Technology and Business led by the author. This is a first effort to set up a social standards of valuation in Korea. Hence, this paper will chase the background philosophy and structure of the standards, and its relationship with international and american standards. The standards of valuation is a product of social agreement, not a bundle of knowledge of professional experts.

• 산업공학
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• 제15권4호
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• pp.444-451
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• 2002

Recently, the interest in technology valuation is revived and increasing mainly due to the lack of suitability of the traditional valuation methods in explaining the market reaction to newly-emerging knowledge-oriented companies. Moreover, many firms are now gearing their efforts to the strategic use of technology asset such as technology licensing, transfer and commercialization. Firms are also trying to enhance their technological competitiveness by re-evaluating their technology level and thus identifying the strengths/weaknesses of their technology portfolio. To accomplish this objective, the development of an integrated evaluation system for technology assets is essential. This paper presents a technology valuation system developed for a steel manufacturing company in South Korea. The valuation framework is based on; (1) the multi-attribute evaluation of technological competitiveness using Analytic Hierarchical Process and; (2) the expected future benefit of the technology using four different methods of discounted cash flow estimation. The suggested framework will be easily applicable to various industries where technological competitiveness should be evaluated systematically.

• 경영정보학연구
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• 제5권1호
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• pp.129-146
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• 2003

기술 투자와 거래의 증가는 기술가치 평가에 대한 관심을 증대시키고 있으나 평가의 전문성과 기술가치의 다양성으로 인해 객관적인 기술 가치 평가가 용이하지 않은 문제점을 가지고 있다. 이 연구는 웹 기반의 대화형 기술가치 평가(WITV) 시스템을 개발하고 이 시스템을 이용한 기술가치의 평가 및 기술가치의 전략 분석에 그 목적을 두고 있다. WITV 시스템은 내적 기술가치(IVT)와 외적 기술가치(EVT)로 구성 된 기술가치 매력도(TVA) 모형을 이용하여 기술가치를 평가하고 해당 산업에서 기술의 가치를 제고하기 위한 전략을 분석하는데 이용되고 있다. 이 연구는 코스닥에 등록된 IT산업 의 중소 제조기업을 대상으로 TVA 모형과 WITV 시스템의 타당성과 적용가능성을 실험하였으며, 실험결과에 의해 그 효용성을 검증하였다.

• 지식경영연구
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• 제6권2호
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• pp.105-118
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• 2005

The future will see all industries become technology-driven in the competitive global market place. Firms with deep technological roots and innovation strategies have some advantages. Business valuation of technology is critical to the future of firm's business. In this situation widely used scoring valuation is not enough to evaluate relative business competitiveness associated with technology and to assign its relative ranking category. Therefore, a more useful and comprehensive new valuation approach, which is called business composite index, is needed to complement and to enhance the existing scoring valuation approach. In this research, statistical factor analysis is applied to determine the common factors and to estimate associated weights. And business composite index, which is a kind of weighted scoring method, is derived based on the results of factor analysis. This research shows that business composite index is considered very useful to measure the business relative strength of individual technology and also to assign its relative ranking category instead of absolute ranking based on scoring valuation approach.

• 디지털융복합연구
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• 제7권2호
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• pp.63-70
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• 2009

It is well known that in the knowledge-based economy a firm's intellectual property including patent is crucial for its competitive advantage. In industrial economy, tangible assets such as land and equipment have been of critical importance for a firm's competitiveness. However, as the paradigm shift to the knowledge-base economy is being accelerated, intangible assets such as intellectual property are considered to be more influential for a firm to be competitive. The valuation of intangible asset is as necessary as that of tangible asset. In particular, reasonably accurate valuation of patent which represents a firm's technological competitiveness seems to be of great importance since (1) it is essential for a firm's patent strategy development, (2) it can activate the technology market, and (3) it is necessary to evaluate a patent's technological contribution when multiple patents are used to develop and commercialize an innovative product. Unlike that of tangible asset, the valuation of intangible asset is very difficult. In order to figure out a value of patent it is necessary to use a number of appropriate valuation factors. In this paper, we surveyed various valuation factors presented by previous researches and several technology valuation organizations to find a set of common valuation factors considered to be of more importance.

• Asian Journal of Innovation and Policy
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• 제4권1호
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• pp.35-54
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• 2015

The purpose of this study is to compare the valuation of technology firms in the KOSPI and KOSDAQ. This study analyzed 224 market reports for KOSDAQ firms and 602 reports for KOSPI firms. We compare the two markets under 3 definitions on the accuracy of stock price forecasting. Findings are as follows: Although PER multiples is the most used method of valuation, KOSDAQ valuation more heavily relies on the method than KOSPI valuation. In stock market, the period of earnings forecasting is mostly 2-3 years. Multiples of KOSDAQ is generally higher than those of KOSPI. Even for technology firms, valuation in KOSPI mostly relies on earnings of the company, but that in KOSDAQ mostly relies on relative price. In stock price forecasting, generally overestimation prevails. Moreover, forecasting of KOSPI reports is more accurate than that of KOSDAQ reports. ROE and COE of KOSDAQ firms are generally higher than those of KOSPI firms.