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知识产权价值评估指引 | 欧盟项目

大岭先生 大岭IP

↑ 置顶或标星大岭IP”,每早7点分享

每天学一点,一年大不同

这是大岭为您分享IP英文的第127天(后附Google翻译,仅供参考):

知识产权价值评估是一个伪命题吗?当然不是,只是个命题确实比较难。

知识产权价值评估是知识产权管理、转让、许可、维权、谈判等知识产权日常管理的重要内容,同时,也是企业并购、贷款、融资、上市等企业经营管理的重要组成部分。

无论企业处于何种阶段,采用何种评估方法,都非常有必要学习今天的文章,了解目前世界上主流的知识产权价值评估工具和方法,从而为实际工作提供参考。

由欧盟设立的一个帮助中小企业进行知识产权管理的项目EUROPEAN IPR HELPDESK对知识产权价值评估给出了一个简单指引,并介绍了各个国家的专利局推出的一些免费评估工具,和常见的评估方法。

今日金句 汉译英:

事实上,了解您创造和发展的知识产权的经济价值和重要性有助于对资产进行战略决策,同时也有助于知识产权的商业化和交易。


(本句译文见下述原文,或者回复数字“127”查看,欢迎读者留言翻译)




原文如下:


Intellectual Property Valuation


Introduction

Intellectual property assets such as patents, trade marks or copyrights are increasingly the core of many organisations and transactions. Licensing and assignments of intellectual property rights have become common in the market, and the use of these types of asset as loan security has grown. This new reality has given rise to the growing importance of valuation of intangibles. Trading an asset requires knowing its value. Several methodologies are commonly used in the market to value these assets. In this fact sheet, the different methodologies will be explained and examples of scenarios of possible use of these methodologies are given. Different tools have been created by public organisations to assist companies performing valuations. These free tools will also be presented in this document to help you save time and money.


1 Why you should care about valuation of intellectual property 

Valuation of intellectual property rights is part of the good management of intellectual property within an organisation. Indeed, knowing the economic value and importance of the intellectual property rights you create and develop assists in the strategic decisions to be taken on the assets, but also facilitates the commercialisation and transactions concerning intellectual property rights. 

There are many business situations where valuation is required : 

a) Valuation of a company for the purposes of a merger, acquisition, joint venture or bankruptcy.

Companies are increasingly based on intangible assets and investment in knowledge. Indeed, according to studies, expenditures on knowledge, through investments in R&D or software, have grown at a higher rate than expenditures in tangibles. This change in investments has consequently been reflected by a heavy importance of intangible assets in companies. Therefore, to know the value of companies it is essential to know the value of their intellectual property. 

b) Negotiations to sell or license intellectual property rights.

As in other business transactions, organisations negotiating agreements to sell or licence intellectual property rights commonly have to agree on a price. Knowing the value of the intellectual property right is essential to reach such an agreement, but also to make sure the parties are engaging in a good deal.

c) Support in situations of conflict, such as court proceedings or alternative dispute resolution mechanisms (such as arbitration).

In scenarios of conflict, quantification of damages is often a necessary step of the process. The correct valuation of the intellectual property right at stake is therefore essential to guarantee a fair recovery of the damages. 

d) Fund raising through bank loans or venture capital. 

Valuation of the intellectual property to be used as security for bank loans or to attract venture capital and investors is essential. Indeed, several studies reveal that, in particular, owning patents and a proper IP management play a crucial role in the decision of venture capitalists .

e) Assisting internal decision making. 

Valuation also plays a role on decisions concerning the patenting strategies and country selection for registration of intellectual property rights, or can assist organisations to identify weaknesses such as ownership uncertainties that have an impact in the value of the intellectual property rights and on decisions for the exploitation of such assets. 

f) For accounting and taxation purposes. 

Organisations are required to report on their assets, including their intangible assets. Valuation is therefore a necessary step, as well as in situations of tax planning involving intellectual property. Defining the objectives and context of the valuation is essential, since it determines the strategy as well as the type of valuation method(s) that should be used. This is therefore the first step to take when performing a valuation.


2 Who should be involved in the valuation

 Valuation of intellectual property can be performed in-house or outsourced to a professional entity. If performing it in-house, organisations must be aware that this should be a team effort, involving several staff members with legal, technical, financial, marketing and strategic expertise. 

Tip: if engaging with the services of an external entity to perform the valuation of your intellectual property, do not forget to have confidentiality obligations in place to protect your business information.

To assist in particular SMEs performing basic valuation in-house, several national intellectual property offices in the European Union and other public organisations have created free tools, such as the following:

  • IPscore

IPscore is a unique evaluation tool of the European Patent Office (EPO) developed to provide a comprehensive evaluation of patents and technological development projects. It is a simple, user-friendly tool that can be used by all companies that have a portfolio of patents and development projects.

It provides: 

• a basis for identifying the conditions that create value for the patent or development project. A strong evaluation profile, with tried and tested assessment factors and new reports, provides a comprehensive evaluation of the various conditions determining the value of a patent or development project. 

• a basis for assessment and valuation of the patent or development project. A quantitative financial module works out a financial forecast and thereby determines the financial order of magnitude in the overall qualitative evaluation.

  • IP Tradeportal 

The Danish Patent and Trademark Office has developed a portal with the purpose of helping businesses to better exploit their knowledge by trading their intellectual property rights. On the portal page you can find a set of tools for trading rights, including on valuation . 

  • IP Panorama

IP PANORAMA was developed jointly by the Korean Intellectual Property Office (KIPO), the Korea Invention Promotion Association (KIPA), and the World Intellectual Property Organization (WIPO). It consists of a set of e-learning modules, one of them dedicated to valuation of intellectual property assets. 

  • IP Healthcheck 

As part of the IP Healthcheck series, the UK Intellectual Property Office has published a booklet on Agreeing a price for intellectual property rights to help companies on the valuation of their intellectual property assets in the context of business transactions .


3 How is valuation performed? 

Different approaches of intellectual property valuation are used by organisations. 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 (such as the legal strength of the patent) and uses of the intellectual property. 

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

1. cost-based method; 

2. market-based method; 

3. income-based method; and 

4. option-based method.


3.1 Quantitative approach 

3.1.1 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. Different techniques are used to measure costs: i. Reproduction cost method: Estimations are performed by gathering all costs associated with the purchase or development of a replica of the intellectual property under valuation. ii. Replacement cost method: Estimations are performed on the basis of the costs that would be spent to obtain an equivalent IP asset with similar use or function.

In both methods we take today’s price into account, i.e. the expenditures as of the valuation date and not the historical costs when these actually happened . Costs of two sorts should be included: 

a) Direct expenditures, such as costs with materials, labour and management; and 

b) Opportunity costs, relating to the lost profits due to delays in market entrance or investment opportunities lost with the aim of developing the asset . 


3.1.2 Market-based method 

The market-based valuation method relies on the estimation of value based on similar market transactions (e.g. similar licence agreements) of comparable intellectual property 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: 

a) company annual reports;

 b) specialised online databases such as: 

  • Royalty Source – Intellectual Property Valuation and Licensing: www.royaltysource.com; 

  • Recap: www.recap.com;

  • PharmaVentures: www.pharmaventures.com; 

  • Royaltystat: www.royaltystat.com; 

  • Knowledge Express: www.knowledgeexpress.com;

  • Intellectual Property Research Associates: www.ipresearch.com; 

  • ktMINE: www.ktmine.com; etc. 

c) in publications dedicated to licensing and royalties such as the Licensing Economics Review; 

d) in court decisions concerning damages. 


3.1.3 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 present value of the intellectual property.

There are different methods of calculation of the future cash flows, such as: 

  1. 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. 

  2. 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.


3.1.4 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. 


3.2 Qualitative approach 

This method, also commonly referred as evaluation, does not rely on analytical data. In fact, the valuation in this method is performed through the analysis of different indicators with the purpose of rating the intellectual property right, i.e. of determining its importance. 

The indicators cover all the aspects that can impact the value of an intellectual property asset, covering legal aspects, the technology level of the innovation, market details and company organisation. Commonly, the method is implemented through a questionnaire comprising all these different criteria. Examples of questions included in such questionnaires can be: 

  •  How would you define the intellectual property innovation compared to the actual state of the art?

  •  Which level of its life cycle has the intellectual property right (e.g. patent) reached?

  •  What is the geographic coverage of the reference market?

4 Selecting the right method 

Selecting the valuation method to use in a given situation is complex. Several factors should be considered in the procedure, such as the type of intellectual property at stake, the level of development of the technology as well as the purpose of the valuation. The advantages and disadvantages of each methodology should also be weighted. There is no specific rule on this matter. However, there are some situations where certain methods are more likely to be used, even though in theory all methods may be applied. 

In the table below you can see examples of scenarios where methods are more likely to be used.


Useful Resources 

For further information on the topic please also see: 

  • Valuing your intellectual property, published by the UK Intellectual Property Office: https://www.gov.uk/valuing-your-intellectual-property 

  • IP Valuation at Research Institutes; an essential tool for technology transfer, published by the Hungarian Intellectual Property Office:http://www.sztnh.gov.hu/hirek/kapcsolodo/IP_Valuation_for_Technolo gy_Transfer_EN_web.pdf

  • The use of IP valuation in IP transactions: a global survey of IP brokers, European IPR Helpdesk Bulletin n.4:www.iprhelpdesk.eu/bulletin_issue_4




Google翻译:


知识产权评估



简介

专利,商标或版权等知识产权资产越来越多地成为许多组织和交易的核心。知识产权的许可和转让在市场上已经很普遍,并且这些类型的资产作为贷款担保的使用已经增加。这一新的现实使得无形资产估值的重要性日益增加。交易资产需要了解其价值。市场上通常使用几种方法来评估这些资产。在本情况说明书中,将解释不同的方法,并给出可能使用这些方法的情景示例。公共组织已经创建了不同的工具来帮助公司进行估值。这些免费工具也将在本文档中介绍,以帮助您节省时间和金钱。


1 为什么你应该关心知识产权的估值

知识产权评估是组织内知识产权良好管理的一部分。事实上,了解您创造和发展的知识产权的经济价值和重要性有助于对资产进行战略决策,同时也有助于知识产权的商业化和交易。

有许多需要估价的业务情况:

a)为合并,收购,合资或破产而对公司进行估值。

公司越来越多地以无形资产和知识投资为基础。实际上,根据研究,通过对研发或软件的投资,知识支出的增长率高于有形资产支出。因此,投资的这种变化反映在公司无形资产的重要性上。因此,要了解公司的价值,了解其知识产权的价值至关重要。

b)出售或许可知识产权的谈判。

 与其他商业交易一样,谈判出售或许可知识产权的协议的组织通常必须就价格达成一致。了解知识产权的价值对于达成此类协议至关重要,同时也要确保各方参与其中。

c)在冲突情况下提供支持,例如法庭诉讼或替代性争议解决机制(如仲裁)。

在冲突情景中,损害赔偿的量化通常是该过程的必要步骤。因此,正确评估所涉及的知识产权对于保证公平收回损害赔偿至关重要。

d)通过银行贷款或风险资本筹集资金。

对用作银行贷款担保或吸引风险资本和投资者的知识产权进行估值至关重要。实际上,一些研究表明,特别是拥有专利和适当的知识产权管理在风险资本家的决策中起着至关重要的作用。

e)协助内部决策。

估值还可以在有关知识产权注册的专利战略和国家选择的决策中发挥作用,或者可以帮助组织识别诸如对知识产权价值和对剥削决策产生影响的所有权不确定性等弱点。这些资产。

f)用于会计和税收目的。

组织必须报告其资产,包括其无形资产。因此,估值是必要的步骤,也是涉及知识产权的税收筹划的必要步骤。确定估值的目标和背景至关重要,因为它决定了战略以及应该使用的估值方法的类型。因此,这是执行评估时的第一步。


2 谁应该参与估值

 知识产权评估可以在内部进行,也可以外包给专业实体。如果在公司内部执行,组织必须意识到这应该是一项团队工作,涉及多名具有法律,技术,财务,营销和战略专业知识的员工。

提示:如果与外部实体的服务合作以执行您的知识产权评估,请不要忘记保密义务以保护您的商业信息。

为了帮助特别是中小企业在内部进行基本评估,欧盟的几个国家知识产权局和其他公共组织创建了免费工具,例如:

IPscore

IPscore是欧洲专利局(EPO)的独特评估工具,旨在对专利和技术开发项目进行全面评估。它是一个简单,用户友好的工具,可供所有拥有专利和开发项目组合的公司使用。

它提供:

•确定为专利或开发项目创造价值的条件的基础。强大的评估概况,经过充分测试的评估因素和新报告,可以全面评估确定专利或开发项目价值的各种条件。

•评估和评估专利或开发项目的基础。定量财务模块计算财务预测,从而确定整体定性评估中的财务数量级。

IP Tradeportal 

丹麦专利商标局开发了一个门户网站,旨在通过交易知识产权帮助企业更好地利用其知识。在门户页面上,您可以找到一组交易权利工具,包括估值。

IP PANORAMA

IP PANORAMA由韩国知识产权局(KIPO),韩国发明促进协会(KIPA)和世界知识产权组织(WIPO)共同开发。它由一组电子学习模块组成,其中一个模块专门用于评估知识产权资产。

IP Healthcheck

作为IP Healthcheck系列的一部分,英国知识产权局出版了一本关于同意知识产权价格的小册子,以帮助公司在商业交易中评估其知识产权资产。



3 如何进行估值?

组织使用不同的知识产权评估方法。通常,这些方法分为两类:定量评估和定性评估。

虽然定量方法依赖于数值和可衡量的数据,目的是计算知识产权的经济价值,但定性方法的重点是分析特征(如专利的法律实力)和知识产权的使用。

定量方法使用了几种方法,但通常可以将它们分为四种方法:

1.基于成本的方法

2.基于市场的方法;

3.基于收入的方法;和

4.基于期权的方法。



3.1 定量方法

3.1.1 基于成本的方法

该方法基于以下原则:知识产权发展所花费的成本与其经济价值之间存在直接关系。使用不同的技术来衡量成本:

i. 复制成本法:通过收集与购买或开发估值知识产权复制品相关的所有成本来进行估算。 

II. 替换成本法:估算是根据获得具有类似用途或功能的等效知识产权资产所花费的成本进行的。

在这两种方法中,我们都考虑了今天的价格,即估值日期的支出,而不是实际发生时的历史成本。应包括两种成本:

a)直接支出,如材料,劳动力和管理成本;和

b)机会成本,涉及因进入市场而导致的利润损失或为开发资产而损失的投资机会。


3.1.2 基于市场的方法

基于市场的估值方法依赖于基于可比知识产权的类似市场交易(例如类似许可协议)的价值估计。鉴于估值资产通常是独一无二的,因此在效用,技术特性和财产方面进行比较,同时考虑市场对资产的看法。

可通过以下来源获取有关可比较或类似交易的数据:

a)公司年度报告;

 b)专门的在线数据库,例如:

  • Royalty Source – Intellectual Property Valuation and Licensing: www.royaltysource.com; 

  • Recap: www.recap.com;

  • PharmaVentures: www.pharmaventures.com; 

  • Royaltystat: www.royaltystat.com; 

  • Knowledge Express: www.knowledgeexpress.com;

  • Intellectual Property Research Associates: www.ipresearch.com; 

  • ktMINE: www.ktmine.com; 等等

c)致力于许可和特许权使用费的出版物,如许可经济评论;

d)在法庭上有关损害赔偿的决定。


3.1.3 基于收入的方法

该方法基于以下原则:资产的价值是其产生的(预期)收入流的内在价值。在估算收入后,结果以适当的折扣因子打折,目的是根据当前情况进行调整,从而确定知识产权的现值。

有不同的计算未来现金流量的方法,例如:

  1. 贴现现金流量法:该方法旨在估计未来现金流量,这些现金流量通过应用适当的贴现因子进行预测和折现。估算现金流量的主要信息来源通常是利用或打算利用资产的公司的业务计划。

  2. 从特许权使用费减免方法:在此方法中,资产的价值被视为公司因资产所有权而被解除的特许权使用费的价值。因此,必须确定适当的特许权使用费率,以允许估计未来的特许权使用费收入流。贴现率用于确定资产的现值。


3.1.4 基于期权的方法

与其他方法不同,期权方法考虑了与投资相关的选择和机会。它依靠期权定价模型(例如Black-Scholes)来获得股票期权,以实现对特定知识产权资产的估值。


3.2 定性方法

该方法通常也称为评估,不依赖于分析数据。事实上,这种方法的估值是通过分析不同的指标来进行的,目的是评估知识产权,即确定其重要性。

这些指标涵盖了可能影响知识产权资产价值的所有方面,包括法律方面,创新的技术水平,市场细节和公司组织。通常,该方法通过包含所有这些不同标准的问卷来实施。此类问卷中包含的问题示例可以是:

  •  与现实技术水平相比,您如何定义知识产权创新?

  •  其生命周期的哪个级别拥有知识产权(例如专利)?

  •  参考市场的地理覆盖范围是多少?


4 选择正确的方法

选择在给定情况下使用的评估方法很复杂。在程序中应考虑若干因素,例如所涉知识产权的类型,技术的发展水平以及评估的目的。还应对每种方法的优缺点进行加权。关于这个问题没有具体的规则。然而,在某些情况下,某些方法更可能被使用,即使理论上可以应用所有方法。

在下表中,您可以看到更有可能使用方法的方案示例。



有用的资源

有关该主题的更多信息,请参阅:

  • Valuing your intellectual property, published by the UK Intellectual Property Office: https://www.gov.uk/valuing-your-intellectual-property 

  • IP Valuation at Research Institutes; an essential tool for technology transfer, published by the Hungarian Intellectual Property Office:http://www.sztnh.gov.hu/hirek/kapcsolodo/IP_Valuation_for_Technolo gy_Transfer_EN_web.pdf

  • The use of IP valuation in IP transactions: a global survey of IP brokers, European IPR Helpdesk Bulletin n.4:www.iprhelpdesk.eu/bulletin_issue_4


Source:https://www.iprhelpdesk.eu/Fact-Sheet-IP-Valuation

Each article is copyrighted to their original authors. The news is for informational purposes only and does not provide legal advice.


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