Technology Trade and Valuation Model of Technology Factor Method

• 영문명: Technology Trade and Valuation Model of Technology Factor Method
• 발행기관: 한국무역연구원
• 저자명: 오준환(Joon-Hwan Oh) Hyun-Woo Park
• 간행물 정보: 『무역연구』제13권 제2호, 21~35쪽, 전체 15쪽
• 주제분류: 경제경영 > 무역학
• 파일형태: PDF
• 발행일자: 2017.04.30

영문 초록

This study analyzes the applicability of a technology valuation model from methodological and practical perspectives on international technology trade. To accommodate high uncertainties in cross-border technology trades, international valuation practitioners prefer using the income approach which is based on the discounted future cash flows from the subject technology valued. This study analyzes the technology factor method (TFM) and suggests an improved valuation model relevant to international technology trade by presenting valuation results of a hypothetical case. TFM’s estimation process starts with the assessment of the risks (uncertainties) related to the successful application and commercialization of the subject technology. After determining an entity’s overall business value created by the subject technology, TFM multiplies this value by the technology’s contributory factor. In domestic technology transactions, TFM estimates the contributory proportion of technological asset to be from 1/4 to 1/3. In international technology trades, however, this study suggests that TFM take into consideration additional factors such as trade utility and trade tendency when estimating the contribution factor. This study’s case analysis confirms that the suggested method mitigates the traditional TFM’s prerequisites on efficiency, completeness, and comparability of international technology trading markets. The suggested TFM is expected to shed new light on international technology valuation, by promoting international technology trades.

목차

Ⅰ. Introduction

Ⅱ. Previous Research and Model Developments on TFM

Ⅲ. Developing a Technology Valuation Model for International Trade

Ⅳ. Application of TFM for International Technology Trades

Ⅴ. Conclusion and Future Research

키워드

Technology Factor Method Trade Tendency Technology Trade Trade Utility Technology Valuation