Influencing an economic factor of IP valuation under uncertainty

서지정보

· 발행기관 : 한국채무자회생법학회
· 수록지 정보 : 회생법학 / 21호 / 283 ~ 315페이지
· 저자명 : 장병윤

초록

This research was done to find out the influence of the economic factor of IP valuation and where it comes from. In the analysis of the research, the study of investment decision under uncertainty is limited to a corporate strategy of entry and exit decisions under uncertainty for making decisions of the investment properly, whether it is tangible or intangible assets.
The investment decision under uncertainty was reviewed theoretically and emphasized that it must consider a sunk cost that cannot be recoverable whether it is a tangible or intangible asset. The research found that the investment under uncertainty gives a consideration of sunk cost when IP valuation is required, even though differing values stem from an appropriate approach where investment occurs under uncertainty. Traditional approaches - cost, market, and income approaches - for IP valuation methods were analyzed to value the IP based on each factors of the approaches, and it shows that an economic factor of the approaches is an important factor to value the IP. This analysis presents that a sunk cost exists in the economic factor and is a major element to analyze IP valuation economically because IP is an intangible asset.
The IP valuation is approached by various methods based on each technique of methodology for each item and industry even though each country has made their own rules or laws on the IP rights. In corporations, the IP valuation is affected to their investment decision for the intangible assets. This comes from their strategy and strategic decisions to maintain their competitiveness and growth economically under uncertainty.
Therefore, the reason why this research is important is to show that the sunk cost exists in the IP valuation under uncertainty. It offers that in the analysis of IP valuation, the impact of the sunk cost on an economic factor of the IP valuation must be considered in order to measure the value and the investment matters. It found that the economic factor is common to value the IP where investment occurred, to buy, develop, or acquire the IP rights under uncertainty by means of the decision makers’ decision even applications to each approaches of IP valuation methods are a little different. Because the investment exists under uncertainty, the economic factor is important in the process of IP valuation even though IP rights have to be protected at law.
IP, as the intangible asset, has a sunk cost, and the sunk cost impacts the economic factor of IP valuation when one of the approaches is applied to the value measurement of the IP. It means that the sunk cost influences the economic factor as analysis of the IP valuation. In this research, concerning the influence of the economic factor of IP valuation, findings are, that in addition to the legal protection of IP rights, the sunk cost impacts the economic factor of IP valuation, and it creates from the investment under uncertainty based on the decision makers’ decision. The legal rights and the sunk cost typically influence the economic factor of IP valuation for decision makers. Accordingly, the economic factor generally deserves primary consideration in the IP valuation, because the sunk cost exists when the investment under uncertainty is incurred at the initial stage of the investment decision.
In conclusion, where a method of the IP valuation is selected out by a decision maker, the influence to an economic factor is a sunk cost, which comes from the investment under uncertainty based on an investment decision of the decision maker, because it creates from the entry and exit strategy under uncertainty as invested. Thus, this research suggests that the valuation analysts or decision makers have to consider the sunk cost as influencing the economic factor of the approaches of IP valuation under uncertainty.

참고자료

· 없음