Determinants and Influential Factors in Technology Valuation in Korea



Park, Hyun-Woo;Shin, Woo-Taek

  • 투고 : 2010.06.15
  • 심사 : 2010.07.20
  • 발행 : 2010.09.28


This study empirically analyzes the characteristics of the various attributes of technology that influence the economic values of technologies, based on the cases of technology valuation carried out in Korea. To do so, we collect the cases of technology valuation carried out by major technology valuation institutions in Korea and extract from these data the information about various characteristics of the subject technologies of valuation and the primary factors applied to the technology valuation. Based on such extracted information, we examine the overall trends of technology valuation in Korea and analyze how the main factors of technology valuation vary with the attributes of technology.


technology valuation;discounted cash flow;determinants of technology value;intrinsic attributes;application attributes


  1. Guellec, Dominique and van Pottelsberghe de la Potterie, Bruno, "Application, Grants and the Value of Patent," Economics Letters 69, 2000, pp.109-114.
  2. Hirschey, M. and Richardson, V. J., "Valuation Effects of Patent Quality: A Comparison for Japanese and U.S. Firms," Pacific-Basin Finance Journal 9, 2001, pp.65-82.
  3. Hunt, F. H., Probert, D. R., Wong, J. C., and Phaal, R., "Valuation of technology: exploring a practical hybrid model," PICMET 2003, Portland USA, 20-24 July 2003.
  4. Kossovsky, N., "Fair Value of Intellectual Property: An Option-based Valuation of Nearly 8,000 Intellectual Property Assets," Journal of Intellectual Capital, 3(1), 2002, pp.62-70.
  5. Li, Yan-Ru and Chen, Y. G., "Managing Technology: The Technology Valuation Approach," PICMET 2006 Proceedings, Istanbul, Turkey, 9-13 July 2006.
  6. Rafeiner, O., "IP Assets for Growth: Policy and Practical Issues for Identification and Management," Asia Pacific Regional Forum on the Role of Intellectual Property Offices for Economic and Technological Development, WIPO/IPO/MNL/ 02/3(b), Manila, 3-5 December 2002.
  7. Razgaitis, R., Valuation and Pricing of Technology-Based Intellectual Property, John Wiley & Sons, 2003.
  8. Reilly, Robert F. and Garland, Palmela J., "The Valuation of Data Processing Intangible Assets," Valuation of Intangible Assets in Global Operations, F. J. Contractor, ed., Westport, Connecticut: Quorum Books, 2001, pp.205-232.
  9. Reitzig, Markus, "What Determines Patent Value?: Insights from the Semiconductor Industry," Research Policy 32, 2003, pp.13-26.
  10. United Nations Industrial Development Organization, Technology Payments Evaluation: Summary Results of a Pilot Exercise, Caracas (October 17-20), Vienna: UNIDO, 1983.
  11. Van Triest, S. and Vis, W., "Valuing patents on costreducing technology: A case study," International Journal of Production Economics, 105, 2007, pp.282-292.