• Proceedings of the Korean Operations and Management Science Society Conference
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• 2003.05a
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• pp.605-608
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• 2003

In order to satisfy the high need for technology valuation, various technology valuation methods have been developed. However the need to develop a new technology valuation method considering the technology characteristics, technology valuation objective, and technology valuation environments has been increasing. So far the technology valuation mehtods have been developed based on technology valuation experts' domain knowledge without applying systematic design methodology. In this paper the process that applies Axiomatic Design principles as a design methodology to the technology valuation methodology design is described. The design consists of technology valuation process design and technology valuation content design. The Axiomatic Design approach introduced in this paper can be used as a systematic technology valuation design tool considering various technology characteristics and technology valuation objectives and also as an evaluation tool of traditional technology methods.

• Proceedings of the Technology Innovation Conference
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• 2001.06a
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• pp.175-194
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• 2001

Recently, with the advent of knowledge-based economy and techno-economic paradigm social demands for technology valuation have increased. In nature, however, technology valuation is an intractable task since technology is characterized by intangible and tacit factors and is traded in a suppliers market. Consequently, it is quite common that each individual or organization has ie own valuation method or criterion. The main objective of this research is to propose a new technology valuation method which is easy to understand and apply. In addition, the method is designed to generate monetary value, rather than score or rank, of technology. To this end. we have proposed the overall framework and detailed procedure of a new valuation method. In doing that, we have emphasized the following factors. First, the new method. vis-a-vis existing methods, is applicable to high-tech areas, rather than traditional manufacturing sectors. Second. the proposed method analyzes the structural relationship between market value(value of market) and technology value(value of technology) and integrates them into valuation process. Third, the new method takes idiosyncratic characteristics of various industrial(technical) sectors into account.

• Proceedings of the Technology Innovation Conference
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• 2003.02a
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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.

• Asian Journal of Innovation and Policy
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• v.6 no.2
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• pp.206-224
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• 2017

This article proposes a logic model for assessing the performance of the outcome of public research as a technology valuation method. It consists of two parts and eight steps. The first part is a scoring system and the second part is a validation process of the performance index derived from scoring by valuation method. The scoring in the first part generally requires a focus group method to find out the value drivers and make an evaluation table. The reason why we call it the technology valuation method is that the first part is derived from the simple evaluation of technology value using checklists for value drive. The second part is the regular technology valuation process. The model is designed for the measurement of unquantifiable outcome. Is knowledge or scientific outcome comparable to the measured outcome? If possible, how big is the unquantifiable outcome? This model is based on financial valuation techniques with clear or acceptable market data. Therefore, it cannot work solely for unquantifiable outcomes without comparable measurable outcomes, unlike economic valuation.

• Asian Journal of Innovation and Policy
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• v.4 no.1
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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.

• Journal of Korean Institute of Industrial Engineers
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• v.40 no.2
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• pp.195-204
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• 2014

The transition from fossil to renewable energy is inevitable due to fossil depletion. So, Renewable energy is very important for energy security and economic growth although it's R&D is long-term and high risky project. We propose new valuation method which combined system dynamics and compound real option method for long-term and high risk projects such as renewable energy. This method can show dynamic valuation results for the complex causal interaction and be easy for Monte-Carlo simulation to estimate volatility. And it can reflect the value of flexible decision for uncertainty. We applied the empirical analysis for Korea's photovoltaic industry by using this method. As results by empirical analysis, photovoltaic's R&D has high valuation using this method compared by traditional valuation methods such as DCF.

• Proceedings of the Korea Technology Innovation Society Conference
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• 2001.11a
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• pp.201-222
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• 2001

This study proposes a technology valuation model applicable for technology transfer or transaction, based on the review of theoretical models and practical applications. The model analyzes individual technologies that can be transacted as economic goods in terms of intellectual properties as subjects of transaction. The valuation of technology for transfer or transaction needs to be performed in view of demand side rather than supply side. This study suggests a successive approximation method in order to evaluate value of technologies quantitatively

• The Journal of the Convergence on Culture Technology
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• v.4 no.1
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• pp.95-100
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• 2018

With the rapid growth of the up-to-date ICT technology and ICT based convergence technologies recently, the efforts of the technical transfer and commercialization are realized actively. However, valuation methods of these technologies are mainly based on the existing valuation method of enterprise and business value review, not for the technology itself. Therefore, there are obvious limits for the accurate valuation of the up-to-date technology in ICT fields. In this study, we analyze the valuation result of the case study, in which the existing valuation method of the enterprise and business value review is applied to the rapid growth up-tp-date ICT technology. Then, we explore the problems of this valuation method considering the inherent characteristics of the ICT technology and suggest the feasible solution.

• Journal of Information Management
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• v.32 no.2
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• pp.54-71
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• 2001

This paper analyzes the role of technology valuation in licensing, a commonly used type of transaction of technology, and reviews methods to analyze information on technology valuation for technology licensing. It contemplates the concepts, types and practical application of cost-based valuation, market-based valuation, discounted cash flow, and economic analysis. It shows that each method considers how to share profits associated with technology between licensor and licensee in a fair and reasonable manner when we apply any method to technology licensing.

• Knowledge Management Research
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• v.6 no.2
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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.