基于多期二叉树模型的“纳米靶向硼中子俘获治疗系统”作价投资评估

Investment Evaluation of the"Nano-targeted Boron Neutron Capture Therapy System"based on the Multi-period Binary Tree Model

YN集团与YT有限责任公司拟合作投资成立新公司,委托XL评估公司对YT有限责任公司拥有的纳米靶向硼中子俘获治疗系统包含的专利和专有技术进行评估。考虑到新型医药治疗系统的研发需要经过多个阶段,研发的每一个节点都可以视为一个期权,多阶段性和非连续性使得新型医药研发系统具备多期复合期权的属性。因此,结合委托评估资产的特点,在本案例中采用基于生命周期的收益法和多期二叉树实物期权法对委托的专利及专有技术进行评估。案例中方法的运用在实务中具有普遍性和典型性,对评估实务具有重要的示范意义。

YN Group and YT Co.,Ltd.plan to jointly invest in the establishment of a new company,and entrust XL Appraisal Company to evaluate the patents and know-how contained in the nano-targeted boron neutron capture therapy system owned by YT Co.,Ltd.Considering that the research and development of a new pharmaceutical treatment system needs to go through multiple stages,each node of the research and development can be regarded as an option,and the multi-stage and non-continuous nature makes the new pharmaceutical research and development system have the attributes of multi-period compound options.Therefore,in this case,the life-cycle-based income method and the multi-period binary tree real option method are used to evaluate the entrusted patents and know-how based on the characteristics of the entrusted valuation assets.The application of the methods in the case is universal and typical in practice,and has important exemplary significance for evaluation practice.