社会的进步和时代的发展，价值也越来越高。
对专利权进行合理而科学的评价，已成为我们必须解决的问题。传统方法由于忽略了资产在不确定环境下的灵活性，导致对其价值的低估。而实物期权作为一种新型的价值评估方法，充分考虑了管理者在不确定面前所具有的经营柔性和管理灵活性，这使得利用期权为专利权评估研究有其客观必要性。文章在理解实物期权及传统专利权评估方法的基础上，先是对专利权中的实物期权特性进行分析，认为专利权符合期权标的资产的性质。在这之后，把期权的B-S模型应用于专利权的价值评估中，并由此建立了专利权的实物期权定价模型及其参数确定方法。最后是对实物期权方法的应用，并就一个案例进行了检验分析，还对使用实物期权前后的专利权价值进行了对比，在实际应用的基础上，得出文章的结论。
关键词：专利权；实物期权；价值评估 ；期权定价
Abstract
Patent right has been assuming greater functions and values in an era of rapid development of society. In view of this, it is imperative that we have reasonable and scientific evaluation of patent right. Traditional methods can depreciate the actual value of patent right because of neglecting of the flexibility under uncertainties. As a new method of value evaluation, real options method takes full consideration of operation adaptability and management flexibility, which enables real options method a necessary way of patent right evaluation. Based on the understanding of real options and traditional patent right evaluation method, the characteristics of real options are analyzed, which fits into the characteristic of option object asset. The B-S model is used in the evaluation of patent right and real option pricing model and identification of its parameters is formed accordingly. The last part is about the application of real options. One case is analyzed and compared between the value of the patent right with or without the application of real option method. Thus, the conclusions are followed.
Keywords：patient；real option；patent right；value evaluation
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