DIN 77100-2011 Patent valuation - General principles for monetary patent valuation《专利估价 专利计价货币总则》.pdf

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1、May 2011DEUTSCHE NORM Normenausschuss Dienstleistungen (NADL) im DINDIN-SprachendienstEnglish price group 11No part of this translation may be reproduced without prior permission ofDIN Deutsches Institut fr Normung e. V., Berlin. Beuth Verlag GmbH, 10772 Berlin, Germany,has the exclusive right of sa

2、le for German Standards (DIN-Normen).ICS 03.140!$ud)“1826506www.din.deDDIN 77100Patent valuation General principles for monetary patent valuationEnglish translation of DIN 77100:2011-05Patentbewertung Grundstze der monetren PatentbewertungEnglische bersetzung von DIN 77100:2011-05valuation des breve

3、ts Principes gnraux pour lvaluation montaire des brevetsTraduction anglaise de DIN 77100:2011-05www.beuth.deDocument comprises 17 pages05.12 DIN 77100:2011-05 2 A comma is used as the decimal marker. Contents Page Foreword . 3 1 Scope . 3 2 Terms and definitions 3 3 Principles of the monetary valuat

4、ion of patents . 5 3.1 Valuation object 5 3.2 Valuation purpose. 5 3.3 Exploitation scenario . 5 3.4 Valuation date . 6 3.5 Valuation experts 6 3.6 Valuation report 6 4 Influencing factors 7 4.1 General . 7 4.2 Legal factors of influence 8 4.2.1 Legal status . 8 4.2.2 Protectability . 8 4.2.3 Covere

5、d products . 8 4.2.4 Scope of protection and possibility to circumvent the patent . 8 4.2.5 Ability to act, freedom-to-operate . 8 4.2.6 Enforceability 8 4.2.7 Right of disposal, ownership . 8 4.2.8 Relevant standards . 9 4.2.9 Approval restrictions 9 4.3 Technical factors of influence 9 4.3.1 Techn

6、ical feasibility 9 4.3.2 Production-related feasibility (scalability) . 9 4.3.3 Technology life cycle . 9 4.3.4 Technical field of application 9 4.3.5 Technical substitution 9 4.4 Economic factors of influence 9 4.4.1 Market potential of the invention 9 4.4.2 Availability of complementary goods . 9

7、4.4.3 Business model 9 4.4.4 Interdependencies 10 5 Risks and cash flows . 10 5.1 Consideration of risk 10 5.2 Cash flows . 10 5.2.1 General . 10 5.2.2 Positive cash flows . 10 5.2.3 Negative cash flows . 11 6 Valuation approaches and methods . 11 6.1 General considerations 11 6.2 The cash flow appr

8、oach and its methods 11 6.2.1 General . 11 6.2.2 Determination of the forecasting horizon with the help of the economic useful life of a patent . 12 6.2.3 Determination of the discount rate . 12 6.2.4 Determination of the patent value using the incremental cash flow method . 14 6.2.5 Determination o

9、f the patent value using the relief-from-royalty method 15 6.2.6 Consideration of taxes . 16 6.3 The market approach and its methods . 16 6.3.1 General . 16 6.3.2 Determination of the patent value using the market-oriented method . 16 6.4 The cost approach 16 DIN 77100:2011-05 3 Foreword DIN 77100:2

10、011-05 has been prepared by Working Committee NA 159-01-07 AA, Patentbewertung of the Normenausschuss Dienstleistungen (NADL) (Services Standards Committee). 1 Scope The standard specifies the principles, valuation approaches and influencing factors that are to be considered when carrying out moneta

11、ry valuations of patents. The different valuation approaches are prioritized according to the availability of relevant information. The objective of this standard is to establish a framework for the monetary valuation of patents. For the purposes of this standard, the term “patents” also includes si

12、milar industrial property rights such as utility models and patent applications. This standard is intended for valuation experts. Reports prepared according to this standard are comprehensible and verifiable for valuation experts, as well as understandable for the addressee. 2 Terms and definitions

13、For the purposes of this standard, the following terms and definitions apply. 2.1 addressee of the valuation person or organization for whom the valuation is carried out 2.2 valuation purpose motivation for the patent valuation which details why a patent valuation is carried out EXAMPLE Purchasing a

14、nd selling patents etc. 2.3 valuation object patent or patent portfolio whose future economic value is to be determined 2.4 valuation method specific instructions with regard to the application of a valuation approach for the determination of a patent value 2.5 valuation approach formal expression o

15、f an economic fundamental idea which is based on the comparability principle of valuations and which specifies the input and output variables used NOTE A differentiation is made between the cash flow-oriented approach, the market approach and the cost approach. 2.6 valuation date date which determin

16、es the level of information relevant for the valuation and to which the future economic benefit refers DIN 77100:2011-05 4 2.7 influencing factors legal, technical and economic factors which form the basis for the operationalization of the exploitation scenario for the valuation 2.8 complementary go

17、ods supplementary tangible or intangible factors necessary for the exploitation of a patent in the exploitation scenario 2.9 costs consumption of input factors expressed in monetary units NOTE Input factors include the means of production, material and labour time needed for the production or creati

18、on of a good, in particular the cost of the application and maintenance of the patent. 2.10 market price result of a transaction between a buyer and a seller on an active market expressed in monetary units 2.11 patents industrial property rights such as patents, utility models and their applications

19、 2.12 patent portfolio pooling of a set of patents on the basis of a common element of classification NOTE A common element of classification can be the patent holder, for example. 2.13 patent-specific cash flow financial surplus resulting from the cash flows accrued by the patent 2.14 exploitation

20、of the patent commercial exploitation of a patent through the blocking effect, as well as through licencing, sale or lending, for example 2.15 patent value expected future economic benefit from the exploitation of a patent relating to the valuation date 2.16 price result of a transaction between a b

21、uyer and a seller expressed in monetary units 2.17 valuation expert qualified person or group of persons engaged for the patent valuation 2.18 exploitation scenario concrete exploitation of the patent whose expected future financial benefit forms the basis for the valuation 2.19 cash flow set of all

22、 positive and negative payments made during a patents useful life DIN 77100:2011-05 5 3 Principles of the monetary valuation of patents 3.1 Valuation object One or more patents can be subject to patent valuation. Several related patents can form a patent portfolio. When valuing a patent portfolio, p

23、ossible synergy effects arising from the combined effect of the patents within a portfolio may need to be taken into account. The value of a patent portfolio often does not equal the sum of the respective single values of the patents which constitute the portfolio. 3.2 Valuation purpose The valuatio

24、n purpose determines the specific valuation object, the addressee of the valuation as well as the function of the valuation expert as a neutral valuer, mediator or advisor. 3.3 Exploitation scenario The monetary value of the patent shall be determined on the basis of an exploitation scenario. The ex

25、ploitation scenario describes the exploitation of the patent as the commercial implementation of the invention protected by the patent in the market. The exploitation of the patent can be realized through a single or joint economic exploitation of a patents functions such as: a) protection of presen

26、t and future revenues and, thereby, of a competitive advantage through the patent; b) protection of promising fields of technology at an early stage through the patent (reserve patent); c) constraint of competitors activities in distinct fields of technology through the patent (blocking patent); d)

27、cost reductions through the use of the solution protected by the patent in the manufacturing process; e) granting of rights of use for the patent (licencing, cross-licencing); f) consideration of the patent as an asset in company transactions (e.g. purchasing and selling entities, spin-offs) and com

28、pany cooperations (e.g. strategic alliances, joint ventures); g) prevention of risks of patent infringement and related costs. The exploitation scenario determines the complementary goods necessary for the implementation of the technical invention and for the exploitation of the patent. The economic

29、 benefit of the exploitation scenario leads to cash flows which can be positive or negative, i.e. avoided payments to third parties can also represent a cash flow that has to be considered. If the exploitation scenario assumes the exploitation of the patent by the respective or potential patent hold

30、er, the utility expectations and the availability of complementary goods of this specific patent holder are relevant for the valuation. The valuation result then equals a utility value. If the exploitation scenario assumes the exploitation of the patent through a transfer of the patent, the monetary

31、 value of the patent is determined as a transfer value in contrast to the utility value when taking into account the utility expectations and the availability of complementary goods of a typical patent holder. Due to the higher uncertainty when determining the transfer value, the basic assumptions m

32、ade for the derivation of the utility expectations and the availability of complementary goods of a typical patent holder shall be specifically documented. DIN 77100:2011-05 6 3.4 Valuation date The value of a patent shall relate to a defined valuation date. This valuation date determines the level

33、of information which is available or which is to be used for the valuation. Influencing factors and risks shall be assessed with regard to the level of information as of the valuation date. Exploitation scenarios relate to the expected future benefit from the valuation date. Under the cash flow-orie

34、nted approach, present values of cash flows shall be determined as of the valuation date. 3.5 Valuation experts The patent valuation should be carried out by a valuation expert. A valuation expert can be either an individual natural person or a group of persons. Besides carrying out the valuation, t

35、he main task of the valuation expert lies in the selection of an appropriate and suitable valuation method, taking into account the respective valuation purpose and the available level of information. The selection is to be justified. In general a valuation expert can perform various functions when

36、carrying out the valuation. On the one hand, the valuation expert can act as an advisor for a party and should thereby carry out the valuation taking into account the partys individual exploitation scenario. On the other hand, the valuation expert can act as a neutral expert who should carry out the

37、 valuation on the basis of an objective exploitation scenario which does not depend on the individual exploitation scenarios of the parties involved. A valuation expert is qualified by his specific expertise which exceeds the usual requirements and tasks of professional work. This expertise includes

38、 the knowledge of theoretical principles and practical experience of patent valuation. The theoretical principles of patent valuation are multi-disciplinary and comprise of at least the system of the commercial protection as well as the general legal framework, the market economic conditions and the

39、 scientific and technical issues of patents and their exploitation. The necessary practical experience of a valuation expert is reflected in the practical knowledge of dealing with and carrying out patent valuations in order to be able to respond to valuation issues and purposes in an appropriate wa

40、y. In detail, this includes the knowledge of valuation approaches and methods as well as experience in their practical application. In addition, the valuation expert should be able to identify the relevant legal, economic and technical influencing factors and to appropriately assess and consider the

41、m with regard to the underlying patent valuation. 3.6 Valuation report The patent valuation shall be documented in a valuation report. This valuation report representing a relevant communication tool shall detail for valuation experts how the valuation was carried out in a transparent and comprehens

42、ible way. The report should be formulated and structured in such a way that it is also comprehensible for non-knowledgeable third parties. A valuation report names the valuation expert and defines the valuation object, valuation purpose and valuation date as well as the function of the valuation exp

43、ert and the selected exploitation scenario. In addition, the report shall describe the determination of the value, the selected valuation approach and method as well as the influencing factors and their interaction. The quality of the underlying information as well as the assumptions, estimates and

44、conclusions shall be identified. DIN 77100:2011-05 7 4 Influencing factors 4.1 General Legal, technical and economic factors of influence shall be considered in the context of patent valuations. In particular, these influencing factors shall be taken into account under the cash flow-oriented valuati

45、on approach. The scheme for the analysis (see Figure 1) shows that legal and technical factors of influence primarily influence the blocking effect of the patent to be valued, whereas economic factors influence the achieved effect in the market and the appropriation of economic advantages through th

46、e patent. Figure 1 Effects of influencing factors on the determination of the patent value The main aspect of the patent valuation is the analysis of the blocking effect of the patent. Whether the exclusive right of the patent has a significant effect on third parties shall be examined. The results

47、of the analyses shall be quantified in an appropriate way and be included in the valuation. The differences between the legal, technical and economic factors of influence are not always clear. The legal, technical and economic factors of influence to be included depend on the respective exploitation

48、 scenario. Therefore, the following description of technical and economic factors of influence is a non-exhaustive list of typical factors of influence. In contrast, the following list of legal factors of influence is complete. DIN 77100:2011-05 8 4.2 Legal factors of influence 4.2.1 Legal status Assessment of the state of procedure, i.e. whether the patent is effective, granted etc. Assessment of the useful life of the patent Assessment of the geographic cover of the protection Assessment as to whether a complementary protection certificate