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A simulated approach to valuing knowledge capital.

机译：一种评估知识资本的模拟方法。

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摘要

Valuing knowledge capital as represented by intangible assets remains one of the most difficult issues to solve. At the heart of the issue is that intangible assets cannot be valued until they are sold. Yet, without knowing the value of the assets, it is difficult to price them for sale. Compounding the issue is the fact that every organization places a different value on knowledge capital. What is important to one organization may not be important to another, thus making it difficult to develop a universal valuation model. One method to address this issue is to simulate a knowledge assets marketplace and allow buyers and sellers to value knowledge assets within a fictional trading market.;The purpose of this research was to develop a simulation model to gather information about the value of knowledge assets. The Knowledge Asset Valuation game was developed as the simulation model. Real option pricing was selected as the financial model to value the knowledge assets. Real option pricing provides the ability to account for the flexibility inherent in every business decision including the option to delay, abandon, or grow an investment. In contrast to traditional capital budgeting techniques, real option models allow businesses to model financial decisions in a manner more closely tied to how they actually conduct business. The Knowledge Asset Valuation game (KAV) allowed players to learn to buy and sell call options on knowledge assets including human, structural, and customer assets. The price of the call option that the players set is said to be the real option value of the knowledge assets. The value determined by the players was then compared to the true value provided by the trinomial option pricing model.;While the findings from this study were inconclusive, it showed evidence of being an excellent tool for addressing the complexities of valuing knowledge capital. First, the research proved that the trinomial valuation model is an appropriate model for valuing knowledge capital. Second, the research supports the notion that the valuation of knowledge assets using real options is an intricate concept requiring advanced training in the subject. Lastly, the research showed that that the valuation of knowledge assets in a real world environment is subject to economically irrational behavior.
机译：以无形资产为代表的知识资本价值仍然是最难解决的问题之一。问题的核心是无形资产在出售前无法估价。然而，在不知道资产价值的情况下，很难对它们进行定价。每个组织对知识资本的重视程度不同，这使问题更加复杂。对一个组织来说重要的事情可能对另一个组织不重要，因此很难建立通用的估值模型。解决此问题的一种方法是模拟知识资产市场，并允许买卖双方在虚构的交易市场中对知识资产进行估值。本研究的目的是建立一个模拟模型来收集有关知识资产价值的信息。开发了知识资产评估游戏作为仿真模型。选择实物期权定价作为评估知识资产的财务模型。实物期权定价提供了考虑每个业务决策所固有的灵活性的能力，包括延迟，放弃或增加投资的选择。与传统的资本预算技术相反，实物期权模型允许企业以与实际业务运作更紧密相关的方式对财务决策进行建模。知识资产评估游戏（KAV）允许玩家学习买卖知识资产（包括人力，结构和客户资产）的看涨期权。玩家设定的看涨期权的价格被称为知识资产的实物期权价值。然后，将参与者确定的价值与三项式期权定价模型提供的真实价值进行比较。尽管本研究的结果尚无定论，但它显示出是解决知识资本估值复杂性的极佳工具。首先，研究证明三项式估值模型是评估知识资本的合适模型。其次，研究支持以下观点：使用实物期权对知识资产进行估值是一个复杂的概念，需要对该主题进行高级培训。最后，研究表明，在现实世界环境中，知识资产的价值受到经济上非理性行为的影响。

著录项

  • 作者

    Levy, Felicia.;

  • 作者单位

    The George Washington University.;

  • 授予单位 The George Washington University.;
  • 学科 Economics Finance.;Engineering System Science.
  • 学位 Ph.D.
  • 年度 2009
  • 页码 189 p.
  • 总页数 189
  • 原文格式 PDF
  • 正文语种 eng
  • 中图分类 财政、金融;系统科学;
  • 关键词

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