graduate student from 01.01.2022 until now
UDC 330.322
UDC 330.341.1
The article develops a conceptual and methodological framework for valuing high-technology companies in mergers and acquisitions by integrating patent and R&D indicators into real options models. It demonstrates how observable measures of patent portfolios and research intensity correspond to key option parameters—volatility, probability of project success, option life, and the arrival rate of new technological opportunities. The proposed framework explains a substantial share of acquisition premiums through innovation potential and technological uncertainty, thereby improving valuation transparency and reducing the risk of overpayment.
real options, high-technology firms, patent indicators, R&D intensity, M&A premiums, valuation, technological uncertainty, innovation potential
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