本文「由實質選擇權概念出發，輔以美式選擇權運做模式」，並以模擬的方式評價擁有智慧財產權保護的計劃價值，不同於以往評價智慧財產權的方式，其中考慮的因素包括計劃研發的期望完成成本，與研發投資完成時間的不確定性，對現金流量的實現時間以及其存續期間的影響，另對手亦進入市場並瓜分市場之不確定性因素，將使得經理人考量中途放棄投資或提前停止生產的可能，故能較準確的對擁有智慧財產權保護的計劃做評價。

This article presents a simulation approach for valuing a project with intellectual property rights based on the American option valuation method. It takes into account uncertainty in the cost-to-completion of R&D and uncertainty in the cash flows generated from this project. Besides, we should pay close attention to the rivals entering the market and sharing the cash flows as well as the managers could abandon the project in the investing period. It evaluates the project with intellectual property rights precisely.

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