创新科技2026，Vol.26Issue(2)：79-92,14.DOI:10.19345/j.cxkj.1671-0037.2026.2.6
技术并购情境下专利价值评估研究
Research on Patent Valuation in the Context of Technology Merg-ers and Acquisitions
摘要
Abstract
In the current landscape of intensified technological competition,technology-driven mergers and acquisitions(M&A)have emerged as a key strategy for firms to acquire core technologies and enhance innovation.Accurately assessing the synergistic value of target patents post-merger is crucial for improving innovation output,preventing asset loss,and avoiding good-will impairment.Traditional patent valuation methods are insufficient in quantifying the synergis-tic premium from M&A integration and often overlook contextual drivers specific to post-merger scenarios.This study addresses this gap by focusing on the post-merger technology integration phase,aiming to construct an effective framework for quantifying the integrated value of patents during this process. Guided by the value chain theory,we first identify core patents from the target's portfolio that are highly related to the acquirer's technology chain.A novel two-dimensional evaluation system is then developed,integrating"fundamental patent attributes"and"technology M&A at-tributes".This system incorporates contextual indicators—technical compatibility,complementa-rity,and similarity—to systematically capture a patent's synergistic potential in the integration process.To handle the complex,nonlinear relationships among these indicators and limited sample data,Grey Relational Analysis(GRA)is applied to determine initial weights,which are further optimized using a Backpropagation(BP)neural network,resulting in a robust assessment model. The model is validated through a case study of Midea Group's acquisition of Wuxi Little Swan.Applying the model to 316 screened patents,the assessed overall technological value of Little Swan's portfolio is 803 million CNY.Compared to the actual transaction price of 807 mil-lion CNY,the error rate is only 0.49%,well within the common industry tolerance threshold of 5%.This result confirms the model's accuracy in quantifying post-merger patent integration value and underscores the importance of technology fusion indicators. Subsequently,this research contributes to theory by introducing a post-merger integration perspective and a contextualized evaluation system,addressing the gap in synergistic value quan-tification.Methodologically,the successful integration of GRA for initial weighting with BP neu-ral networks for non-linear offers a new tool for valuation under conditions of nonlinearity and small samples.Practically,the study delivers a structured,operable tool for managers and ana-lysts.It aids in post-merger intellectual property audit,integration planning,synergy realization tracking,and informed resource allocation,thereby ultimately enhancing the success rate and in-novation yield of technology-centric M&A activities.关键词
技术并购/专利价值评估/BP神经网络/灰色关联分析/并购后整合/协同价值评估/价值链理论/机器学习Key words
technology mergers and acquisitions/patent value assessment/BP neural net-work/Grey Relational Analysis/post-merger integration/synergistic value assessment/value chain theory/machine learning分类
管理科学引用本文复制引用
孙笑明,巩佳佳,蔡晶,李娜..技术并购情境下专利价值评估研究[J].创新科技,2026,26(2):79-92,14.基金项目
国家自然科学基金面上项目"双重网络动态演化对关键研发者突破性技术创新的影响机制"(72072140) （72072140）
陕西省秦创原"科学家+工程师"队伍建设项目"专利大数据智能推荐平台研究与应用"(2023KXJ-148) （2023KXJ-148）
陕西省重点产业创新链(群)—工业领域项目"基于专利大数据分析的供应链韧性评估与决策系统研制"(2024GX-ZDCYL-01-12). （群）
