DEVELOPMENT OF THE COMBINED APPROACH TO THE VALUATION OF INTELLECTUAL PROPERTY OBJECTS

The object of this research is a combined approach to the valuation of intellectual property. The paper compares the traditional approaches to valuation: profitable, market and cost, and identified the shortcomings of each. During the work the methods of analysis and synthesis of scientific literature were used to highlight the disadvantages and advantages of traditional approaches, statistical and comparative methods for estimating the value of patents in one industry. Mathematical modeling was also used to develop the formula of the combined approach. Researchers raised the issue of determining the pricing factors that are taken into account when determining the calculation parameters and dependent coefficients of adjustment of the value of intellectual property. Researchers presented methodological recommendations for calculating the integrated coefficient of influence of qualitative and quan­ titative factors, taking into account the type of object and the features of standardized approaches to evaluation. As a result of the analysis of approaches the improvement of the combined approach for definition of cost of object of intellectual property is offered. The development takes into account the purpose of the assessment and the availability of complete, reliable and objective information, as well as the affiliation of the intellectual property to a particular industry and the impact of technological development of this industry. On the basis of the proposed coefficients of adjustment of the value of intellectual property objects, the value of industrial property according to the patent of Ukraine UA85101 and some inventions of the power engineering industry of enterprises of Kharkiv region (Ukraine) was calculated. The best result for the patent owner of JSC «Ukrainian Energy Machines» are the calculations obtained on the basis of the combined approach, taking into account the traditional profit approach and the integrated coefficient. According to the studied model, the value of industrial property UA85101 is 26930 USD. These calculations assume the best economic effect of using the rights to this patent in the company, or obtaining income from the sale of a license for this patent using a lump sum or royalty. The practical applicability of the study allows industrial enterprises to assess the possibility of improving the efficiency of intellectual property management, which provides maximum benefit from the commercialization of innovations.


Introduction
Like any property, intellectual property (IP) has value. In the absence of an efficient technology market with a large number of buyers and sellers and free access to information, determining the market value of a technology is a difficult task. According to the law of value, operating in a market economy, the value of goods is determined by the amount of socially necessary labor spent on their production and sale. This can be applied to traditional tangible goods and this means that their market value is determined by the average cost of production borne on aver age by different producers of similar goods in the industry. There are traditional approaches to estimating the value of intangible assets based on costs incurred, projected future profits or comparison of objects analogous to the occupied market segment [1,2]. There is a growing interest in in vesting in innovative technologies in the world. The ability not only to create a new product, but also to properly protect it in accordance with current legislation, evaluate, without loss, and apply with maximum profitability -the main issues of business leaders.
Japanese researchers have shown that the accumulation of highquality patents can help new firms avoid bank ruptcy in commodity markets, although the acquisition and protection of IP rights is expensive, especially for small firms, due to high fixed costs [3]. To date, any financial system related to IP does not actually conduct an ob jective and reliable assessment of IP to raise funds by providing technical advantages and patent rights [4]. It is proposed to generalize the methods of assessment of IP objects and to expand them by adapting to world UDC 347.77 JEL Classification: O34 DOI: 10

DEVELOPMENT OF THE COMBINED APPROACH TO THE VALUATION OF INTELLECTUAL PROPERTY OBJECTS
The object of this research is a combined approach to the valuation of intellectual property. The paper compares the traditional approaches to valuation: profitable, market and cost, and identified the shortcomings of each. During the work the methods of analysis and synthesis of scientific literature were used to highlight the disadvantages and advantages of traditional approaches, statistical and comparative methods for estimating the value of patents in one industry. Mathematical modeling was also used to develop the formula of the combined approach. Researchers raised the issue of determining the pricing factors that are taken into account when determining the calculation parameters and dependent coefficients of adjustment of the value of intellectual property. Researchers presented methodological recommendations for calculating the integrated coefficient of influence of qualitative and quan titative factors, taking into account the type of object and the features of standardized approaches to evaluation.
As a result of the analysis of approaches the improvement of the combined approach for definition of cost of object of intellectual property is offered. The development takes into account the purpose of the assessment and the availability of complete, reliable and objective information, as well as the affiliation of the intellectual property to a particular industry and the impact of technological development of this industry. On the basis of the proposed coefficients of adjustment of the value of intellectual property objects, the value of industrial property according to the patent of Ukraine UA85101 and some inventions of the power engineering industry of enterprises of Kharkiv region (Ukraine) was calculated. The best result for the patent owner of JSC «Ukrainian Energy Machines» are the calculations obtained on the basis of the combined approach, taking into account the traditional profit approach and the integrated coefficient. According to the studied model, the value of industrial property UA85101 is 26930 USD. These calculations assume the best economic effect of using the rights to this patent in the company, or obtaining income from the sale of a license for this patent using a lump sum or royalty. The practical applicability of the study allows industrial enterprises to assess the possibility of improving the efficiency of intellectual property management, which provides maximum benefit from the commercialization of innovations.
Keywords: industrial property, valuation of intellectual property, combined approach to valuation. Nataliia Svishchova TECHNOLOGY AUDIT AND PRODUCTION RESERVES -№ 1/4(63), 2022 ISSN 2664-9969 standards from the standpoint of their varieties, taking into account the processes of their creation, implementa tion, writeoff and commercialization [5]. Therefore, the chosen topic is relevant in the global space of IP rights assessment.
The object of this research is a combined approach to the valuation of objects of intellectual property rights (IPR). And the aim of research is to develop a combined approach to IPR assessment, adjusted for the integrated coefficient of influence of qualitative and quantitative factors on the cost of IPR, taking into account the type of IPR and the features of standardized approaches to evaluation.

Research methodology
Methods of analysis and synthesis of scientific lite rature, statistical and comparative methods, as well as mathematical modeling were used during the work. Thus, it is established that the protective results of intellectual activity are individual in nature, are created by specific individuals and can not be measured by the amount spent on their creation of socially necessary labor [6]. The results of intellectual activity can be inventions, utility models, industrial designs, computer programs, databases, literary, musical and artistic works, etc. An individual talented in ventor in a short time and at relatively low cost can make a scientific discovery or invention that has a pioneering, breakthrough character. Conversely, a large creative team can work for a long time to create an innovation that has a narrow scope. It is obvious that determining the value of these developments by the amount of costs incurred for their creation will not reflect their significance and will not be perceived by the market.
Thus, the cost approach does not correspond to the very nature of intellectual property as a special commodity and can not be used as a basis for determining the market value of its objects.
Another basis must be chosen to determine the market value of intellectual property. The chosen model should correspond to the diversity of IPR in different areas of activity, taking into account the life cycle, the degree of their use, novelty and determine their commercial and practical significance in relation to each other. It seems that such an objective criterion for allocating the market value of intellectual property should be the economic ef fect (income, profit), which the user of this property expects to receive over a period of time [7][8][9]. The market value of intellectual property for its various objects cannot be the same and calculated in advance. It will have a dif ferent meaning each time, taking into account the rights granted to the buyer to use it [10]. For different purposes and conditions of use of intellectual property in business, it is recommended to use a combined approach, which takes into account all three approaches to the valuation of property. The basis should be considered a profitable approach that corresponds to the nature and specificity of intellectual property as a special product of the market.
Set out in Table 1 comparative analysis allows to iden tify the advantages and disadvantages of each approach to evaluation for further formation and improvement of the combined approach.
Often available information on economic characteristics and conditions of sale is often unavailable or incomplete, so the application of a market approach can only outline the range in which the market value of the appraised ob ject is likely to be [12][13][14]. Comparing the results of the evaluation carried out with the use of the cost approach, with the results obtained with the use of market and profit approaches can be a kind of indicator of the market. Yes, if the value of the appraised object in the cost approach is higher than that calculated in the other two approaches, it will mean that competition in the market is low and prices may increase in the near future. If on the contrary -it is possible to expect increased competition and lower prices. ISSN 2664-9969 The use of the income approach in IPR estimates is associated with certain limitations, as it is difficult to make additional income due to lack of information on the use of IPR in licensed enterprises and during the calculation period [15,16]. The buyer of the license often hides or creates such information in order to reduce the price of IPR during the coefficient n of the seller's commercial offer [17]. For this reason, the price of IPR calculated on the basis of a profitable approach may be uncompeti tive compared to the real market price of a similar IPR.
The application of the income approach is associated with the need to have detailed data on the conditions of creation and coefficient n of a new facility based on IPR in the fu ture (income, expenses, profit) for a long period. The required figures for calculations can be obtained only in the presence of a business plan, investment project or its feasibility study.

Research results and discussion
The proposed approaches to the economic evaluation of intellectual property do not fully cover the possibilities of evaluation. In addition, there is a need to take into account the rapid growth of technologies and the reduc tion of their useful life, and in general, the life cycle of intellectual property. There is a need to use an improved evaluation tool -a combined approach.
Ukrainian scholars provide the following wording: «The combined approach to determining the value of different IPs and intangible assets (ITA) integrates three main ap proaches (cost, income and market), each of which uses a unified set of valuation principles. Given the variety of specific characteristics of scientific and technical activities, areas and conditions of their use in practice, it is advisable to calculate the cost of IPR according to several methods based on the integrate coefficient n generalization of commercial attractiveness of IPR and their implementation» [18,19].
The model of the combined approach to valuation deter mines the detail of calculations for other approaches, adjusted for the integrated coefficient, which is formed specifically for a particular IPR, taking into account the life cycle and type of IPR, security, implementation stage, etc. Mathematical approach can be mastered by the following formula: where B IPR comb -the cost of IPR in an integrated approach; B IPR j -the value of IPR, obtained by income, cost or mar ket approach; K egr i int -integrated coefficient of influence of qualitative and quantitative factors on the value of the assessed IPR.
As noted, the calculation of the value of IPR, patent or license for a specific scientific and technical develop ment is to determine the amount of expected profit from its use based on the analysis of certain pricing factors, i. e. adjusting for selected coefficients. The procedure for calculating the integrated coefficient takes into account the division by type of IPR and the uniqueness of the initial approach to the evaluation of IPR, so for two specific IPR the number of selected coefficients can be quite different.
Accounting for pricing factors is carried out when de termining the quantitative values of the parameters that are proposed to be included in the calculation formulas for the cost of IPR. Table 2 provides a list of calculation para meters and shows the pricing factors that should be taken into account when determining them for different IPRs.
The system of correction factors for adjusting the value of IPR to clarify the value obtained by calculating the cost, income and market approach is presented in Table 3.
Methodical recommendations for calculating the inte grated coefficient of influence of qualitative and quantita tive factors on the cost of IPR, taking into account the type of IPR and the features of standardized approaches to evaluation are summarized in Table 4. The table shows a system of 15 coefficients, which are improved in accor dance with the objectives of this study. Different numbers of the coefficients are used for the invention, utility model and industrial design, as well as for the cost, income and market approach to IPR valuation. Table 2 Pricing factors taken into account when determining the calculation parameters and dependent coefficients of IPR value adjustment Note: supplemented by the author on the basis [18,19] ISSN 2664-9969 Table 3 System of correction factors for adjusting the cost of IPR

Coefficient
The name of the coefficient The range of possible values based on the method of expert assessments or calculation methods where K 1 -the coefficient of the innovation index; М Р -the place of the country where the IPR assessment is conducted, in the ranking of countries according to the Innovation Index in the year t; C t -the total number of countries in the ranking in the year t K 2 Coefficient of technical and economic significance 0 4 1 5 2 . .
Coefficient of prior art 1 13 .
Coefficient of production readiness where K 8 -coefficient of production readiness; Т i -the working time of IPR or equipment manufactured using IPR; Т m -time spent on maintenance; Т r -time spent on repair work 10 Coefficient of complexity and adaptability of artistic and design solutions to industrial production 0 1 10 ≤ < K K 11 Coefficient of novelty and uniqueness of IPR 0 5 1 4 11 . . ≤ ≤ K K 12 Coefficient of reliability of the provided legal protection 0 6 1 2 12 . . ≤ ≤ K K 13 Coefficient of originality and aesthetic perception of the industrial design 0 25 08 13 . .
where K 15 -market demand coefficient; N -the number of IPR used, pcs.; V -volume of innovative products, USD  Table 4 Methodical recommendations for calculating the integrated coefficient for adjusting the cost of IPR, determined by different approaches Cost approach Note: supplemented by the author based on the study [18] ISSN 2664-9969 The method of IPR assessment based on a combined approach, which takes into account the peculiarities of innovative products as industrial property and the ap plication of traditional approaches to valuation can be illustrated by the example of the invention «Vertical Hy draulic Machine», pa tentee JSC «Ukrainian Power Ma chines» (Kharkiv, Ukraine).
The general model of variance estimation of IPR ac cording to the combined approach, which is based on the cost approach and in the peculiarities of the specific type of IPR, can be represented by the following formula: where B IPR c -estimated cost of IPR under the combined approach based on the cost approach; K b int -integrated coef ficient, which is calculated in the cost approach and takes into account the quantitative and qualitative characteristics of the value of a particular type of IPR; B t -annual total costs of IPR in the year t of the calculation period.
Valuation of industrial property «Vertical Hydraulic Machine» (patent for invention UA85101) cost method is presented in Table 5.
Determining the commercial value of IPR using a com parative approach requires a developed market for the sale of innovative products, the availability of institutions that collect information on such agreements and is complicated by the need to compare products with unique characteristics. Therefore, the traditional model of determining the value of an intellectual product within a comparative approach by adjusting the value of similar objects should be supplemented by an integrated factor that takes into account competi tiveness factors, IPR life cycle and overall investment risk.
The proposed model for calculating the value of IPR taking into account the comparative analysis and corrected for the integral coefficient will look like: where B IPR r -estimated cost of IPR on the combined approach based on the market (comparative) approach; K r int -integrated coefficient, which is calculated in the market (compara tive) approach and takes into account the quantitative and qualitative characteristics of the value of a particular type of IPR; B a -the value of the comparable analogue object at the valuation date.
A patent search was conducted to determine the analogous object for the IPR under assessment. The most suit able for comparison object of similar purpose and comparative utility may be the invention «Hydraulic Machine», the patent owner of the International Technological University «Mykolaiv Po lytechnic» (Mykolaiv, Ukraine), a pa tent for a utility model UA126790. When estimating the cost of the in vention «Vertical Hydraulic Machine» by the comparative method, let's build the Table 6.
The profitable approach has a very developed network of methods related to determining the commercial value of scientific and technical develop ments. Adjustment to the integral coef ficient turns the general model into the formula: where B IPR P -estimated cost of IPR un der the combined approach on the basis of the income approach; K P int -inte grated coefficient, which is calculated in the profit approach and takes into account the quantitative and qualitative characteristics of the value of a par ticular type of IPR; GI -annual net gross income in the base year, USD; r t -discount rate per year t; n -forecast term, years; t -settlement period from 1 to n or from 0 to (n-1), years.
The calculation of the cost of «Ver tical Hydraulic Machine» (patent of Ukraine UA85101) by the income me thod is presented in Table 7.
Valuation of IPR taking into account the integrated coefficient for adjusting the comparative (market) approach, thousand dollars -17.45 Note: compiled by the author on the basis of [20] and calculated according to its own developments According to the data in Tables 5-7, the cost charac teristics of the object of industrial property «Vertical Hy draulic Machine» (patent for invention UA85101) have the following meanings: -the cost of IPR, determined using the cost approach adjusted for the integrated coefficient is 20,040 USD; -the value of IPR, determined using the market (com parative) approach, adjusted for the integrated coefficient is 17,450 USD; -the value of IPR, determined using a profitable approach adjusted for the integrated coefficient is 26,930 USD.
Analysis of the calculation results shows that the best result for the patent owner of JSC «Ukrainian Energy Machines» are the calculations obtained on the basis of a combined approach given the traditional profit approach and the inte grated coefficient. This ensures the best results from the use of the rights to this patent in your company, or the proceeds from the sale of a license for this patent using a lump sum or royalty. However, if there is a need for another form of commercialization of this IPR (for example, full sale of rights to it in case of exhaustion of opportunities for independent use of this patent) there is a need to clarify the results.
The method of valuation of intellectual property on the basis of an integrated coefficient, taking into account the main characteristics of scientific and technical products, allows to adjust the results of calculating the value of innovations obtained by traditional valuation methods, selected depending on certain objectives.
Similar calculations according to the example of the patent UA85101 were performed for some IPRs in the field of energy engineering of enterprises of Kharkiv re gion (Ukraine), which are collected in Table 8. To ensure competitiveness in today's market, business leaders need to focus on effective investment, and the most appropriate tool in this case is the highest valu ation of IPR. Innovative products, the contribution of new technologies and IPR to real production facilities require careful coefficient n. Limitations for the applica tion of this study may be the lack of information on the market for new products, the difficulty of comparing the international and national segments of the industry and the specifics of each IPR.
Further improvement of the proposed method is possible by developing a valuation model not of a single patent, but of a patent portfolio. Most often, intellectual property rights are not transferred separately, but in combination with other rights or services. Taken together, this provides a monopoly on the production of a new product or the use of new technology.

Conclusions
Intellectual property must be managed as carefully and carefully as tangible assets. This assessment suggests the need to improve the efficiency of intellectual property mana gement, which provides maximum benefit from the com mercialization of innovations, and reduce the impact or avoid the negative consequences of incompetent intellectual property. The adjusted value of the estimated IPRs, taking into account the specifics of a particular type of intellectual property and the original source of the valuation method used, requires further verification for reliability and accuracy. The final step is to establish a single IPR price, which will be recommended to the patent owner for inclusion in the company's statutory fund or to search for potential licensees.