@article{ART003367459},
author={Kang Heung-Sik and Yeon Juhan and Lim Byungkwon and Kim Chun-Kyu},
title={Foundational Propositions for Technology Valuation: An Axiomatic Approach to the Present Reference Date and Commercialization Success},
journal={Industry Promotion Research},
issn={2466-1139},
year={2026},
volume={11},
number={3},
pages={119-135},
doi={10.21186/IPR.2026.11.3.119}
TY - JOUR
AU - Kang Heung-Sik
AU - Yeon Juhan
AU - Lim Byungkwon
AU - Kim Chun-Kyu
TI - Foundational Propositions for Technology Valuation: An Axiomatic Approach to the Present Reference Date and Commercialization Success
JO - Industry Promotion Research
PY - 2026
VL - 11
IS - 3
PB - Industrial Promotion Institute
SP - 119
EP - 135
SN - 2466-1139
AB - This study starts from the observation that, although various valuation models—such as NPV, rNPV, real options, and scenario-based approaches—have been developed in the field of technology valuation, foundational propositions for judging the coherence of these models have not been explicitly established. To address this issue, this study axiomatically formalizes two foundational propositions of technology valuation: (i) the Present Valuation Reference Date Proposition of Time-Premise, (ii) the Commercialization Success Assumption Proposition. These propositions are then applied to NPV, rNPV, and the modified rNPV(mrNPV) model to examine the proposition-based coherence of each model. The analysis shows that NPV can be used as a valuation model that satisfies both propositions, although it has limitations in representing stage-wise risk structures. The rNPV model is useful for decision-making and project evaluation because it incorporates stage-wise probabilities of success; however, when it is applied to the valuation of a technology asset itself, it may conflict with the Commercialization Success Assumption Proposition. In contrast, the recently proposed mrNPV model can be interpreted, within the proposition-based framework of this study, as a coherent model that satisfies both propositions while reflecting stage-wise risk structures. This study does not propose a new valuation model. Rather, it contributes by formalizing the implicit assumptions underlying technology valuation as foundational propositions of the academic field and by clarifying the applicable scope and interpretive boundaries of technology valuation models.
KW - Technology Valuation;Foundational Propositions;Time Premise;Valuation date;Sequence Premise; Commercialization Success Assumption;NPV;rNPV;mrNPV
DO - 10.21186/IPR.2026.11.3.119
ER -
Kang Heung-Sik, Yeon Juhan, Lim Byungkwon and Kim Chun-Kyu. (2026). Foundational Propositions for Technology Valuation: An Axiomatic Approach to the Present Reference Date and Commercialization Success. Industry Promotion Research, 11(3), 119-135.
Kang Heung-Sik, Yeon Juhan, Lim Byungkwon and Kim Chun-Kyu. 2026, "Foundational Propositions for Technology Valuation: An Axiomatic Approach to the Present Reference Date and Commercialization Success", Industry Promotion Research, vol.11, no.3 pp.119-135. Available from: doi:10.21186/IPR.2026.11.3.119
Kang Heung-Sik, Yeon Juhan, Lim Byungkwon, Kim Chun-Kyu "Foundational Propositions for Technology Valuation: An Axiomatic Approach to the Present Reference Date and Commercialization Success" Industry Promotion Research 11.3 pp.119-135 (2026) : 119.
Kang Heung-Sik, Yeon Juhan, Lim Byungkwon, Kim Chun-Kyu. Foundational Propositions for Technology Valuation: An Axiomatic Approach to the Present Reference Date and Commercialization Success. 2026; 11(3), 119-135. Available from: doi:10.21186/IPR.2026.11.3.119
Kang Heung-Sik, Yeon Juhan, Lim Byungkwon and Kim Chun-Kyu. "Foundational Propositions for Technology Valuation: An Axiomatic Approach to the Present Reference Date and Commercialization Success" Industry Promotion Research 11, no.3 (2026) : 119-135.doi: 10.21186/IPR.2026.11.3.119
Kang Heung-Sik; Yeon Juhan; Lim Byungkwon; Kim Chun-Kyu. Foundational Propositions for Technology Valuation: An Axiomatic Approach to the Present Reference Date and Commercialization Success. Industry Promotion Research, 11(3), 119-135. doi: 10.21186/IPR.2026.11.3.119
Kang Heung-Sik; Yeon Juhan; Lim Byungkwon; Kim Chun-Kyu. Foundational Propositions for Technology Valuation: An Axiomatic Approach to the Present Reference Date and Commercialization Success. Industry Promotion Research. 2026; 11(3) 119-135. doi: 10.21186/IPR.2026.11.3.119
Kang Heung-Sik, Yeon Juhan, Lim Byungkwon, Kim Chun-Kyu. Foundational Propositions for Technology Valuation: An Axiomatic Approach to the Present Reference Date and Commercialization Success. 2026; 11(3), 119-135. Available from: doi:10.21186/IPR.2026.11.3.119
Kang Heung-Sik, Yeon Juhan, Lim Byungkwon and Kim Chun-Kyu. "Foundational Propositions for Technology Valuation: An Axiomatic Approach to the Present Reference Date and Commercialization Success" Industry Promotion Research 11, no.3 (2026) : 119-135.doi: 10.21186/IPR.2026.11.3.119
