中小高科技公司无形资产抵押融资研究

发布时间：2018-04-17 13:58

本文选题：中小高科技公司 + 无形资产　；参考：《广东财经大学》2013年硕士论文

【摘要】：当今世界经济的发展进程中，高科技产业已经成为衡量国家综合国力的重要指标。而中小型高科技公司作为高科技产业的微观单元，不仅数量众多，成长迅速，机制灵活，也在吸纳社会就业，推动产业结构升级，提升经济综合竞争力等方面起着重要作用。我国高科技产业已有长足发展，但众多民营中小型高科技公司发展速度和规模都不尽人意。由于高科技企业属于资金密集型产业，，其发展需要大量资金作支持，缺乏有效融资渠道成为阻碍中小高科技公司发展的主要问题。本文针对中小高科技公司传统有型资产较少，无形资产所占公司资产比重较大这一特点，试图通过开展无形资产抵押融资，为中小高科技公司突破资金瓶颈探寻新路径。本文首先对在我国市场推行中小高科技公司无形资产抵押融资的可行性进行研究。分析现阶段我国中小高科技公司的资金需求以及现有融资渠道的状况，并对在国内推行无形资产抵押这一融资项目所具备的可行性条件进行剖析，归纳我国现阶段推行无形资产抵押融资的四个有力条件。然后，对构建适合我国中小高科技公司无形资产抵押的融资模式进行了探索。分析了美日韩等发达国家在无形资产抵押融资方面的成功案例，联系我国的试点经验和实际环境，对可借鉴之处进行了挖掘和吸收。在归纳国内外经验的基础上，归纳理论框架并提出一种创新型抵押融资模式。其次，本文引进博弈论方法，重点研究无形资产抵押融资中企业与银行之间的违约风险及相关因素。在完全信息的假设前提下，借贷双方，即中小高科技公司与银行之间，存在着各自的行为策略选择空间，并且对每一种行为策略所带来的收益和成本有预期，当双方都是“理性经济人”时，他们通过比较最终收益选择行为策略。本文通过博弈对可能影响双方参与人行为的因素做了充分挖掘，从而对防范融资风险提供支撑。最后，本文对我国开展中小高科技公司无形资产抵押融资项目的一些不足之处提出完善。此部分从法律风险和市场融资风险两部分为着手点，并分别提出可行的完善措施，以满足实践应用的需要。
[Abstract]:With the development of the world economy, high-tech industry has become an important index to measure the comprehensive national strength.As the micro unit of high-tech industry, small and medium-sized high-tech companies not only have a large number, rapid growth, flexible mechanism, but also play an important role in absorbing social employment, promoting the upgrading of industrial structure and promoting the comprehensive competitiveness of the economy.China's high-tech industry has developed rapidly, but the development speed and scale of many private small and medium-sized high-tech companies are unsatisfactory.Because high-tech enterprises belong to capital-intensive industries, their development needs a lot of funds to support their development, and the lack of effective financing channels has become the main problem that hinders the development of small and medium-sized high-tech companies.Aiming at the characteristics of small and medium-sized high-tech companies with less traditional assets and larger proportion of intangible assets, this paper attempts to explore a new way for small and medium-sized high-tech companies to break through the capital bottleneck by developing immaterial assets mortgage financing.Firstly, this paper studies the feasibility of immaterial assets mortgage financing of medium and small high-tech companies in our country.This paper analyzes the capital needs of small and medium-sized high-tech companies and the existing financing channels in China, and analyzes the feasible conditions for carrying out intangible assets mortgage as a financing project in China.Induces our country present stage to carry out the intangible asset mortgage financing four have the condition.Then, it explores the financing mode suitable for medium and small high-tech companies.This paper analyzes the successful cases of immaterial asset mortgage financing in the developed countries such as America, Japan and South Korea, and combines the pilot experience and actual environment of our country, and excavates and absorbs the reference points.Based on the experience at home and abroad, the theoretical framework is summarized and an innovative mortgage financing model is proposed.Secondly, this paper introduces game theory to study the default risk and related factors between enterprises and banks in immaterial asset mortgage financing.Under the assumption of complete information, there is a space between the two parties, that is, small and medium-sized high-tech companies and banks, to choose their own behavior strategies, and to expect the benefits and costs of each behavior strategy.When both parties are rational economic men, they choose behavior strategies by comparing final benefits.This paper fully excavates the factors that may affect the behavior of both participants through the game, so as to provide support for the prevention of financing risks.Finally, this paper puts forward some deficiencies of developing immaterial assets mortgage financing project of medium and small high-tech companies in our country.This part starts with legal risk and market financing risk, and puts forward some feasible measures to meet the needs of practical application.
【学位授予单位】：广东财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F273.4;F275;F276.44;F832.4

【参考文献】