专利质押贷款模型及实证研究

发布时间：2018-04-10 00:23

本文选题：专利质押贷款　切入点：中小企业融资　出处：《华中科技大学》2012年博士论文

【摘要】：随着知识经济的发展,科技型中小企业已成为我国技术创新的主要载体和经济增长的重要推动力,但其发展中面临融资难的问题,引起社会的广泛关注。专利质押贷款就为该问题提供了一个全新的解决途径。然而专利质押贷款在我国发展比较缓慢,其独特优势和潜力没有得到充分发挥,整体尚处于初期探索阶段。为推动我国专利质押贷款快速发展,社会各界都在进行积极的探索,国务院及相关部委也出台了一系列政策和措施来大力支持和推进专利质押贷款,从而给金融学领域提出了一个新兴的研究课题。然而,无论是理论方面还是实证方面,专利质押贷款都缺少系统性的研究与分析。基于此背景,本文致力于构建起一个专利质押贷款模型,力图从专利的本质特性、不对称信息、政府干预政策及贷款模式创新等多个角度,挖掘专利质押贷款发展缓慢的深层次原因,并提出相应解决方案。这些研究对促进我国专利质押融资的发展,有效缓解中小企业融资难的现状,推动社会经济健康稳定地发展,具有重要的理论和实践意义。本文分析我国专利质押贷款的发展现状,在实物期权理论框架下,构建了多不确定因素的专利质押贷款的基础模型,发现专利质押贷款合同具有贷款规模小、利率高及期限短的特点,并识别出影响专利质押贷款均衡的关键因素,专利价值的不确定性是专利质押贷款可行性的决定因素,法律风险会增加专利融资成本,提高市场流动性能够显著促进专利质押贷款的开展。在不对称信息下,以贷款额与利率相组合作为甄别工具,设计贷款合同,能够成功区分不同风险类型的企业,为信贷配给问题提供解决途径。运用专利质押贷款模型,探讨现行风险补偿政策：贷款贴息和本金补偿措施的有效性,挖掘收效甚微的深层原因并提出相应改进方案。本文进一步探讨了专利质押贷款的模式创新的可行性和有效性,发现分期还款模式不适合在专利质押贷款中应用,可提前转让专利还款模式对企业和银行双方有利,企业联盟模式具有优胜劣汰的效果,值得大力推广。本文在理论研究的同时,从实证分析角度探讨了我国专利质押贷款的运作机理,检验所构建理论模型及结论的可行性及合理性。实证研究发现专利固有属性是决定专利质押价值的关键因素,企业属性对质押贷款额度有显著影响；专利质押能够减少中小企业贷款中的信息不对称,提高银行授信额度,缓解信贷配给问题。
[Abstract]:With the development of knowledge economy, science and technology SMEs have become the main carrier of technological innovation and an important driving force of economic growth in China.Patent pledge loan provides a new way to solve this problem.However, the development of patent pledge loan in China is relatively slow, its unique advantages and potentials have not been fully developed, and the whole is still in the initial stage of exploration.In order to promote the rapid development of patent pledge loans in China, all walks of life are actively exploring. The State Council and relevant ministries and commissions have also issued a series of policies and measures to vigorously support and promote patent pledge loans.Thus, it puts forward a new research topic for the field of finance.However, both theoretical and empirical aspects, patent pledge loans are lack of systematic research and analysis.Based on this background, this paper is devoted to constructing a patent pledge loan model, which tries to build a patent pledge loan model from the perspectives of patent nature, asymmetric information, government intervention policy and loan model innovation.Explore the deep reasons for the slow development of patent pledge loan, and put forward the corresponding solution.These studies have important theoretical and practical significance for promoting the development of patent pledge financing in China, effectively alleviating the current situation of financing difficulties of small and medium-sized enterprises, and promoting the healthy and stable development of social economy.This paper analyzes the development situation of patent pledge loan in China, constructs the basic model of patent mortgage loan with many uncertain factors under the framework of real option theory, and finds that the contract of patent pledge loan has a small loan scale.The characteristics of high interest rate and short term, and identify the key factors that affect the balance of patent pledge loan. The uncertainty of patent value is the decisive factor of the feasibility of patent pledge loan, and the legal risk will increase the cost of patent financing.Increasing market liquidity can significantly promote the development of patent mortgage loans.Under asymmetric information, using the combination of loan amount and interest rate as screening tool, the design of loan contract can successfully distinguish enterprises with different risk types and provide a way to solve the problem of credit rationing.By using the patent pledge loan model, this paper probes into the current risk compensation policy: the effectiveness of the loan discount interest and principal compensation measures, excavates the deep reasons for the little effect and puts forward the corresponding improvement scheme.This paper further discusses the feasibility and effectiveness of the innovation of patent pledge loan. It is found that the installment repayment model is not suitable for the application of patent pledge loan, and it is advantageous for both enterprises and banks to transfer the patent repayment mode in advance.Enterprise alliance mode has the effect of survival of the fittest, it is worth popularizing vigorously.At the same time of theoretical research, this paper discusses the operation mechanism of patent pledge loan, the feasibility and rationality of the theoretical model and conclusion of the laboratory from the perspective of empirical analysis.The empirical study found that the inherent property of patent is the key factor to determine the value of patent pledge, and the enterprise attribute has a significant impact on the amount of pledged loan. Patent pledge can reduce the information asymmetry in the loan of small and medium-sized enterprises, and improve the credit line of banks.Ease credit rationing.
【学位授予单位】：华中科技大学
【学位级别】：博士
【学位授予年份】：2012
【分类号】：F832.4

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