知识产权证券化风险定价研究

发布时间：2018-02-16 09:00

本文关键词： 知识产权证券化风险定价　出处：《西安工业大学》2013年硕士论文　论文类型：学位论文

【摘要】：知识产权证券化做为资产证券化在无形资产领域延伸的一个前沿方向,不仅使得知识资本与金融工具结合到了一起,促进了知识产权的实践方式；而且为资本市场开辟出了一条崭新的发展方向。对于高新技术企业,尤其是对于那些固定资产偏少的中小型技术企业来说,知识产权的证券化更是为其拓展了融资的渠道。但目前,我们的研究还主要集中在知识产权证券化的理论描述上,对其实施的具体操作细则,尤其是定价方式的分析尚比较缺乏,这严重阻碍了知识产权证券化实践工作在我国发展的进程。本文以知识产权证券化过程中的定价方法为主题展开,首先对知识产权证券化的起源与发展、一般流程、相较其他知识产权融资的优势以及风险定价的有关研究热点等进行归纳陈述,使得读者对知识产权证券化有初步的了解和把握。然后切入到论文的主体部分,即证券化过程中的定价方法。在此,我们先简单回顾了传统资产证券化的一般定价方法,总结出了资产证券化的一般定价思路,并通过对比的方式,说明了知识产权证券化定价过程与传统资产证券化定价过程的异同之处就在于：资产池未来收益的确定上。因此,本文详细介绍了对知识产权未来收益的评估方法,并通过运用Credit Risk+模型,具体分析了由这些知识产权基础资产所组成的资产池的未来现金流收益风险。为了验证Credit Risk+模型的适宜性,我们应用Matlab软件对该模型做了模拟检验,检验的结果符合我们所应遵循的一般性原则。同时为了进一步说明知识产权证券化的定价方法,我们还运用实证的方法具体对它进行了检验。在文章的最后,我们总结了知识产权证券化的主要风险,并针对知识产权证券化在我国开展的实践困难,提出了一些可供参考的建议。
[Abstract]:As an extension of intellectual property securitization in the field of intangible assets, intellectual property securitization not only combines intellectual capital with financial instruments, but also promotes the practice of intellectual property. And has opened up a new direction for the capital market. For high-tech enterprises, especially those small and medium-sized technology enterprises with less fixed assets, The securitization of intellectual property rights has expanded its financing channels. However, at present, our research is mainly focused on the theoretical description of intellectual property securitization, and the specific operational details of its implementation. In particular, the analysis of pricing methods is still lacking, which seriously hinders the development of intellectual property securitization in China. This paper focuses on pricing methods in the process of intellectual property securitization. First of all, the origin and development of intellectual property securitization, the general process, the advantages over other intellectual property financing and the hot research topics of risk pricing are summarized and stated. So that readers have a preliminary understanding and grasp of intellectual property securitization, and then cut into the main part of the paper, that is, the pricing method in the process of securitization. Here, we briefly review the general pricing methods of traditional asset securitization. This paper summarizes the general pricing ideas of asset securitization, and explains the similarities and differences between the pricing process of intellectual property securitization and the traditional asset securitization pricing process by way of comparison. This paper introduces the method of evaluating the future income of intellectual property in detail, and applies Credit Risk model. In order to verify the suitability of Credit Risk model, we use Matlab software to test the future cash flow income risk of the asset pool composed of these IPR based assets. In order to further explain the pricing method of intellectual property securitization, we also use the empirical method to test it. At the end of the article, This paper summarizes the main risks of intellectual property securitization and puts forward some suggestions for reference in view of the practical difficulties of intellectual property securitization in China.
【学位授予单位】：西安工业大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51;F204

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