风险分担视角下专利权质押融资估值研究

发布时间：2018-03-06 18:52

本文选题：专利权质押融资　切入点：专利权估值　出处：《天津理工大学》2017年硕士论文　论文类型：学位论文

【摘要】：专利权质押融资作为一种可有效拓展企业融资渠道的融资模式一直以来受到社会各界的关注。我国自1995年在《中华人民共和国担保法》中明确了专利权可用于质押融资的合法性以来,陆续颁布了各项有利于专利权质押融资顺利开展的政策法规。但是相比于每年高速增长的有效专利数量,用于质押融资的专利数量仍然是微乎其微。究其原因,主要是由于专利权的易贬值性、权利不稳定性、价值的难确定性等造成的专利权质押融资高风险性加大了对专利权进行准确估值的难度。因此,进行专利权质押融资估值时,有必要考虑质押融资风险的影响。目前关于专利权质押融资估值的研究主要集中在专利权估值方法、专利权价值影响因素和专利权质押融资风险因素等方面,鲜有研究将风险因素和估值方法相结合。本文站在金融贷款机构的角度,在识别专利权质押融资风险因素基础上,从风险分担的视角构建专利权质押融资估值模型。1.鉴于现有研究对专利权质押融资过程中存在的风险因素进行了较全面的分析,本文主要通过文献分析的方法识别专利权质押融资过程中存在的四大风险因素,分别为法律风险、评估风险、经济风险及信用风险。2.在分析我国现行专利权质押融资模式的基础上构建风险分担模型,将风险因素在专利权质押融资各参与方之间进行分配。其中,法律风险可转移给律师事务所,评估风险及金融贷款机构自身原因造成的信用风险由其自行承担,估值时不必考虑;经济风险直接影响专利权价值,企业原因造成的信用风险直接影响贷款额度,分别对其进行量化分析。3.运用蒙特卡洛模拟将经济风险造成的专利产品未来收益不确定性进行量化。首先在传统收益法的基础上构建数学模型并确定风险变量,通过数据分析确定变量的概率分布并运用matlab软件进行数据模拟,模拟结果为专利权估值的概率分布。4.运用层次模糊综合评价将企业信用风险对贷款额度的影响进行量化。首先在文献分析的基础上构建企业信用风险评价指标体系,进而运用层次分析法确定各级评价指标权重并通过模糊综合评价进行企业信用等级评价。最后,运用此模型对一家科技型中小企业的专利权质押融资估值案例进行分析,结果是考虑风险的质押融资估值要低于传统收益法的估值结果,更符合市场波动的规律。
[Abstract]:As a kind of financing mode that can effectively expand the financing channels of enterprises, pledge financing of patent right has been concerned by all walks of life. Since 1995, our country has made it clear in the guarantee Law of the people's Republic of China that patent right can be used for quality. Since the legitimacy of secured financing, Various policies and regulations have been promulgated one after another to facilitate the smooth development of patent pledge financing. However, compared with the number of effective patents that increase at a high rate each year, the number of patents used for pledge financing is still very small. This is mainly due to the high risk of patent pledge financing caused by the depreciation of patent right, the instability of rights and the uncertainty of value, which makes it more difficult to estimate the patent right accurately. It is necessary to consider the influence of pledge financing risk. At present, the research on the valuation of patent pledge financing mainly focuses on the methods of patent valuation, the influence factors of patent value and the risk factors of patent pledge financing, etc. Few studies combine risk factors with valuation methods. From the perspective of financial lending institutions, this paper identifies the risk factors of patent pledge financing. From the perspective of risk sharing, this paper constructs the valuation model of patent pledge financing. 1. In view of the existing research on the risk factors existing in the process of patent pledge financing, the paper makes a comprehensive analysis of the risk factors in the process of patent pledge financing. In this paper, four risk factors in the process of patent pledge financing are identified by the method of literature analysis, which are legal risk, assessment risk, Economic risk and credit risk. On the basis of analyzing the current mode of patent pledge financing in China, the risk sharing model is constructed, and the risk factors are distributed among the parties involved in patent pledge financing. The legal risk may be transferred to the law firm, and the assessment of the risk and the credit risk caused by the financial lending institution itself shall be borne by the law firm itself and shall not be considered in the valuation; the economic risk directly affects the value of the patent right, The credit risk caused by the enterprise directly affects the loan quota, Using Monte Carlo simulation to quantify the uncertainty of future income of patent products caused by economic risk. Firstly, based on the traditional income method, the mathematical model is constructed and the risk variables are determined. The probability distribution of variables is determined by data analysis and the data simulation is carried out by using matlab software. The result of the simulation is the probability distribution of patent valuation. 4. The influence of enterprise credit risk on loan quota is quantified by using hierarchical fuzzy comprehensive evaluation. Firstly, based on the literature analysis, the evaluation index system of enterprise credit risk is constructed. Then the AHP is used to determine the weight of evaluation indexes at all levels and the enterprise credit rating is evaluated through fuzzy comprehensive evaluation. Finally, this model is used to analyze the case of patent pledge financing valuation of a small and medium-sized technological enterprise. The result is that the valuation of pledge financing considering risk is lower than that of traditional income method, which is more in line with the law of market fluctuation.
【学位授予单位】：天津理工大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.4;F275

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