科技知识产权证券化原理、应用与价值评估方法研究

发布时间：2018-07-18 21:50

【摘要】：科技知识产权作为科技创新的一项标志,已逐渐攀升到世界产业生产链的顶端。然而,科技知识产权却常常面临着这样的问题：由于缺乏相应的融资渠道与资金供应,知识产权难以产业化,最终沦为一场泡影。越来越多的企业家与银行家已经意识到,科技知识产权蕴藏着巨大的经济价值,它本身就可以成为一种可以起到融资作用的金融资产。新知识经济的快速发展与一次又一次被掀起的金融热潮最终推动了知识产权证券化的出现。但是,知识产权证券化是一个新兴的领域,学术界仍然缺乏系统性的研究。由于知识产权证券化在国际仍处于起步阶段,在中国更是尚无实例,国内外在这方面的研究较少,仍然缺乏系统性的研究。本文旨在通过对科技知识产权的融资方式和传统的资产证券化运行原理与机制进行梳理,分析证券化技术在科技知识产权中的适用性与特点,并对其中的价值评估机制进行更深一步的探讨。研究主要从以下三个方面展开：(1)科技知识产权主要有哪些融资方式；(2)资产证券化技术是否适用于科技知识产权；(3)知识产权的价值评估方式、科技知识产权证券化的定价问题。针对第一个问题,本文首先阐述了科技知识产权的基本概念和科技知识产权的融资原理。在此基础上,对科技知识产权已有的融资手段进行了梳理,并对比其特点,结合科技企业运作过程、现金流特点对不同阶段的融资方式提出了自己的观点。针对第二个问题,本文依然是从基本概念的阐释出发,理清资产证券化的脉络与本质。并对资产证券化的交易结构进行介绍。在此基础上,结合对第一个问题的回答,深入分析了科技知识产权证券化的原理与特点,以及在应用中需要注意的地方。针对第三个问题,本文分别对传统的无形资产价值评估的三种方法——成本法、市场法和收益法——进行了深入的探讨,对实物期权法也做了分析。
[Abstract]:As a symbol of scientific and technological innovation, sci-tech intellectual property has gradually climbed to the top of the world industrial production chain. However, intellectual property rights of science and technology are often faced with such problems: due to the lack of corresponding financing channels and capital supply, intellectual property rights are difficult to industrialization, and finally become a failure. More and more entrepreneurs and bankers have realized that intellectual property right of science and technology has great economic value, and it can become a kind of financial asset that can finance itself. The rapid development of the new knowledge economy and the financial upsurge that has been raised again and again finally promote the emergence of intellectual property securitization. However, intellectual property securitization is a new field, the academic community is still lack of systematic research. Because intellectual property securitization is still in its infancy in the world and there are no examples in China, there are few researches in this field at home and abroad, and still lack of systematic research. The purpose of this paper is to analyze the applicability and characteristics of securitization technology in sci-tech intellectual property rights by combing the financing methods of sci-tech intellectual property rights and the operation principle and mechanism of traditional asset securitization. And the value evaluation mechanism is further discussed. The research is mainly carried out from the following three aspects: (1) what are the main financing methods of sci-tech intellectual property rights; (2) whether asset securitization technology is suitable for sci-tech intellectual property rights; (3) how to evaluate the value of intellectual property rights. Pricing of Securitization of intellectual property right of Science and Technology. In view of the first question, this paper first expounds the basic concept of sci-tech intellectual property and the financing principle of sci-tech intellectual property. On this basis, the existing financing means of sci-tech intellectual property rights are combed, and compared with their characteristics, combined with the operating process of scientific and technological enterprises, the cash flow characteristics of different stages of financing methods put forward their own views. In view of the second problem, this paper is to clarify the context and essence of asset securitization from the explanation of basic concepts. The transaction structure of asset securitization is introduced. On this basis, combined with the answer to the first question, the principle and characteristics of sci-tech intellectual property securitization are deeply analyzed, as well as the points needing attention in application. In view of the third problem, this paper probes into the three traditional methods of intangible asset valuation, namely, cost method, market approach and income method, and analyzes the real option method.
【学位授予单位】：复旦大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51;F272

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