【作者】 姚王信；

【导师】 苑泽明；

【作者基本信息】 天津财经大学 ， 会计学， 2011， 博士

【摘要】 知识产权融资是知识产权价值实现的一种方式。知识产权是相关企业的重要资产或核心资产,具有无形性、专用性、地域性、时间性、可复制性等特点。因此,与实物资产等有形资产相比,持有知识产权的风险较高。知识产权要转化为现金流,通常是融入到生产要素中去,通过商业化的过程(例如形成知识产品)来实现“物化”。自从1986年ENGEL和RADCLIFFE探讨利用知识产权为高科技企业融资以来,知识产权融资逐渐成为企业融资的一项重要议题,而知识产权通过融资带来现金流,成为其“物化”的另一种方式。知识产权融资并不是一帆风顺的事情。首先,知识产权高风险的特征,容易使风险厌恶型的投资者和债权人却步。第二,知识产权的价值不易确定,需要专业化的、具有公信力的评估机构进行评估认定。第三,知识产权本身是制度经济学的产物,因此知识产权融资的政策依赖性很强,需要有良好的政策环境的支持。第四,知识产权融资的规模,尤其是债务融资的规模不大,因此对融资主体和参与各方的选择性较强。因此,论文关于知识产权融资的研究,立足于融资理论和制度经济学,以企业知识产权融资能力为研究主线,建立知识产权融资评价模型,以及分析如何提高知识产权融资能力。论文共分7章,具体内容如下：第一章导论。介绍论文的研究背景、研究前提、动机与意义、思路与方法、主要研究内容与创新点等。第二章文献综述。对知识产权融资的相关概念、技术环境、融资评价和典型应用(知识产权融资与企业业绩关系)等方面的研究进行了回顾,在此基础上对现有文献成果加以梳理,并作简要评述。第三章企业知识产权融资理论。以新经济学理论、知识经济理论和相关的融资理论为基础,从经济、政策层面对知识产权融资做了理论分析。同时,在系统分析知识产权融资的可行性、实现路径问题的基础上,利用融资约束理论、外部性理论,运用法经济学分析框架,重点研究了知识产权融资的不对称性问题。第四章企业知识产权融资的影响因素。在理论分析、政策分析的基础上,系统总结影响知识产权融资能力的因素。通过访谈、实地考察调研和发放调查问卷的方式,收集实务界关于知识产权融资影响因素的意见,并进行数字化的信息处理。运用因子分析、层次分析等方法,对影响因素进行筛选和重分类,为构建知识产权融资能力评价模型做好研究准备工作。第五章企业知识产权融资评价模型的构建。通过理论研究,对经筛选和重分类的影响因素进行指标化处理,建立企业知识产权融资评价指标体系。区别定性和定量指标,分别运用专家意见法和相关数理技术方法,对指标进行赋值。运用统计分析方法,确定指标间的权重关系。在此基础上,构建了企业知识产权融资评价模型,计算企业知识产权融资指数(EIPFI,下同),编制企业知识产权融资评价报告。第六章知识产权融资指数的应用研究。通过案例分析、实证研究和理论与实务展望的方法,对知识产权融资能力比较、知识产权组合融资、知识产权融资指数与企业业绩的关系、’知识产权融资指数的其他运用,进行了分析研究。第七章是研究结论与建议。通过对主要研究的综合与整理,提出相关的建议,并对研究的局限性作了说明,以及提出进一步研究的方向。通过研究,论文得出了如下的基本认识和结论：(1)知识产权融资的主体,是企业,而且是具有知识产权优势但缺乏实物资产担保的中小科技型企业。利用知识产权融资的企业,往往处于初创期和成长期。(2)知识产权融资具有不对称性,需要通过制度创新、金融创新等来加以解决。(3)融资评价是企业知识产权融资能力管理的前提。论文提供了一整套的评价指标并构建了评价模型。(4)企业知识产权融资能力可以相互比较。知识产权融资指数是比较的重要工具；知识产权组合有利于提高融资能力。(5)企业业绩与知识产权融资指数存在一定程度的正相关关系；并提出了“知识产权融资指数与知识产权评估值、融资率之间,也分别存在线性关系”的设想。同时,论文在如下方面做了新的尝试(创新之处)：(1)构建了知识产权融资评价模型。通过理论分析和政策分析,在本文提出的“知识产权融资不对称性”理论的直接指导下,总结提炼了知识产权融资能力的影响因素；在调查研究和访谈的基础上,运用层次分析原理和因子分析方法,构建出知识产权融资评价模型；(2)使用筛选后的101家信息技术业上市公司2009年的数据,提出并验证了知识产权融资指数与企业业绩之间存在一定程度的正相关关系。从而发现知识产权管理的目标与企业的财务目标之间存在一致性,为相关企业加强知识产权管理(尤其是知识产权融资管理)提供了理论依据；(3)提出知识产权融资指数与知识产权评估值、融资率之间,也分别存在线性关系的设想,尝试以知识产权融资指数替代知识产权评估价值和银行等金融机构的融资率,为进一步研究打开了空间；(4)初步搜集、整理了知识产权融资的一些数据,为建立知识产权融资数据库奠定了基础,也为基于融资目的的知识产权信息披露的研究提供了经验数据支持。总之,论文以知识产权融资指数为核心,研究企业知识产权融资问题。在理论分析、政策分析和实证分析的基础上,构建了知识产权融资评价模型,并提供了若干的应用范例。论文的研究成果,为企业知识产权管理,尤其是知识产权融资管理,提供了科学的依据。因此,也为后续的研究打开了空间,奠定了基础。更多还原

【Abstract】 Intellectual Property Financing is one of the ways to achieve intellectual property value. Intellectual property rights are important assets or core assets of related businesses, with characters as invisible, dedicated, regional, timing, reproducibility, and so on. Thus, holding intellectual property has higher risk comparing with holding physical assets and other tangible assets. A more common way for Intellectual property translating into cash flow is to go into the factors of production through the commercialization process (such as becoming knowledge products) to achieve "materialized." Engel and Radcllife have talked about high-tech corporate finance by using intellectual property since 1986, intellectual property financing had become an important topic of corporate finance, and intellectual property financing generate cash flow is another way, of its "materialization".Matter of intellectual property financing is not plain sailing. First, high-risk characteristics of intellectual property are easy to make risk-averse investors and creditors to be deterred. Second, the value of intellectual property is difficult to determine. It need be recognized by professional, credible evaluation agency. Third, the intellectual property itself is a product of institutional economics; it depends heavily on intellectual property financing policies, and it need good policy environment supporting. Fourth, the scale of intellectual property financing is small, especially for debt financing, so it has strong selective such as financing body and involved participants.Therefore, the research paper on intellectual property financing is based on the finance theory and institutional economics, studying corporate financing capacity along the main line of intellectual property, establishing evaluation model for intellectual property financing from both theoretical and practical aspects, and analyzing how to improve intellectual property financing capacity. The paper is divided into seven chapters, as follows:ChapterⅠis an introduction. It describes the research background, research premise, motive and meaning, ideas and methods, the main research and innovation points, and so on.ChapterⅡis Literature Review. The concept of intellectual property rights related to financing, technical environment, evaluation and financing of a typical application (the relationship between Intellectual Property Financing and corporate performance), and other aspects of the research are reviewed here. Then it sorts out existing literature results and makes a brief assessment.ChapterⅢis about Intellectual Property Financing Theory. It makes analysis on intellectual property financing from the economic and policy aspects based on new economic theories, knowledge based economic theories and related financing theories. Meanwhile, it focuses on the asymmetry of the financing of intellectual property issues by using financing constraints, externality theory, and law and economics analysis framework based on analyzing the feasibility and achieving routing problem on intellectual property financing.ChapterⅣis about intellectual property financing factors. On the base of theoretical analysis and policy analysis, it makes summary of intellectual property financing capacity systematically. It collects practitioners’views on intellectual property financing factors through interviews, field survey and study and disseminates the questionnaire, and makes the digital information processing. It selects and re-classifies affecting factors preparing for building evaluation model of intellectual property financing capacity by using factor analysis method and analytic hierarchy process.ChapterⅤis about construction of evaluation model of intellectual property financing. After theoretical study, it makes treatment indicators for filtered and re-classified factors, and establishes evaluation index system of enterprise intellectual property financing. It assigns for indexes by distinguishing qualitative indicators with quantitative indicators using of expert opinion method and the relevant technical methods of mathematical. It determines the weight relationship between the indexes by using statistical analysis. On this basis, it builds evaluation model of enterprise intellectual property finance, and computes corporate intellectual property financing index (EIPFI), and prepares reports about corporate intellectual property financing.ChapterⅥis researches on applications of EIPFI. It analyzes intellectual property financing capacity comparing, intellectual property portfolio financing, relationship between i EIPFI and corporate performance, and other applications through case studies, empirical research and theoretical methods and practical outlook.ChapterⅦis conclusions and recommendations. It makes relevant recommendations, and explains the limitations of the study and further research through summing up and sorting out main researches.The paper gets the following basic knowledge and conclusions after research: (1) The subject of intellectual property financing is enterprises, moreover, the small science and technology enterprises which have dominant intellectual property assets, but are lack of security by physical assets. It is often corporate in start-up and growth stage that uses intellectual property financing.(2) Intellectual property financing has the character of asymmetry which need be solved through institutional innovation and financial innovation.(3) Financing evaluation is the premise to manage intellectual property financing capacity. The paper provides a set of evaluation indicators and constructs evaluation model.(4) The financing capacity by intellectual property can be compared with enterprises. EIPFI is important tool for comparing; intellectual property portfolio will help to improve the financing capacity.(5) There is a certain degree of positive correlation between corporate performance and EIPFI; and the paper proposes an idea, that is "there is a linear relationship among EIPFI, assessment values of intellectual property, and financing rate".At the same time, the paper has done new attempt listed in the following (innovations):(1) It constructs the intellectual property financing evaluation model. It summarizes and put forward asymmetric theory of intellectual property financing, and guides modeling intellectual property financing index.(2) It testes to the relationship between corporate performance and EIPFI.(3) At the same time, it proposes that there is a linear relationship among EIPFI, assessment values of intellectual property, and financing rate, and tries to substitute intellectual property assessment value and financing ratio financing banks and other financial institutions with EIPFI.(4) The paper makes initial collection and sorting some data for intellectual property financing. This is the basis of building database on intellectual property financing, and makes empirical data support on he disclosure of intellectual property information based on financing purpose.In short, the paper studies enterprise intellectual property financing around the core of EIPFI. It constructs IP financing model and afford some application samples based on the theoretical analysis, policy analysis and empirical analysis. The research results supply scientifically basis for enterprise intellectual property management, in particular for intellectual property financing management. Therefore, the follow-up study space is opened; meanwhile, the foundation is built.更多还原