The Research On Patent Value Evaluation Of Patent Securitization For High-tech Enterprises

The development of high-tech enterprises patents can enhance China’s international competitiveness and the national comprehensive strength. High-tech products research and development requires a lot of money for a long time, since of the "high risk, high income, high uncertainty" features, it is not suitable to use the traditional way of financing, patent securitization become a new way of financing for high-tech enterprises. Patent securitization evaluation can provide reference value for patent securitization financing, and be the premise of patent securitization.But due to the high risk and high uncertainty features, the high-tech enterprise value evaluation is difficult, and there is no unified method and standard.This paper puts forward the superiority of real options evaluation by conducting research on securitization theory of high-tech enterprises and patent valuation appraisal theory, based on the features of High-tech enterprises securitization patents along with advantages and limitations of patent valuating methods, but the difficulties in determining volatility parameters limit the accuracy of assessment. This thesis combine theory and practices, qualitative and quantitative analysis, boldly attempting to establish the index appraisal system of patent income volatility with high-tech enterprise securitization as reference and the assessment model based on binomial option pricing model. Firstly select the two assessment methods to conduct comparative analysis for patent value evaluation of high-tech enterprise that are securitized so as to get initial assessment, and estimate the income volatility based on TOPSIS of improved grey correlation degree and fuzzy neural Network to further get assessment of the final value. It has solved some forecasting problems of volatility not based on patent securitization to a great extent. After construction of theoretical model is established, real cases in this article have made concrete applications on these models and got relatively proper assessing results, on which it has puts forward financing Strategy for high-tech enterprises in patent securitization. Hopefully this thesis can bring guides and references to those scholars conducting related researches afterwards.