Research On The Evaluation Of The Value Of Intellectual Property Pledge Financing For High-tech Enterprises

In recent years,China’s economy has continued to improve and high-tech enterprises are playing an important role in social and economic activities.The government strongly supports IPR pledge financing because,on the one hand,IPR pledge can provide a certain source of funds for enterprises,alleviate the problem of insufficient funds and difficulties in financing,and promote the development of enterprises;on the other hand,through pledge transactions with enterprises,banks can expand their business scope,increase their profit sources and promote the healthy development of financial institutions.With the support of a number of policy documents,IPR pledge financing has gradually become an important way of financing high-tech enterprises in China.As the amount of IPR pledge financing depends on the value of the IPR pledge,IPR valuation becomes the most important part of implementing the financing transaction.This thesis firstly introduces the characteristics of high-tech enterprises and IPR pledge financing;secondly,it analyses the applicability of the three traditional methods and the binomial tree option model.By analysing the characteristics of patents,it concludes that the market approach and the cost approach are not suitable for IPR valuation,and selects the income approach and the binomial tree option model as comparative methods for valuation.However,in the case of pledge financing there is still a need to consider the financing risk,and for enterprises,there will also be situations where the pledged IPR cannot be repaid and needs to be realised quickly;therefore,this thesis allocates a reasonable proportion of the value of IPR in the case of quick realisation to the market value under normal circumstances as determined by the two models,and introduces a new model that improves the pledge coefficient method,which,compared to the traditional one-size-fits-all pledge coefficient method,is After determining the valuation method,the principles of the AHP hierarchical analysis method,the fuzzy comprehensive evaluation method,and the GM(1,1)model used in this thesis are introduced as well as the system of factors influencing the pledge risk factor and maturity value correction factor of the proposed pledged property rights of the enterprise by constructing a system of factors influencing the pledge risk factor and maturity value correction factor,and using expert scoring and fuzzy evaluation to determine the correction factor of the market value in order to achieve scientifically accurate valuation results.Then,starting from a specific case,the traditional income method was applied to assess the value of the patent rights to be valued,and the valuation result was RMB902,240,000,and then the option value was assessed using the binomial tree option model,and the option value was RMB395,000,000.The combined value was RMB129,724,000.The pledge value of the patent right was then adjusted using the pledge adjustment factor to arrive at a pledge value of $116,197,400.Finally,the full research content and findings are summarised,pointing out the remaining shortcomings of this study and the future research directions.The study shows that,starting from the characteristics of patent options and the basic conditions of pledge financing,the patent technology value model combining the binomial tree option model and the improved pledge coefficient method can take into account the risks of patent technology pledge financing,the uncertainty of the technology itself and the flexibility of the patentee’s management,so that the total value of patent technology assets can be reasonably quantified.