风险分担视角下专利权质押融资估值研究

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结合起来。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,从风险分担视角构建了专利权质押融资估值模型。通过分析,专利权质押融资过程中主要存在法律风险、评估风险、信用风险和经济风险。其中,法律风险可转移,评估风险及金融贷款机构自身原因造成的信用风险分别由评估机构和贷款机构自行承担,估值时不必考虑；企业原因造成的信用风险直接影响贷款额度,不影响专利权价值,可通过信用评级确定贷款比例；而经济风险直接影响专利权价值。运用蒙特卡洛模拟方法进行量化分析,并运用实例进行了验证,结果显示，考虑风险的质押融资估值低于传统收益法的估值结果。

A Study of Evaluating the Patent Pledged to Finance Based on Risk Sharing

At present, the study about the evaluation of patent pledge financing mainly centered on the method of patent valuation, the influence factors of patent valuation and the risk of patent pledge financing, but there is little study on the combination of risk factor and valuation method.On the basis of the identification of patent pledge financing risk factors, this paper will build valuation model of the patent pledge financing on the point of bank and lending institution from the view of risk sharing.Through analysis, there are four risks in the process of patent pledge financing, and those risks are legal risk, assessing risk, credit risk and economic risk.The legal risks can be shared by law firm, and the assessing risk and credit risk that caused by the bank or the lending institution themselves shared by the lending institutions.Determination of the loan rate is based on the credit rating of the company.Monte Carlo Simulation will be used in this paper to quantify the economic risk which has directive impact on patent value.An example is analyzed and the conclusion is the value when considering the risk of patent pledge financing is less than the traditional incoming method.