本文選題：專(zhuān)利質(zhì)押貸款　切入點(diǎn)：中小企業(yè)融資　出處：《華中科技大學(xué)》2012年博士論文

【摘要】：隨著知識(shí)經(jīng)濟(jì)的發(fā)展,科技型中小企業(yè)已成為我國(guó)技術(shù)創(chuàng)新的主要載體和經(jīng)濟(jì)增長(zhǎng)的重要推動(dòng)力,但其發(fā)展中面臨融資難的問(wèn)題,引起社會(huì)的廣泛關(guān)注。專(zhuān)利質(zhì)押貸款就為該問(wèn)題提供了一個(gè)全新的解決途徑。然而專(zhuān)利質(zhì)押貸款在我國(guó)發(fā)展比較緩慢,其獨(dú)特優(yōu)勢(shì)和潛力沒(méi)有得到充分發(fā)揮,整體尚處于初期探索階段。為推動(dòng)我國(guó)專(zhuān)利質(zhì)押貸款快速發(fā)展,社會(huì)各界都在進(jìn)行積極的探索,國(guó)務(wù)院及相關(guān)部委也出臺(tái)了一系列政策和措施來(lái)大力支持和推進(jìn)專(zhuān)利質(zhì)押貸款,從而給金融學(xué)領(lǐng)域提出了一個(gè)新興的研究課題。然而,無(wú)論是理論方面還是實(shí)證方面,專(zhuān)利質(zhì)押貸款都缺少系統(tǒng)性的研究與分析�；诖吮尘�,本文致力于構(gòu)建起一個(gè)專(zhuān)利質(zhì)押貸款模型,力圖從專(zhuān)利的本質(zhì)特性、不對(duì)稱(chēng)信息、政府干預(yù)政策及貸款模式創(chuàng)新等多個(gè)角度,挖掘?qū)＠|(zhì)押貸款發(fā)展緩慢的深層次原因,并提出相應(yīng)解決方案。這些研究對(duì)促進(jìn)我國(guó)專(zhuān)利質(zhì)押融資的發(fā)展,有效緩解中小企業(yè)融資難的現(xiàn)狀,推動(dòng)社會(huì)經(jīng)濟(jì)健康穩(wěn)定地發(fā)展,具有重要的理論和實(shí)踐意義。 本文分析我國(guó)專(zhuān)利質(zhì)押貸款的發(fā)展現(xiàn)狀,在實(shí)物期權(quán)理論框架下,構(gòu)建了多不確定因素的專(zhuān)利質(zhì)押貸款的基礎(chǔ)模型,發(fā)現(xiàn)專(zhuān)利質(zhì)押貸款合同具有貸款規(guī)模小、利率高及期限短的特點(diǎn),并識(shí)別出影響專(zhuān)利質(zhì)押貸款均衡的關(guān)鍵因素,專(zhuān)利價(jià)值的不確定性是專(zhuān)利質(zhì)押貸款可行性的決定因素,法律風(fēng)險(xiǎn)會(huì)增加專(zhuān)利融資成本,提高市場(chǎng)流動(dòng)性能夠顯著促進(jìn)專(zhuān)利質(zhì)押貸款的開(kāi)展。在不對(duì)稱(chēng)信息下,以貸款額與利率相組合作為甄別工具,設(shè)計(jì)貸款合同,能夠成功區(qū)分不同風(fēng)險(xiǎn)類(lèi)型的企業(yè),為信貸配給問(wèn)題提供解決途徑。運(yùn)用專(zhuān)利質(zhì)押貸款模型,探討現(xiàn)行風(fēng)險(xiǎn)補(bǔ)償政策：貸款貼息和本金補(bǔ)償措施的有效性,挖掘收效甚微的深層原因并提出相應(yīng)改進(jìn)方案。本文進(jìn)一步探討了專(zhuān)利質(zhì)押貸款的模式創(chuàng)新的可行性和有效性,發(fā)現(xiàn)分期還款模式不適合在專(zhuān)利質(zhì)押貸款中應(yīng)用,可提前轉(zhuǎn)讓專(zhuān)利還款模式對(duì)企業(yè)和銀行雙方有利,企業(yè)聯(lián)盟模式具有優(yōu)勝劣汰的效果,值得大力推廣。本文在理論研究的同時(shí),從實(shí)證分析角度探討了我國(guó)專(zhuān)利質(zhì)押貸款的運(yùn)作機(jī)理,檢驗(yàn)所構(gòu)建理論模型及結(jié)論的可行性及合理性。實(shí)證研究發(fā)現(xiàn)專(zhuān)利固有屬性是決定專(zhuān)利質(zhì)押價(jià)值的關(guān)鍵因素,企業(yè)屬性對(duì)質(zhì)押貸款額度有顯著影響；專(zhuān)利質(zhì)押能夠減少中小企業(yè)貸款中的信息不對(duì)稱(chēng),提高銀行授信額度,緩解信貸配給問(wèn)題。
[Abstract]:With the development of knowledge economy, science and technology SMEs have become the main carrier of technological innovation and an important driving force of economic growth in China.Patent pledge loan provides a new way to solve this problem.However, the development of patent pledge loan in China is relatively slow, its unique advantages and potentials have not been fully developed, and the whole is still in the initial stage of exploration.In order to promote the rapid development of patent pledge loans in China, all walks of life are actively exploring. The State Council and relevant ministries and commissions have also issued a series of policies and measures to vigorously support and promote patent pledge loans.Thus, it puts forward a new research topic for the field of finance.However, both theoretical and empirical aspects, patent pledge loans are lack of systematic research and analysis.Based on this background, this paper is devoted to constructing a patent pledge loan model, which tries to build a patent pledge loan model from the perspectives of patent nature, asymmetric information, government intervention policy and loan model innovation.Explore the deep reasons for the slow development of patent pledge loan, and put forward the corresponding solution.These studies have important theoretical and practical significance for promoting the development of patent pledge financing in China, effectively alleviating the current situation of financing difficulties of small and medium-sized enterprises, and promoting the healthy and stable development of social economy.This paper analyzes the development situation of patent pledge loan in China, constructs the basic model of patent mortgage loan with many uncertain factors under the framework of real option theory, and finds that the contract of patent pledge loan has a small loan scale.The characteristics of high interest rate and short term, and identify the key factors that affect the balance of patent pledge loan. The uncertainty of patent value is the decisive factor of the feasibility of patent pledge loan, and the legal risk will increase the cost of patent financing.Increasing market liquidity can significantly promote the development of patent mortgage loans.Under asymmetric information, using the combination of loan amount and interest rate as screening tool, the design of loan contract can successfully distinguish enterprises with different risk types and provide a way to solve the problem of credit rationing.By using the patent pledge loan model, this paper probes into the current risk compensation policy: the effectiveness of the loan discount interest and principal compensation measures, excavates the deep reasons for the little effect and puts forward the corresponding improvement scheme.This paper further discusses the feasibility and effectiveness of the innovation of patent pledge loan. It is found that the installment repayment model is not suitable for the application of patent pledge loan, and it is advantageous for both enterprises and banks to transfer the patent repayment mode in advance.Enterprise alliance mode has the effect of survival of the fittest, it is worth popularizing vigorously.At the same time of theoretical research, this paper discusses the operation mechanism of patent pledge loan, the feasibility and rationality of the theoretical model and conclusion of the laboratory from the perspective of empirical analysis.The empirical study found that the inherent property of patent is the key factor to determine the value of patent pledge, and the enterprise attribute has a significant impact on the amount of pledged loan. Patent pledge can reduce the information asymmetry in the loan of small and medium-sized enterprises, and improve the credit line of banks.Ease credit rationing.
【學(xué)位授予單位】：華中科技大學(xué)
【學(xué)位級(jí)別】：博士
【學(xué)位授予年份】：2012
【分類(lèi)號(hào)】：F832.4

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