【摘要】：科技知識產(chǎn)權作為科技創(chuàng)新的一項標志,已逐漸攀升到世界產(chǎn)業(yè)生產(chǎn)鏈的頂端。然而,科技知識產(chǎn)權卻常常面臨著這樣的問題：由于缺乏相應的融資渠道與資金供應,知識產(chǎn)權難以產(chǎn)業(yè)化,最終淪為一場泡影。越來越多的企業(yè)家與銀行家已經(jīng)意識到,科技知識產(chǎn)權蘊藏著巨大的經(jīng)濟價值,它本身就可以成為一種可以起到融資作用的金融資產(chǎn)。新知識經(jīng)濟的快速發(fā)展與一次又一次被掀起的金融熱潮最終推動了知識產(chǎn)權證券化的出現(xiàn)。但是,知識產(chǎn)權證券化是一個新興的領域,學術界仍然缺乏系統(tǒng)性的研究。由于知識產(chǎn)權證券化在國際仍處于起步階段,在中國更是尚無實例,國內外在這方面的研究較少,仍然缺乏系統(tǒng)性的研究。本文旨在通過對科技知識產(chǎn)權的融資方式和傳統(tǒng)的資產(chǎn)證券化運行原理與機制進行梳理,分析證券化技術在科技知識產(chǎn)權中的適用性與特點,并對其中的價值評估機制進行更深一步的探討。研究主要從以下三個方面展開：(1)科技知識產(chǎn)權主要有哪些融資方式；(2)資產(chǎn)證券化技術是否適用于科技知識產(chǎn)權；(3)知識產(chǎn)權的價值評估方式、科技知識產(chǎn)權證券化的定價問題。針對第一個問題,本文首先闡述了科技知識產(chǎn)權的基本概念和科技知識產(chǎn)權的融資原理。在此基礎上,對科技知識產(chǎn)權已有的融資手段進行了梳理,并對比其特點,結合科技企業(yè)運作過程、現(xiàn)金流特點對不同階段的融資方式提出了自己的觀點。針對第二個問題,本文依然是從基本概念的闡釋出發(fā),理清資產(chǎn)證券化的脈絡與本質。并對資產(chǎn)證券化的交易結構進行介紹。在此基礎上,結合對第一個問題的回答,深入分析了科技知識產(chǎn)權證券化的原理與特點,以及在應用中需要注意的地方。針對第三個問題,本文分別對傳統(tǒng)的無形資產(chǎn)價值評估的三種方法——成本法、市場法和收益法——進行了深入的探討,對實物期權法也做了分析。
[Abstract]:As a symbol of scientific and technological innovation, sci-tech intellectual property has gradually climbed to the top of the world industrial production chain. However, intellectual property rights of science and technology are often faced with such problems: due to the lack of corresponding financing channels and capital supply, intellectual property rights are difficult to industrialization, and finally become a failure. More and more entrepreneurs and bankers have realized that intellectual property right of science and technology has great economic value, and it can become a kind of financial asset that can finance itself. The rapid development of the new knowledge economy and the financial upsurge that has been raised again and again finally promote the emergence of intellectual property securitization. However, intellectual property securitization is a new field, the academic community is still lack of systematic research. Because intellectual property securitization is still in its infancy in the world and there are no examples in China, there are few researches in this field at home and abroad, and still lack of systematic research. The purpose of this paper is to analyze the applicability and characteristics of securitization technology in sci-tech intellectual property rights by combing the financing methods of sci-tech intellectual property rights and the operation principle and mechanism of traditional asset securitization. And the value evaluation mechanism is further discussed. The research is mainly carried out from the following three aspects: (1) what are the main financing methods of sci-tech intellectual property rights; (2) whether asset securitization technology is suitable for sci-tech intellectual property rights; (3) how to evaluate the value of intellectual property rights. Pricing of Securitization of intellectual property right of Science and Technology. In view of the first question, this paper first expounds the basic concept of sci-tech intellectual property and the financing principle of sci-tech intellectual property. On this basis, the existing financing means of sci-tech intellectual property rights are combed, and compared with their characteristics, combined with the operating process of scientific and technological enterprises, the cash flow characteristics of different stages of financing methods put forward their own views. In view of the second problem, this paper is to clarify the context and essence of asset securitization from the explanation of basic concepts. The transaction structure of asset securitization is introduced. On this basis, combined with the answer to the first question, the principle and characteristics of sci-tech intellectual property securitization are deeply analyzed, as well as the points needing attention in application. In view of the third problem, this paper probes into the three traditional methods of intangible asset valuation, namely, cost method, market approach and income method, and analyzes the real option method.
【學位授予單位】：復旦大學
【學位級別】：碩士
【學位授予年份】：2013
【分類號】：F832.51;F272

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本文編號：2132883