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

【摘要】：隨著知識經(jīng)濟的發(fā)展,科技型中小企業(yè)已成為我國技術創(chuàng)新的主要載體和經(jīng)濟增長的重要推動力,但其發(fā)展中面臨融資難的問題,引起社會的廣泛關注。專利質押貸款就為該問題提供了一個全新的解決途徑。然而專利質押貸款在我國發(fā)展比較緩慢,其獨特優(yōu)勢和潛力沒有得到充分發(fā)揮,整體尚處于初期探索階段。為推動我國專利質押貸款快速發(fā)展,社會各界都在進行積極的探索,國務院及相關部委也出臺了一系列政策和措施來大力支持和推進專利質押貸款,從而給金融學領域提出了一個新興的研究課題。然而,無論是理論方面還是實證方面,專利質押貸款都缺少系統(tǒng)性的研究與分析�；诖吮尘�,本文致力于構建起一個專利質押貸款模型,力圖從專利的本質特性、不對稱信息、政府干預政策及貸款模式創(chuàng)新等多個角度,挖掘專利質押貸款發(fā)展緩慢的深層次原因,并提出相應解決方案。這些研究對促進我國專利質押融資的發(fā)展,有效緩解中小企業(yè)融資難的現(xiàn)狀,推動社會經(jīng)濟健康穩(wěn)定地發(fā)展,具有重要的理論和實踐意義。 本文分析我國專利質押貸款的發(fā)展現(xiàn)狀,在實物期權理論框架下,構建了多不確定因素的專利質押貸款的基礎模型,發(fā)現(xiàn)專利質押貸款合同具有貸款規(guī)模小、利率高及期限短的特點,并識別出影響專利質押貸款均衡的關鍵因素,專利價值的不確定性是專利質押貸款可行性的決定因素,法律風險會增加專利融資成本,提高市場流動性能夠顯著促進專利質押貸款的開展。在不對稱信息下,以貸款額與利率相組合作為甄別工具,設計貸款合同,能夠成功區(qū)分不同風險類型的企業(yè),為信貸配給問題提供解決途徑。運用專利質押貸款模型,探討現(xiàn)行風險補償政策：貸款貼息和本金補償措施的有效性,挖掘收效甚微的深層原因并提出相應改進方案。本文進一步探討了專利質押貸款的模式創(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利質押貸款中應用,可提前轉讓專利還款模式對企業(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,從實證分析角度探討了我國專利質押貸款的運作機理,檢驗所構建理論模型及結論的可行性及合理性。實證研究發(fā)現(xiàn)專利固有屬性是決定專利質押價值的關鍵因素,企業(yè)屬性對質押貸款額度有顯著影響；專利質押能夠減少中小企業(yè)貸款中的信息不對稱,提高銀行授信額度,緩解信貸配給問題。
[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.
【學位授予單位】：華中科技大學
【學位級別】：博士
【學位授予年份】：2012
【分類號】：F832.4

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