Research Of Hold-up Risks And Countermeasures In Intangible Assets Pledged Loans

During the development history of China's reform and opening up, the rapid pace of development of SMEs, the number of units, the range of cover, and the economic volume, which all have been increased much. SMEs have become an important force in the development of Chinese economic, play a pivotal role in maintaining economic vitality, improving income distribution, solving the employment problems, and promoting social stability. However, due to the SMEs'own shortcomings, and development lags behind in national financial policy framework and capital market, and other reasons, SMEs are plagued by financing problems. In recent years, the development of the intangible assets pledged financing provides a new way of thinking in solving the difficult problem of SME financing.The intangible assets pledged financing as an effective means to ease financing difficulties of SMEs, which is also facing its own problems. As these reasons:1) the specificity of their intangible assets is very strong;2) the value of intangible assets is much difficult to evaluate;3) tracking control pledge---ntangible assets is relatively more difficult for banks;4) secondary market for intangible assets is not yet mature;5) laws about intangible assets pledged are inadequate, which results in that banks may face Hold-up risk in this business, and as a result, banks may not be actively carrying out the business, thereby affecting the financing of SMEs.The paper based on Becker, Klein, Parsons, Williamson and others'research results, through the perspective of the hold-up problem in the investment, analyzed the relationship between banks and enterprises in intangible assets pledged financing. By establishing mathematical model, the paper analyzed Changes in the banking and corporate earnings for Hold-up risk in intangible assets pledged financing, and by establishing game model, analyzed decisions of banks and enterprises. After analyzed clearly stuck relationship between banks and enterprises, then based on the classic hold-up management thinking, the paper proposed the governance program for hold-up problem in this study, which could reduce or transfer the hold-up risk that the banks faced, and promote such business development, eventually ease the financing problem of SMEs, and promote economic development in a sustained and healthy way.The paper is divided into two parts, introduction and text. Introduction introduced researches on the financing of intangible assets and the hold-up theory used in this study in domestic and foreign, and put forward the focus of this article; text is divided into four chapters, firstly, summarize Simply the hold-up problem in the intangible assets pledged financing, secondly, by theoretical analysis, analyzed characteristics, causes and consequences about the hold-up problem; thirdly, through the establishment of mathematical models and game model, analyzed the hold-up problems; finally, proposed governance scheme,and came to the conclusion.