Intangible Assets Mortgage Financing Of Small And Medium-sized High-tech Enterprises

High-tech industry has become an important indicator of overall national strength in thedevelopment process of the world economy.As a high-tech micro-units,small and mediumsized high-tech companies with the large number of fast-growing and flexiblemechanism,which play an important role to absorb the social employment, promoteindustrial upgrading and enhance the competitiveness of the economy.High-tech industry of our country has made a great progress, but the development ofpace and scale for private small and medium sized high-tech companies are notsatisfactory.Because high-tech enterprises are capital-intensive industries, its developmentrequires a lot of funds for support,,so lacking of effective financing channels is the mainissue for small and medium sized high-tech companies development.For the feature of smalland medium high-tech companies with fewer tangible assets,but intangible assets of thecompany share a larger proportion,this paper trying to break the bottleneck through carryingintangible asset backed financing.At first,this article make a feasibility study on launching intangible assets mortgagefinancing of small and medium-sized high-tech enterprises in the Chinese market.Throughanalysis the funding requirements and existing financing conditions of small andmedium-sized high-tech enterprises at this stage,summing up four favorable conditions forthe implementation of intangible assets mortgage financing.Secondly,the article trying to establish an appropriate model for intangible assetsmortgage financing of small and medium-sized high-tech enterprises.Based on the analysisof successful mortgage financing in intangible cases on United States, Japan andKorea,making comparative study,contacting our physical environment,and taking a miningand absorption for those advanced experience.On the basis of induction foreign advancedexperience,but also with reference to a few pilot cases in China,the article trying to propose anew model of innovation for intangible assets mortgage financing of small andmedium-sized high-tech enterprises.Thirdly, this paper introduces game theory to study default risk and related factors forintangible assets mortgage financing of small and medium-sized high-tech enterprises.In theassumption of perfect information,both lenders and borrowers(small high-tech companiesand banks)that exist each of behavior space,and the revenues and costs that every action brought for are expected,as "rational economic man " that they select behavioral strategiesby comparing finally gain.In this paper,through game analysis do a full excavation on factorsthat may affect the behavior of both of participants,thus providing the anchor for preventingfinancing risks.Finally, the paper presents some deficiencies perfect on launching intangible assetsmortgage financing of small and medium-sized high-tech enterprises at China’s currentcircumstances.This part make a research on both the legal risks and the financing marketrisks,and propose some possible improvement measures to meet the needs of practicalapplication.