The Research Of Value Evaluation Of Tech SMEs’ Patent Pledge

Tech SMEs are not only the important driving force for economic development, but also the most active and promising groups in the technological innovation area. At the same time, they often face severe financial difficulties and that may restrict their development. Patent pledge financing is a new way of financing in order to relieve tech SMEs’financing pressure and consider with tech SMEs’characteristics and needs. Patent value evaluation is the most critical aspect of patent pledge. Compared with the traditional patent evaluation methods, real option method takes the uncertainty of the value into account, and thinks that the elastic and flexibility of operation and management can bring benefits to investment decisions. Therefore, this paper chooses the real option method to assess the value of the patent.Volatility is the reflection of the uncertainty and potential value of patent, and its accuracy is directly related to the accuracy of patent evaluation. This paper select volatility as the research focus, then establish the patent pledge volatility evaluation system of tech SME and BP neural network for patent pledge volatility estimating. All those wish to ensure the accuracy of the value evaluation of pledged patent.Compared with the general patent value evaluation, the patent pledge evaluation of tech SEMs should consider more factors due to different purpose and assess situation. The factors should be taken into account including the tech SEMs’operation and management factors and the situation of patent pledge related. Furthermore, the existing literatures studied factor are focus on patent value. This paper analysis the option pricing model and think that the factors affect the patent value by affecting the five model parameters. Therefore, this article uses the factor analysis method to reduce dimension and classify, and then establish the volatility pledge e system of tech SMEs.To reflect the complex relationship between volatility index and the volatility, the paper selects the method of BP neural network as the computing method. By training the model, we can obtain the BP neural network for volatility estimating. The volatility get through BP neural network can reflect the future uncertainty of a pledged patent comprehensively.Combined with the option pricing model, this paper can get an accurate and actionable patent evaluation method. That avoiding the inaccuracies bring by subjectively estimating the volatility. In order to implement the model simply and quickly, and avoid complex algorithm, the paper use the VBA program.Through the study of the actual patent pledge, this paper obtain the superiority of the real options approach and obtain the BP neural network for volatility estimated, and by comparing with the volatility obtained by Monte Carlo simulation, this paper verifies the correctness and superiority of BP neural network. Finally, this paper provide some constructive suggestions to future patent pledge practice according to the volatility evaluation index system and the option pricing models based on BP neural network.