Research On The Intellectual Property Pledge Financing Of Tech-SMEs

With the advent of the knowledge economy era, China is trying to transform the economic growth mode and building an innovative country. Both the number of enterprises and the number of its intellectual property rights have shown that Tech SMEs are the important force to improve our scientific and technological strength and competitive advantage. So we must pay more attention to the future development of the Tech SMEs.These Tech SMEs’ core assets are intellectual property rights and they lack of adequate tangible assets, so it’s very important to promote the rapid development of intellectual property pledge financing.The State Intellectual Property Office(SIPO) has start pilot IPR pledge financing, pilot investment and financing services and created national investment and financing comprehensive experimental zone of intellectual property rights in 29 areas since 2009. The academia also has carried on many research to this business, among which the most is the operation mode of intellectual property pledge financing and some scholars also proposed the optimized financing pattern.Based on these studies, this paper focuses on the introduction of different models in order to have a comprehensive understanding of the current status of intellectual property pledge financing in China.Then this paper will analyze the specific problem and put forward some suggestion for improvement.On the one hand, this article introduces several typical models by the literature research method and the comparative research method and analyzes each model’s merits and demerits.Then several models are compared, and some enlightenments are obtained.At the same time, it introduces and analyzes the models of the United States and Japan.Then we can learn some experience and find out the existing problems from practice in these areas. In addition, the paper introduces the mode of intellectual property pledge financing in Japan and the United States, analyzes its advantages, and then puts forward some suggestions to improve the current situation of our country by drawing on the successful experience and mode.On the other hand, on the basis of the relevant theory, this paper uses transaction cost theory and evolutionary game theory to analyze the process of intellectual property pledge financing model.So as to find out the problems that hinder the development of intellectual property pledge financing, mainly including these aspects:Asymmetric information, the particularity of intellectual property rights and the imperfect transaction market lead to high transaction costs of banks;Higher bank lending rates and the devaluation of intellectual property rights improve the probability of corporate default;Bank loans mainly depends on the proportion of guarantee provided by the third party guarantee institutions, but this will lead to imbalance in income and risk,and is not conducive to the healthy development of intellectual property pledge financing;Banks will be more willing to choose to conduct supervision if its cost is low.But the reality is the existence of asymmetric information and the particularity of intellectual property rights lead to higher supervision costs, so we must take appropriate measures to reduce its supervision costs;The behavior choice of both sides appears contradictory for the same influence factors.First, corporate’s capital needs can be resolved when the rate of pledge of intellectual property rights is high.But banks will worry aboutcorporate default and reluctant to provide high pledge rate.Second, banks want to choose a higher success rate of investment projects, but will worry about the increase in corporate moral hazard.On the basis of these problems, this paper puts forward some solutions.It mainly includes three aspects :Government(clear government positioning,and play an active role);Market(perfect intellectual property pledge financing transaction market);Enterprise(improve the overall qualities of Tech SMEs).By improving the relevant legislation and policy, the government provides a favorable financing environment for it and improve financing efficiency;To reduce the transaction costs by improving the valuation mechanism and optimizing the risk dispersion mechanism; By improving their credit and enhance the awareness of intellectual property protection,enterprises improve the bank’s loan success rate.Hope that through the improvement of these three aspects can promote the further development of China’s intellectual property pledge financing.