Evaluating The Patent Pledged To Finance Based On Risk Sharing

Patent pledge financing has been getting the attention of community all the time as an effective financing model to expand financing channels.Various policies and regulations which is conducive to the development of patent pledge financing has been published since ?Guarantee law of the People`s Republic of China?defined the legitimacy of patent could be used in pledge financing since 1995.However,the number of patents used to pledge financing is very small compared with the growth of effective patent right each year.The main reason is high risks caused by easy depreciation of patent,instability of right and so on bring a lot of difficulties for the evaluation of the patent pledged to finance.Therefore,it is necessary to study the impact of the risk on evaluating the patent pledged to financeAt present,the study about the evaluation of patent pledge financing mainly centered on the method of patent evaluation,the influencing factors of patent value and the risk of patent pledge financing,but there is little study on the combination of risk factors and valuation method.On the basis of identifying the risk factors of patent pledge financing,this paper will build valuation model of the patent pledge financing on the point of bank and lending institution from the view of risk sharing.Firstly,since existing researches have taken comprehensive analysis of factors in the process of patent pledge financing.The four major risk factors are identified through literature analysis method including legal risk,assessment risk,economic risk and credit risk.Secondly,this paper constructed risk sharing model by analyzing current patent pledge financing mode,and distributed risk factors among the participants patent pledge financing.The legal risks could be shared by law firm,and the estimation risk and credit risk caused by the bank or the lending institution themselves shared by themselves.The economic risks has a direct impact on the patent value,and the credit risks caused by enterprise has a direct impact on the loan amount.Quantitative analysis of these two major risks will be realized subsequently.Thirdly,Monte Carlo Simulation will be used in this paper to quantify the uncertainty of patent products' future incoming.The first step is building a mathematical model based on the traditional income method.Then the probability distribution of the risk variables is determined through data analysis and the probability distribution of patent valuation is obtained through data simulation by using MATLAB software.Fourthly,this paper uses fuzzy comprehensive evaluation method to quantify the impact of enterprise credit risks on the loan amount.Constructing the evaluation index system of enterprise credit risk,then using the analytic hierarchy process to determine the weight of each evaluation index and using fuzzy comprehensive evaluation method to evaluate enterprise credit rating.Examples is analyzed to verify that the patent valuation that is evaluated through the model in this paper which matches the market fluctuation rule better is lower than traditional earning method.