Study On The Impact Of Agricultural Intellectual Property On The Loan Financing Of Agricultural Science And Technology Enterprises In Sichuan

It is well known that the development and modernization of rural agriculture is heavily dependent on agricultural science and technology enterprises.However,due to limitations of their industrial characteristics and low competitiveness,agricultural science and technology enterprises are facing "financing difficulties".A promising way to address this problem is to transfer intellectual properties of agricultural science and technology(S&T)enterprises from intangible asset into enterprise capital,as intellectual properties play an importance role on the core competence of these enterprises.Therefore,in this project,the effects of the agricultural intellectual properties on the financing of agricultural S&T enterprises are investigated,in order to gain an improvement of the financing situations faced by these corporations.The financing situations of main agricultural S&T enterprises in Si Chuan province are analysed in this project.Then mechanisms of how intellectual properties affect enterprises'financing are carried out based on theories of intellectual property,technological finance as well as Credit rationing.Probit and Tobit models are applied to evaluate the satisfied extent of these enterprises' financing situation.Meanwhile,effects of the amount of intellectual properties and technological projects fund by governments,tangible assets,solvency,profitability,market environment on enterprises'financing are also investigated in this project.Conclusions are as followings:(1)Possibilities and satisfied extents of obtaining finance for main agricultural S&T enterprises in Si Chuan province are limited.Intellectual properties can significantly improve the financing of these enterprises.(2)Agricultural S&T enterprises in Si Chuan province are facing the problem of non-enough amounts and un-balanced structures of Intellectual properties,and are quite lack of core intellectual properties.(3)Intellectual properties,core intellectual properties and technological projects are the main factors which can affect the enterprises' financing extent,especially,core intellectual properties are significantly contributed to the financing situation.(4)Tangible assets are an important factor of agricultural science and technology enterprises to obtain credit financing,the asset liability ratio of corporates also has a significant impact on credit financing,previous profits of enterprises and industrial features do not obviously affect the credit financing of corporates.(5)Both the mixing of intellectual properties and tangible assets and that of core intellectual properties and tangible assets have a positive influence on the credit financing of agricultural S&T enterprises but not very obvious.Based on above findings,financing of agricultural S&T enterprises can be achieved by characteristic making loaning policies of agricultural S&T enterprises,building specific policies for medium and small corporations,enhancing intellectual properties transferred into market products,improving the evaluation and trading mechanism of agricultural intellectual properties as well as cultivating of third party financing and guarantee corporation and so on.In this way,financing difficulties of agricultural S&T enterprises can be effectively addressed.