The Research Of Intellectual Property Valuation Method For Pledge Financing Of High-tech SMEs

Financing of SMEs has always been a major problem in China.After the reform,SMEs have made an indelible contribution and demonstrated a strong productivity for social development.And the most prominent is the High-tech SMEs.As we all know,carrying out technological innovation needs long cycle.If the SMEs want to complete an innovation,they must get bank loans to pay for the lack of cash flow.Therefore,the research on the pledge of IP in high-tech SMEs is valuable.China’s pledge financing started in 2008 and has been in development for about a decade,creating a variety of financing models,such as the Pudong model and the Xiangtan model.Pledge financing model,however,has not solve the core issue –effectivevaluation issues,and it has become the main factors which restricts the development of pledge financing.In sector 1,this thesis introduces the concept of intellectual property value in pledge financing,the theoretical basis and the financing of intellectual property in our country.On this basis,chapter 2 analyzed the influence factors of intellectual property value used for the purpose in the pledge,in the view of intellectual property,enterprise and industry features.The four valuation methods of intangible assets are described following,and the assumptions,advantages and disadvantages of different methods are expounded.Through analysis and comparative on the influence factor of value in practical situation,Iput forward the conclusion that method of income is in accordance with the actual conditions in our country,and lays a foundation for evaluation of typical pledge cases.The third part,on how to construct in this thesis by the method of income is described,and Iput forward a new point of view in calculate various parameters under the traditional income approach.After this,the improvement measures,the parameters of the improved earnings valuation model are constructed.Finally,the correction measures for the parameters in the real option method are put forward,and the valuation model of the real option method is constructed.The fourth chapter using typical case analysis system comprehensivelyuses theincome method,improved revenue method and real option method in the practical application.The analysis of the calculation results of various methods is described.The last chapter put forward some methods to improve the rationality of overall assessment from the angles of Banks and the government.Those countermeasures strive to break the barrier of communicate,which guarantees the rationality of intellectual property valuation.