| With the implementation of the innovation-driven development strategy,high-tech enterprises,as the main force of innovation,play a pivotal role in driving economic development.However,at present,high-tech enterprises have the dilemma of unlisted scale is small,lack of physical assets for mortgage financing to support the development of enterprises,and the large number of intellectual property rights owned by high-tech enterprises has opened up a new solution to this dilemma,that is,obtaining financing through intellectual property pledge.As an innovative financing method for high-tech enterprises to obtain development funds,with the rise of the knowledge economy,the importance of intellectual property valuation in the process of pledge financing has gradually increased.The thesis conducts in-depth research on the valuation of the value of intellectual property pledge financing of high-tech enterprises,and this thesis first expounds the relevant theories of high-tech enterprise pledge financing and value evaluation,and then analyzes and discusses the particularity of intellectual property value evaluation,relevant stakeholder factors and various influencing factors of value under the purpose of pledge financing.Secondly,the applicability of the traditional valuation method to assess the value of the patent right is analyzed,and the income method is applicable but limited,so as to carry out the study of the real option method and the binary tree model,analyze the applicability of the real option method in the evaluation of the value of the patent right,expound the concept and theoretical knowledge of the real option method and the binary tree,construct the binary tree option pricing model for the value assessment of the patent right,and determine the model parameters.In addition,an indicator system of factors influencing the value of pledge financing is constructed,starting from the three factors of enterprises,technologies and markets that affect the value of pledge financing during the pledge period,and combined with the use of expert scoring and hierarchical analysis and fuzzy comprehensive evaluation method in fuzzy mathematics to determine the pledge coefficient.Then,combined with the actual cases,the traditional income method and the constructed binary tree option pricing model were used to evaluate the market value of the patent right,and the market value was assessed as 6.5667 million yuan by the income method and 8.9854 million yuan by the binary tree option pricing method,and then through the constructed index system of factors affecting the value of the pledge financing,the pledge coefficient of the patent right under the pledge financing condition was determined to be 22.98%,and the final value of the intellectual property pledge financing under the income method was 5.0577 million yuan.The value of the intellectual property pledge financing under the binary tree option pricing method is6.9206 million yuan.Among them,the difference of 1.8629 million yuan is the option value of the patent right to be estimated,and the difference is the value of the investment income that is uncertain in the future of the patent right.The innovation of this thesis is to evaluate the market value of intellectual property rights from a dynamic point of view,considering the future traditional benefits in the process of intellectual property use,and also taking into account the option characteristics of intellectual property rights,on the basis of the income method,using the binary tree option pricing model,comprehensively evaluating the future traditional returns and future uncertain investment income value in the use of intellectual property rights,after obtaining the market value of intellectual property rights,combined with the pledge financing value influencing factor index system to determine the pledge coefficient,In the end,a more accurate intellectual property pledge financing value is obtained. |
