摘要
知识产权价值因素分析是知识产权质押融资理论突破及其应用的核心问题。本文从国家知识产权局专利检索库及商标局网站获得149份专利质押合同和164份商标质押合同的样本信息,运用线性到半对数模型,分析知识产权属性、企业特征及相关控制变量对知识产权质押价值的影响。研究结果表明,知识产权属性是决定其质押价值的关键因素,专利属性总体上比商标属性更能决定其质押价值;企业特征体现融资风险的高低,商标出质企业的特征比专利出质企业的特征更能影响质押贷款额度;控制变量体现金融机构对融资风险的把控,贷款利率对融资额度有显著约束作用,其它控制变量对融资额度有显著正向作用。上述研究表明,质押融资环境下知识产权价值涉及自身属性、企业特征和质押融资环境,政府应建立以知识产权为核心、兼顾企业特征和融资环境的质押融资制度。
Intellectual property pledge financing is an innovation of financial derivative products and an important measure to alleviate the financing difficulties of SMEs.However,how to determine the value of intellectual property is directly related to the development and application of intellectual property pledge loan theory.This article obtains sample information of 149 patent pledge contracts and 164 trademark pledge contracts from the patent website and trademark office website of the state intellectual property office,and uses linear to semi-logarithmic models to empirically analyze the impact of intellectual property attributes,corporate characteristics and related control variables on the value of intellectual property pledges.The research results show that the attribute of intellectual property is the key factor that determines the value of its pledge,patent attributes generally determine its pledge value better than trademark attributes;the characteristics of the enterprise reflect the level of financing risk,the characteristics of trade⁃mark pledge enterprises can affect the pledge loan amount more than the characteristics of patent pledge enterprises;the control va⁃riable reflects the financial institution's control of financing risks,the loan interest rate has a significant constraint on the financing quota,and other control variables have a significant positive effect on the financing quota.The above research shows that the value of intellectual property in the pledge financing environment involves its own attributes,corporate characteristics and the pledge fi⁃nancing environment,the government should establish a pledge financing system that takes intellectual property as the core and takes into account the characteristics of the enterprise and the financing environment.
作者
张超
唐杰
Zhang Chao;Tang Jie(School of Economics and Management,Harbin Institute of Technology,Shenzhen 518055,China)
出处
《工业技术经济》
北大核心
2021年第8期62-69,共8页
Journal of Industrial Technological Economics
基金
哈尔滨工业大学(深圳)人文社会科学发展专项基金“知识产权质押融资影响中小企业创新增长路径研究”(项目编号:20210014)
国家社会科学基金重大项目“中国经济特区发展史(19782018)”(项目编号:16ZDA003)。
关键词
中小企业
知识产权质押
专利价值
商标价值
企业融资
半对数模型
small and medium-sized enterprises
intellectual property pledge
patent value
trademark value
corporate finance
semilogarithmic model
