【作　　者】
Youtang Zhang，Ying Peng，Shuai Liu

【作者单位】
（School of Management，Wuhan University of Technology，Wuhan，P.R. China，430070）

【摘　　要】
Abstract: China is now building an innovation nation which use the strategy of intellectual. The effective use of intellectual property rights , promoting the combination between the intellectual property and the economic and social development is an important content in China. And we can use the intellectual property rights finance to solve the problem of lending for small and medium sized enterprises which our country is exploring for a long time.Also it is a significant way to the science and technology finance. Firstly, this paper introduce the policy of intellectual property finance in China. Secondly, it draw on the experience of Ameria and Japan which apply the intellectual property rights finance good. Thirdly, author design the China model of intellectual property rights finance based on the development cycle of intellectual property, and innovate the gradient valuation techniques.
Keywords: Intellectual Property Finance； Intellectual Property Mortgage Loans； Intellectual Property Fund； Intellectual Property Securitization； Gradient Valuation

1 Introduction
Along with the arrival of knowledge-based economy ages, knowledge has provided strong support for the rapid development of economy, and transformation between input and out put of the modern production process more rely on konwledge factors to achieve. Intellectual property finance is a new financing way following the tradition financial and internet financial at the background of the knowledge economy and the transformation of China"s economy. Besides, intellectual property finance can also help the effective combination of the money supplier, peer to business, peer to peer lending, and intellectual property, then promote the scientific and technological industrialization. The development of intellectual property finance is the impetus of economy, however, the support of finance to intellectual property can not meet the needs of speedy economic development, even become the bottleneck of the small and medium sized enterprises.
In China, financial institutions which can supply the capital as collateral mainly on the static assets, such as house, land, etc. Some place build the area property rights transfer agency, but the transaction object also focus on real-estate. Besides, we should stress on the improtance of guarantee agency, which is the intermediary between the bank and the enterprise. Guarantee agency also can help to solve the problem of financing difficulties. However, guarantee agency also has problems such as the collateral not diversified, capital inequacy, low profit,  and lack of trust with banks, etc.
Nowadays, some financial institutions have built the guarantee system which bind the asset evaluation agencies, law firms and pledgors together for the intellectual property pledge loan business. That is to say, asset evaluation agencies guarantee the value of the intellectual property; law firms must ensure the legal status of the intellectual property. However, the intellectual property price fluctuations will lead to the three party guarantee mode hard to apply in practice.
2 Analysis of Intellectual Property System from the Perspective of Internaionl
The market value of more than 83% enterprises in America NYSE market 1975 are mostly inventory, accounts receivable and equipment, etc. After 35 years, the consist of which only 20% are inventory, accounts receivable and equipment, mostly are intangible assets, such as intellectual property rights. With the development of society, we can see intellectual property rights have become a very important asset in the market value of listed companies. Firstly, Small Business Administration (SBA) provides three means for the intellectual property mortgage loans. That is providing partial guarantees, providing reassurance, and providing financing services for small and medium sized enterprises through small business investment companies which are managed by SBA. Secondly, USA investment bank and its organization of intellectual property also promote the diversification of asset pool, which include copyright, trademark right, patent right, franchise right, etc. This all help the development of intellectual property securitization, the purpose of which is transferring the patent technology as soon as possible. Thirdly, venture capital firms build intellectual property fund serves intellectual property rights financing.
Development Bank of Japan (DBJ) is a state owned policy financial institutions, and its investment direction mainly focus on the policy key projects. But it is operate not for profit, so not to participate in market competition. Firstly, intellectual property mortgage loans implement by DBJ from 1995, which main targets are small and medium sized enterprises or emerging enterprises. And DBJ cooperate with the Credit Guarantee Association for loans. Secondly, first successful implementation of Japan"s intellectual property securitization in 2003, the guarantor guarantees the intellectual property rights bonds, which can help to enhance the credit. In addition, Japan gradually established its perfect legal system of intellectual property securitization. Thirdly, Japanese government provides industry development fund, which also assist to intellectual property financing.
3 The Innovation Designing of Intellectual Property Rights Financial System Linkage Mode
3.1 Intellectual Property Rights Financial System Linkage Mode
The participator of intellectual property rights involves many departments, and each department needs the support of government policies. Therefore, it is an urgent problem for government to balance the relationship between the departments, and create a good environment for high-tech enterprises through policy guidance. This paper designs the linkage mode of intellectual property rights financial system, which combines the government, financial intermediaries, financial products, public service platform for intellectual property financial, and science and technology enterprises together (Fig. 1).
According to the intellectual property rights financial development, intellectual property rights can be divided into three stages: technology research and development phase, after formation of technology, and the transaction stage of technology property rights. In addition, we can embed in different financial products in different stage, according to the characteristics of each stage.
3.2 Technology Research and Development Phrase Based on the Development Cycle of Intellectual Property Finance
In the technology research and development phase, R&D funds of small and medium sized enterprises mostly come from owner’s capital and retained earnings. With the support of the government, R&D funds are gradually increasing, but as a growing high technology enterprise only rely on its own funds and government support funds, which is still insufficient to support the technology research and the development of the enterprises.
(1)Patent Operation Fund
Patent operation fund are funded by high tech government and its zone, at the same time, introducing the strategic investors in various industries participate. This all can help the high-tech enterprises effectively acquire the core technology patents, and dominate in its industry at the future development.
(2)Combination of Financing Mode
The combination of financing mode which can dissolve the loan risk of banks, is introduced guarantee companies, insurance companies, etc. as the risk-sharing institution. Banks who can obtain the support capital from national, provincial, and municipal government according to the small and mid-sized enterprises, loan to the enterprises at a certain proportion that mostly rely on the strength of technology research of the enterprises and obtaining the amount of funds support.
3.3 After the Formation of Technology Based on the Development Cycle of Intellectual Property Finance
(1)Intellectual Property Mortgage Loan and Its Model Innovation
The process of the intellectual property mortgage loan includes three steps. Firstly, the small and medium sized enterprises submit an application including loans and guarantees to the guarantee agencies according to the enterprises own development needs. The guarantee agencies must sign a strategic cooperation agreement with some commercial bank. Secondly, if the guarantee agencies accept the application, the guarantee agencies must do due diligence to the applier. Then the guarantee agencies design the counter guarantee agreement-- intellectual property mortgage loan, and issue a survey report. Thirdly, the guarantee agencies issue the guarantee intent letter to commercial bank. After audited by commercial bank, commercial bank lends the loans to the enterprises.
Intellectual property mortgage loan model innovation includes intellectual property mortgage loan portfolio, set trust plan model, etc.
(2) Intellectual Property Securitization
Intellectual property securitization is a structured financing way, which base on the credit of intellectual property rights and add the securities tools on it. On the process of securitization, the securitized assets are not the intellectual property itself, but the returning or the commission when the intellectual property rights transferred to others. After the securitization of the intellectual property rights, the applier can still hold and manage the intellectual property rights.
3.4 Transaction Stage of Intellectual Property Rights Based on the Development Cycle of Intellectual Property Finance
(1)Intellectual Property Transaction Loan
There is a transaction in the mode of intellectual property transaction loan. The buyer wants to buy the intellectual property rights, but lack of money. Then he lend the money from the bank, guarantee agencies assuring for him, and the buyer use the rights as a counter guarantee.
(2) Intellectual Property Rights Restructuring Loan
Intellectual property rights restructuring loan can apply in the merger and reorganization enterprises. We can use it in the company which wants to merger.
4 Gradient Valuation Techniques of Intellectual Property Finance
When we talked about intellectual property finance, we must know how to evaluate the value of the intellectual property rights. According to the formation process of the intellectual property rights, it usually passes through three phases: input, trial, and stability. Therefore, the valuation of intellectual property rights should evaluate by each stage according to their formation process, and then add together to get the value of intellectual property rights.
The value of intellectual property rights are affected by three factors: technology dividing rate, income discount rate, and discount period. Therefore, we can get the intellectual property rights gradient valuation formula:

Among them: Vm  is the middle value evaluation of intellectual property rights; K is the technology dividing rate; ROE1 is the expected return on net assets in input period; ROE2 is the expected return on net assets in trial period; ROE3 is the expected return on net assets in stability period; i1 is the discount rate in input period; i2 is the discount rate in trial period; i3 is the discount rate in stability period; T is the economic life of evaluated technology.
4.1 Technology Dividing Rate (K)
Technology dividing rate is determined by three factors: legal, technical, and economic. We should test the influence of each factor, through the weights from the experts for each factor, and finally get the technology dividing rate. The process which we just use is comprehensive evaluation method. When using the method, it not only takes the possible influence of various factors into account, but also references the commission rate of technology in the international trade, thus the result of technology dividing rate is scientific and impartiality. According to the influent factors, we can design the comprehensive table for each factor, through the situation of the intellectual property rights assuring the score of each factor. Technology dividing rate can be seen in table 1:
Adjustment coefficient of technology dividing rate can be got as following:

 
The range of technology dividing rate can be determined according to the ratio range of international technology trading which has been recognized by many counties. In evaluation practice, we often use net profit sharing method to get the range of technology dividing rate，through the position of the buyers of the industries and companies of intellectual property rights.
According to the range of technology dividing rate and its adjustment coefficient, we can get the result of technology dividing rate:
K=m+(n-m)×a
Among them: K is the technology dividing rate; m is the lower limit; n is the upper limit; a is the adjustment coefficient of technology dividing rate.
4.2 Income Discount Rate (i)
It is usual using the international model of social average income to evaluate the income discount rate.
i=Rf+(Rm-Rf)×r
Among them: Rf is the risk-free return rate; Rm is the risk return rate; r is the risk coefficient.
(1)Risk-free Return Rate.
Risk-free return rate should take the social average return rate into considering, usually using five years treasury rates which issued by the people"s bank of China.
(2)Risk Return Rate.
Risk in three implementation phrases is different, so the risk return rate should be determined by the patent"s implementation phrase—— technology research and development phrase, after the formation of technology, or transaction stage of intellectual property rights.
(3)Risk Coefficient.
Risk coefficient involves technology risk coefficient (r1), market risk coefficient (r2), capital risk coefficient (r3), management technology risk coefficient (r4), and each risk shares 25%. The specific data can be calculated by table 2. The calculate means:

 
Among them: rij is the expert score of the j sub risk of the risk coefficient i; wij is the weight of the j sub risk of the risk coefficient j.
(4)The Discount Rate of Intellectual Property Rights in Three Phrases.
From what has been discussed above, because there are different risk return rate in different phrases of intellectual property rights, each discount rate can be described as following:
i1=Rf+(ROE1-Rf)×r
Among them, ROE1 is the expected return on net assets in input period.
i2=Rf+(ROE2-Rf)×r
Among them, ROE2 is the expected return on net assets in trial period.
i3=Rf+(ROE3-Rf)×r
Among them, ROE3  is the expected return on net assets in stability period.
4.3 Discount Period (T)
When using the income method assesses the discount period intellectual property rights, we usually choose economic life of intellectual property rights as the discount period. The main evaluation index can be used as the Fig.2.

Because intellectual property rights usually experience three phrases——input, trial, and stability. When we get the economic life of intellectual property rights, we must allocate the time in the three phrases. Usually the transferred intellectual property rights are new technologies on the market, thus the three phrases always allocated proportion are 20%, 30% and 50%, according to the general life of intellectual property rights.
4.4 Intellectual Property Level Coefficient (RAi)
The buyer and the seller usually experience bargaining stage to get the finalized price in the actual transaction, thus the intellectual property level coefficient has guidance for buyer and seller to reach game equilibrium. Intellectual property level coefficient can be influenced by technology, maturity of the enterprises, industry future, analysis of investment, marketing, economic benefits, social benefits, and stability. Firstly, using analytic hierarchy process (AHP) allocates the weights of evaluated indexes; secondly, it is necessary to get the expert opinions; thirdly, using fuzzy comprehensive evaluation method gets the scores of intellectual property level coefficient. Accord to the company law of China, the proportion of intellectual property rights should be no more than 70% in the equity of one company, that is to say, the highest result of intellectual property level coefficient is 70%. So the calculation of intellectual property level coefficient as following:
[RAi=z10×70%]
4.5 Evaluation Model of Intellectual Property Rights
The main parameters in evaluation model of intellectual property rights including seller price and buyer price which can be adjusted by their needed according to the middle price of seller and buyer. Generally, the adjustment is no more than 30%.

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