Journal of Guangdong University of Technology ›› 2022, Vol. 39 ›› Issue (01): 85-92.doi: 10.12052/gdutxb.210102

Previous Articles     Next Articles

A Research on the Pricing and Profitability Effect of Intellectual Property Asset Securitization

Qu Jiang1,3, Liu Hong-wei1, Zhang Yu-lei1, Zhu Hui2   

  1. 1. School of Management, Guangdong University of Technology, Guangzhou 510520, China;
    2. School of Management, Guangzhou University, Guangzhou 510006, China;
    3. Guangzhou Rural Commercial Bank, Guangzhou 510663, China
  • Received:2021-07-08 Published:2022-01-20

HTML

PDF (PC)

2737

Abstract: With the increasing financing demand of technology-based small and medium-sized enterprises(SMEs), the securitization of intellectual property is increasingly concerned by the academic. The process of intellectual property asset securitization and the evaluation method of intellectual property value are combed. This paper clarifies the role of intellectual property securitization in financing and profitability of technology-based SMEs, and establish the price function model and business earnings function model of intellectual property asset securitization. The slope and radian of the function curve is defined based on the nonlinear curve characteristics of the securities price derivative function. The analysis methods of the asset price function curve is constructed when the enterprise's yield changes . The analysis method is applied to the earnings judgment of technology-based SMEs after asset securitization, and the earnings judgment conditions and methods are established. The results can provide methodological guidance for the research of enterprise intellectual property asset securitization.

Key words: technology-based SMEs, intellectual property rights, securitization of intellectual property, enterprise surplus, nonlinear curve

CLC Number: 

  • F830
[1] 黄孝武, 任亚奇, 余杰. 宏观经济不确定性与上市公司盈余管理——来自上市公司的经验分析[J]. 统计与决策, 2021, 37(1): 174-177.
[2] 陈思豆, 黄卓铨, 杨兴雨. 考虑限制性卖空的多期模糊投资组合优化模型[J]. 广东工业大学学报, 2021, 38(2): 39-47.
CHEN S D, HUANG Z Q, YANG X Y. A multi-period fuzzy portfolio optimization model considering restricted short selling [J]. Journal of Guangdong University of Technology, 2021, 38(2): 39-47.
[3] 曲江, 刘洪伟, 朱慧, 等. 知识产权资产证券化的价格敏感度[J]. 科技管理研究, 2020, 40(16): 200-205.
QU J, LIU H W, ZHU H, et al. Price sensitivity of intellectual property asset securities [J]. Science and Technology Management Research, 2020, 40(16): 200-205.
[4] 史亚雅, 杨德明. 数字经济时代商业模式创新与盈余管理[J]. 科研管理, 2021, 42(4): 170-179.
SHI Y Y, YANG D M. Business model innovation and earnings management in the era of digital economy [J]. Science Research Management, 2021, 42(4): 170-179.
[5] 王晓芳, 王曦, 杨涛. 知识产权证券化基础资产选择及其转让过程中的风险防范[J]. 现代商业, 2020, 15(26): 122-123.
[6] 陈晓, 戴翠玉. A股亏损公司的盈余管理行为与手段研究[J]. 中国会计评论, 2004, 2(2): 299-310.
CHEN X, DAI C Y. An empirical analysis on the earnings management of the A-share loss firms [J]. China Accounting Review, 2004, 2(2): 299-310.
[7] 李巧莎. 基于金融成长周期理论的科技型中小企业融资问题研究[J]. 科技管理研究, 2013, 33(2): 243-245.
LI Q S. Study on financial problems of technological small and medium-sized enterprises based on financial growth cycle theory [J]. Science and Technology Management Research, 2013, 33(2): 243-245.
[8] 杨兴雨, 刘伟龙, 井明月, 等. 基于模糊收益率的分散化投资组合调整策略[J]. 广东工业大学学报, 2020, 37(5): 13-21.
YANG X Y, LIU W L, JING M Y, et al. A diversified portfolio selection strategy based on fuzzy return rate [J]. Journal of Guangdong University of Technology, 2020, 37(5): 13-21.
[9] 王炎坤, 刘桂芳. 科技成果管理与知识产权制度的关系[J]. 科技管理研究, 2002, 22(6): 74-75.
[10] 刘伍堂, 王晓冉, 肖霖之, 等. 科技成果知识产权评估指标体系及评估方法[J]. 中国资产评估, 2019, 24(6): 30-39.
LIU W T, WANG X R, XIAO L Z, et al. Evaluation index system and evaluation method of intellectual property of scientific and technological achievements [J]. Appraisal Journal of China, 2019, 24(6): 30-39.
[11] 任丽明, 阴霞, 张振宇, 等. 知识产权转让定价研究——基于双向拍卖模型的分析[J]. 价格理论与实践, 2019, 39(7): 128-131.
REN L M, YIN X, ZHANG Z Y, et al. Intellectual property transfer pricing research—based on the analysis of the two-way auction model [J]. Price:Theory & Practice, 2019, 39(7): 128-131.
[12] 王磊. 浅谈知识产权价值评估在市场经济中的运用[J]. 中国发明与专利, 2019, 16(8): 82-85.
WANG L. A brief introduction on the application of intellectual property value assessment in market economy [J]. China Invention & Patent, 2019, 16(8): 82-85.
[13] 邵永同, 王常柏. 科技型中小企业知识产权证券化中的资产组合构建[J]. 科技管理研究, 2014, 34(3): 157-160.
SHAO Y T, WANG C B. A study on portfolio construction in intellectual property securitization of high-tech small and medium-sized enterprises [J]. Science and Technology Management Research, 2014, 34(3): 157-160.
[14] 张会洁. 盈余管理文献综述[J]. 农村经济与科技, 2019, 30(20): 106-107.
[15] 张钰. 企业资产证券化中的盈余管理[J]. 合作经济与科技, 2012(18): 78-79.
[16] 陈祥有. A股发行公司IPO前盈余管理与IPO后经营业绩的实证研究[J]. 财经理论与实践, 2010, 31(1): 62-65.
CHEN X Y. Empirical research on the relationship between pre-IPO earnings management and post-IPO performance for China firms [J]. The Theory and Practice of Finance and Economics, 2010, 31(1): 62-65.
[17] 钱艳英. 限制卖空条件下证券组合投资的优化决策[J]. 广东工业大学学报, 2002, 29(3): 87-90.
QIAN Y Y. Optimal decision portfolio investment under the condition of nonshort sale [J]. Journal of Guangdong University of Technology, 2002, 29(3): 87-90.
[18] 胡威. 资产证券化的运行机理及其经济效应[J]. 浙江金融, 2012, 31(1): 62-66.
[19] 叶琳, 鲍新中. 知识产权证券化风险及其评价研究[J]. 财务管理研究, 2020, 69(9): 24-29.
[1] Zhu Huai-nian, Huang Si-han, Huang Jia-yi, Huang Yong-hao. Ambiguity Aversion and Optimal Investment and Reinsurance Strategies for Insurers with Derivative Trading [J]. Journal of Guangdong University of Technology, 2022, 39(06): 26-35.
[2] Chen Si-dou, Huang Zhuo-quan, Yang Xing-yu. A Multi-period Fuzzy Portfolio Optimization Model Considering Restricted Short Selling [J]. Journal of Guangdong University of Technology, 2021, 38(02): 39-47.
[3] Yang Xing-yu, Liu Wei-long, Jing Ming-yue, Zhang Yong. A Diversified Portfolio Selection Strategy Based on Fuzzy Return Rate [J]. Journal of Guangdong University of Technology, 2020, 37(05): 13-21.
[4] He Jin-an, Wang Bei, Lin Jia-xing. An Online Portfolio Strategy Based on Active Expert Advice [J]. Journal of Guangdong University of Technology, 2020, 37(04): 59-64.
[5] Wei Sheng, Dai Ke-mian. An Analysis of Blockchain Applications in Financial Scenarios and an Exploration of Enterprise Software Architecture of Blockchain as a Service(BaaS) [J]. Journal of Guangdong University of Technology, 2020, 37(02): 1-10.
[6] Wei Sheng, Dai Ke-mian. Revolution and Prospect of Private Equity Crowd-Funding Platform Based on Blockchain Technology [J]. Journal of Guangdong University of Technology, 2019, 36(02): 37-46.
[7] Yang Xing-yu, He Jin-an, Shen Jian-hua. An Adaptive Online Portfolio Strategy Based on Moving Window [J]. Journal of Guangdong University of Technology, 2018, 35(03): 61-66.
Viewed
Full text


Abstract

Cited
  Shared   
  Discussed   
No Suggested Reading articles found!
Copyright © 2017 Journal of Guangdong University of Technology
Add：729 East Dongfeng RD., Guangzhou PRC. Postcode: 510090
Tel：020-37626653,020-37626139,020-37626396
Email：xbzrb@gdut.edu.cn
Supported:Beijing Magtech