（中国社会科学院工业经济研究所，北京 100836；北京工业大学知识产权研究中心，北京 100124）

摘  要：专利资产证券化是推动企业的专利资产能够与金融资本有效融合、促进自主创新中资金需求与供给的良性循环的一种新兴融资方式。在专利资产证券化的过程中，对被证券化专利组合价值的评估是其核心步骤。在实践中，为了降低交易风险，被证券化专利资产池一般由两个或者两个以上的专利组合所构成。为对专利资产证券化中被证券化专利组合价值进行评估，本文针对被证券化专利组合的特点，构建了一个模式转换算法下的三叉树模型。经过算例分析，该模型的运用能够实现对该类专利组合价值的准确评估，从而保证专利资产证券化交易的顺利进行，推动我国专利产业化的进程。

关键词：专利资产证券化  专利组合  价值评估  模式转换算法  三叉树模型

The Assessment of Patent Portfolios in Patent-backed Securitization Based on a Trinomial Tree Pricing Model

Jin Xiaodong  Tan Yunjia

(Institute of Industrial Economics, CASS, Beijing 100836; Intellectual Property Right Research Center of Beijing University of Technology, Beijing 100124)

Abstract: Patent-backed securitization is a kind of merging financing method, which can promote the effective fusion of enterprises’ patent assets and financial capital, and facilitate the benign circle of fund supply-and-demand in independent innovations. In patent-backed securitization， the assessment of patent portfolios’ value in the patent-backed securitization is the core process.In practice, the asset pools are mostly constructed by patent portfolios in order to reduce risks. In this paper, a trinomial tree pricing model with mode conversion algorithm is explored according to the characteristics of this type of patent portfolio; with the purpose to accomplish the assessment of patent portfolios’ value in the patent-backed securitization. Example analysis shows that this model is capable of an accurate assessment of this type of patent portfolios, thus to ensure the process of patent-backed securitizations and to facilitate the benign circle of fund supply-and-demand in independent innovations.

Key Words: Patent-backed Securitization; Patent Portfolios; Assessment; Mode Conversion Algorithm; Trinomial Tree Model

引  言

随着全球科技的快速发展，以专利为代表的知识产权在企业资产价值中所占比例大幅上升，在客观上决定了企业未来融资的重点将逐渐从传统的实物资产转向新兴的专利等无形资产。专利资产证券化正是应这种客观需要而产生的新型融资方式。通过该种交易方式，企业的专利资产能够与金融资本有效地进行融合，从而促进自主创新中资金需求与供给的良性循环。目前，专利资产证券化已被美国、日本等发达国家所采用，对于推动其金融创新与科技发展起到了重要的作用。我国企业在国家相关政策的指导下，也已开展了该项交易的试点工作。由于在实践中一般采取专利组合的形式进行证券化，因此对被证券化专利组合价值的准确评估是完成该项交易的核心。但是，该类专利组合所具有的较强的不确定性导致对其价值的评估难度较大，从而给我国该项交易的顺利进行带来了困难。