基于专利质押的P2P网贷信号博弈分析
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摘要
针对互联网金融与专利质押结合的融资新模式,构建了借款企业与投资人之间信号博弈模型,分析了参与双方的策略选择以及均衡状态的影响因素。研究表明:考虑信息传递的动态性和不完全性,专利质押物可变现价值和信息掩饰成本是影响互联网金融市场均衡的关键因素。因此,提高P2P平台专利质押融资效率应通过加快知识产权交易平台建设,引入互联网融资征信机制,加强P2P平台融资项目的内部监管以及完善P2P平台信息披露机制等途径来实现。
Considering a new financial mode of P2 P lending with patent as collateral,this paper constructs a signaling model of borrowers and investors on P2 P lending and analyzes the participation strategy choice of both sides and the key factors in the model. Result shows that: owing to incompleteness and dynamic transmission of information,efficiency of market equilibrium will be influenced by the realizable value,information hiding costs and so on. Thus appropriate policies should be focused on construction of intellectual property rights trading platform,introduction of financing credit mechanism,strengthening internal supervision of P2 P financing projects and improving the information disclosure mechanism of P2 P platform.
Considering a new financial mode of P2 P lending with patent as collateral,this paper constructs a signaling model of borrowers and investors on P2 P lending and analyzes the participation strategy choice of both sides and the key factors in the model. Result shows that: owing to incompleteness and dynamic transmission of information,efficiency of market equilibrium will be influenced by the realizable value,information hiding costs and so on. Thus appropriate policies should be focused on construction of intellectual property rights trading platform,introduction of financing credit mechanism,strengthening internal supervision of P2 P financing projects and improving the information disclosure mechanism of P2 P platform.
引文
[1]刘沛佩.谁来为知识产权质押融资的“阵痛”买单——兼论知识产权质押融资的多方参与制度构建[J].科学学研究,2011,29(4):521-525.
[2]肖侠.科技型中小企业知识产权质押融资管理对策研究[J].科学管理研究,2011,29(5):116-120.
[3]程守红,周润书.知识产权质押融资中的政策工具及模式研究[J].华东经济管理,2013(2):159-166.
[4]Amable B,Chatelain J B,Ralf K.Patents as Collateral[J].Journal of Economic Dynamics&Control,2010,34(34):1092-1104.
[5]苑泽明,李海英,孙浩亮,等.知识产权质押融资价值评估:收益分成率研究[J].科学学研究,2012(6):856-864.
[6]Dang J,Motohashi K.Patent Value and Liquidity:Evidence from Patent-collateralized Loans in China[J].Computational Linguistics,2012,28(4):399-408.
[7]薛明皋,刘璘琳.专利质押贷款环境下的专利价值决定因素研究[J].科研管理,2013,34(2):120-127.
[8]Fischer T,Ringler P.What Patents are Used as Collateral?—An Empirical Analysis of Patent Reassignment Data[J].Journal of Business Venturing,2014,29(5):633-650.
[9]方厚政.专利质押贷款模式影响因素的实证研究——来自上海市的经验证据[J].上海经济研究,2014(8):50-56.
[10]姚王信,朱玲,韩晓宇.创新要素区位分布对省域专利质押融资能力的影响[J].科技进步与对策,2016,33(22):28-35.
[11]刘璘琳.专利质押贷款模型及实证研究[D].华中科技大学,2012.
[12]朱国军,许长新.完全市场模式下银行专利质押融资质押率决策模型研究[J].科研管理.2012(12):117-125.
[13]钱坤,沈厚才,殷倩波.基于企业专利质押的信贷风险决策[J].系统工程,2013(9):39-43.
[14]文豪,曲文哲,胡昊楠.专利许可收益权质押融资的性质及其适用法规研究[J].宏观经济研究,2016(12):112-121.
[15]文豪.中小企业知识产权质押贷款的障碍原因及前景——来自银行从业人员的问卷调查研究[J].中国资产评估,2012(2):25-29.
[16]张魁伟,许可.中小企业专利质押融资的风险规避研究[J].财政研究,2014(11):27-30.
[17]Puro L,Teich J E,Wallenius H,et al.Borrower Decision Aid for People-to-people Lending[J].Decision Support Systems,2010,49(1):52-60.
[18]Ravina E.Love&Loans:The Effect of Beauty and Personal Characteristics in Credit Markets Available at SSRN 1107307[N].Working Paper,2012.
[19]Lin M,Prabhala N R,Viswanathan S.Judging Borrowers by the Company They Keep:Friendship Networks and Information Asymmetry in Online Peer-to-peer Lending[J].Management Science,2013,59(1):17-35.
[20]王会娟,廖理.中国P2P网络借贷平台信用认证机制研究——来自“人人贷”的经验证据[J].中国工业经济,2014(4):136-147.
[2]肖侠.科技型中小企业知识产权质押融资管理对策研究[J].科学管理研究,2011,29(5):116-120.
[3]程守红,周润书.知识产权质押融资中的政策工具及模式研究[J].华东经济管理,2013(2):159-166.
[4]Amable B,Chatelain J B,Ralf K.Patents as Collateral[J].Journal of Economic Dynamics&Control,2010,34(34):1092-1104.
[5]苑泽明,李海英,孙浩亮,等.知识产权质押融资价值评估:收益分成率研究[J].科学学研究,2012(6):856-864.
[6]Dang J,Motohashi K.Patent Value and Liquidity:Evidence from Patent-collateralized Loans in China[J].Computational Linguistics,2012,28(4):399-408.
[7]薛明皋,刘璘琳.专利质押贷款环境下的专利价值决定因素研究[J].科研管理,2013,34(2):120-127.
[8]Fischer T,Ringler P.What Patents are Used as Collateral?—An Empirical Analysis of Patent Reassignment Data[J].Journal of Business Venturing,2014,29(5):633-650.
[9]方厚政.专利质押贷款模式影响因素的实证研究——来自上海市的经验证据[J].上海经济研究,2014(8):50-56.
[10]姚王信,朱玲,韩晓宇.创新要素区位分布对省域专利质押融资能力的影响[J].科技进步与对策,2016,33(22):28-35.
[11]刘璘琳.专利质押贷款模型及实证研究[D].华中科技大学,2012.
[12]朱国军,许长新.完全市场模式下银行专利质押融资质押率决策模型研究[J].科研管理.2012(12):117-125.
[13]钱坤,沈厚才,殷倩波.基于企业专利质押的信贷风险决策[J].系统工程,2013(9):39-43.
[14]文豪,曲文哲,胡昊楠.专利许可收益权质押融资的性质及其适用法规研究[J].宏观经济研究,2016(12):112-121.
[15]文豪.中小企业知识产权质押贷款的障碍原因及前景——来自银行从业人员的问卷调查研究[J].中国资产评估,2012(2):25-29.
[16]张魁伟,许可.中小企业专利质押融资的风险规避研究[J].财政研究,2014(11):27-30.
[17]Puro L,Teich J E,Wallenius H,et al.Borrower Decision Aid for People-to-people Lending[J].Decision Support Systems,2010,49(1):52-60.
[18]Ravina E.Love&Loans:The Effect of Beauty and Personal Characteristics in Credit Markets Available at SSRN 1107307[N].Working Paper,2012.
[19]Lin M,Prabhala N R,Viswanathan S.Judging Borrowers by the Company They Keep:Friendship Networks and Information Asymmetry in Online Peer-to-peer Lending[J].Management Science,2013,59(1):17-35.
[20]王会娟,廖理.中国P2P网络借贷平台信用认证机制研究——来自“人人贷”的经验证据[J].中国工业经济,2014(4):136-147.