CAJ | 학술논문

专利资产证券化是推动企业专利资产与金融资本有效融合、促进自主创新中资金需求与供给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，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，对该类专利组合价值的评估是专利资产证券化的核心步骤。本文针对被证券化专利组合的特点，构建模式转换算法下的三叉树评估模型并给出求解方法。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。
전리자산증권화시추동기업전리자산여금융자본유효융합、촉진자주창신중자금수구여공급량성순배적일충신흥융자방식。재전리자산증권화적과정중，피증권화전리자산지일반유량개혹자량개이상적전리조합소구성，대해류전리조합개치적평고시전리자산증권화적핵심보취。본문침대피증권화전리조합적특점，구건모식전환산법하적삼차수평고모형병급출구해방법。경과산례분석，해모형적운용능구실현대해류전리조합개치적준학평고。
The patent-backed securitization is a 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 securitizations, the asset pools are mostly construc- ted by patent portfolios consist of two or more patents. The assessment of patent portfolios＇ value is the core process in the patent-backed securitization. In this pa- per, a trinomial tree pricing model with mode conversion algorithm is explored and the relative algorithm program is provided according to the characteristics of this type of patent portfolios. Example analysis shows that this model is capable of an accurate assessment of patent portfolios in patent-backed securitizations.