我国科技型中小企业无形资产组合证券化研究

Research on Portfolio Securitizations of Intangible Assets of High-technology SMEs in China

科技型中小企业亟须大量资金谋求发展,但面临多种融资困境。这类企业相比传统企业拥有大量的专利权、专有技术、非专利技术、商标权、著作权和特许使用权等技术性无形资产。本文从无形资产组合视角研究企业的证券化融资模式,选取中小板和创业板的83家上市科技型中小企业为研究对象,实证发现这些技术性无形资产的组合对于科技型中小企业的盈利能力具有显著的积极影响,同时这些组合资产可以给企业带来稳定的现金流,为资产证券化奠定了基础,最后据此探讨了资产组合证券化模式。本文的启示为:由于该类科技型中小企业轻资产重研发,应推出无形资产组合证券化融资模式来促进企业的良性循环发展。

High-technology SMEs are in urgent need of funds for development,but they're facing multiple financ- ing dilemmas. The important difference between such enterprises and traditional ones lies in their possession of a large number of technical intangible assets,such as patents,proprietary technologies,non-patented technologies,trade- mark rights,copyrights and licensing rights. 83 high-technology SMEs from the SMEs board and the GEM are selected as research objects. The empirical results show that the portfolio of these assets has a significant positive impact on the profitability of high-technology SMEs. Meanwhile,the portfolio itself can bring stable cash flow to enterprises and pre- pare for asset securitization. Because this kind of enterprise pays attention to the particularity of research and develop- ment,an intangible assets portfolio securitization financing model should be launched to promote the virtuous circle de- velopment of enterprises.