专利申请、创业融资与独角兽企业估值及成长性

Patent application, venture financing and unicorn corporate valuation and growth

独角兽企业是一种新经济现象,代表那些发展速度快、稀少,私募和公开市场的估值超过10亿美元的创业企业。文章从专利申请、创业融资的角度出发,建立了独角兽企业估值影响因素的理论模型,并且从国内几个重要的初创企业数据库中,手工整理2016-2018年以来中国117家独角兽企业的估值、专利申请数、创业融资、行业、区域及创始人特征等信息,建立OLS回归模型进行实证研究,分析独角兽的估值趋势以及趋势背后的驱动因素。研究发现:(1)近三年来,独角兽企业呈现出估值水平不断提升、估值增速不断加快两大趋势;(2)两大趋势背后,专利申请数以及创业融资是最根本的驱动因素。

Unicorn is a new economic phenomenon,representing those fast-growing,scarce,private and open market value of more than MYM1 billion of start-ups.At the same time,it is an important indicator to measure a country’s innovation capacity,with the characteristics of subversive innovation,explosive growth,cross-border integration and so on.This paper manually collates the valuation,patent applications,capital supply,industry,region and founder characteristics of 117 unicorns in China since 2016-2018 from several important start-up database in China,and analyses the valuation trend of unicorns and the driving factors behind the trend.We find that:(1)in the past three years,unicorns have shown two trends:rising valuation level and accelerating valuation growth;(2)behind the two trends,the number of patent applications and capital supply are the most fundamental driving factors.