知识产权资产证券化的价格敏感度研究

Research on price sensitivity of intellectual property asset securities from the perspective of Technology-based small and medium-sized enterprises

摘要:

为分析影响知识产权资产证券化价格的要素，建立证券价格敏感度曲线模型，并研究知识产权资产证券价格函数在各要素作用下的敏感度及非线性曲线的变化规律；本研究首先通过文献回顾挖掘影响要素，随后，利用知识产权资产价格非线性曲线的斜率及弧度建立证券价格敏感度度量方法，以期为知识产权资产证券化的价格敏感度分析提供定量化表达。研究结果显示：证券价格对证券期限长短及现金流变化频率的敏感性较高，而证券收益率越高，证券价格对其变动的敏感性越低。研究旨从理论创新及指导实践两方面为科技型中小企业开展知识产权资产证券化提供建议。

Abstract:

To analyze the influencing factors of intellectual property asset securitization price, establishe the model of security price sensitivity curve, and study the sensitivity of intellectual property asset security price function under the action of each factor and the changing law of nonlinear curve. This study first explores the influencing factors through literature review, and then uses the slope and radians of the non-linear curve of intellectual property asset prices to establish a security price sensitivity measurement method in order to provide a quantitative expression for the price sensitivity analysis of the asset securitization of intellectual property. The results show that the sensitivity of securities price to the duration of securities and the frequency of cash flow is higher, but the higher the yield, the lower the sensitivity of securities price to its change. The purpose of this study is to provide suggestions for the development of intellectual property asset securitization in small and medium-sized technological enterprises from the aspects of theoretical innovation and guiding practice.