融资创新：一个项目的融资方法专利资金的创新【外文翻译】.doc

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37、ETERMINATION译文融资创新一个项目的融资方法专利资金的创新资料来源HTTP/WEBEBSCOHOSTCOM/EHOST/PDFVIEWER作者瑞查得比斯项目融资是一种在财政上资助企业的方法。这种方法是通过公平的赞助和一般而言的银行无追索权债务偿还，从而补足企业的现金流量。这种方法还从没有（以作者的知识而言）应用在一个从事生产和收购的企业中以及应用于专利资产的货币化，例如一个投资公司。通过研究公司内部可以产生专利和发明，获得专利（通常来自于大学和企业破产）和包装销售这些专利的权利（以各种形式）可以产生现金流，从而偿还公司的债务，继续运营并向企业的赞助商分配利润。项目融资的一些方面，一般

38、而言，是适用于投资公司的一项非常有用的融资工具。但是，投资公司所面临的一些特定问题，使得项目融资非常有用。本文首先在知识产权市场呈现出一个整体的发展，这种发展可以为投资公司提供基础的可行性研究。此外，这篇文章将在融资策略上呈现出益处和风险方面的定性研究，同时，这篇文章将着重在生产资料的风险技术，以及为了保存投资公司的关键现金流的减灾技术。最后，这篇文章提出并且评价了几种最有可能来自于项目投资的利益。最近专利市场的增加显示了投资公司成功的可能性。根据估计，美国专利市场的交易价值在2006年大约5亿美元左右。“最近，一个专利经纪人在硅谷声称，2008年的一个季度中，他已经在专利交易中完成了超过50

39、00万美元。”菲利普斯，一个电子公司，最近传出了他们销售给RIM公司一个价值173美元相当于65个专利权的公事包的传言。据报道，专利的价值已经从1980年的2000元变为2003年的90000元。这个市场的高速增长很可能是1982年美国联邦法院为了中国民航飞行学院CAFC而呈现的产物。从而可以推测，独立法院提供给公众关于专利权的信心，研究显示了在1985年申请专利权数量的暴涨。但是，即使存在着这种变化，在2003年IBM公司宣称，他们从专利许可权上赚取了10亿美元之前，所有的公司都开始考虑，专利是作为一种和保护市场份额的传统角色相区分的资产。自从2003年，人们开始怀疑IBM公司是否真的从专利

40、许可权上赚取了超过10亿美元的金额。同样是2003年ALANGREENSPAN公司声明“在最近的十年中，我们的经济总产量的部分在本质概念上而不是物理概念上正在不断上升。这种趋势一直改变着资产评估的重点，这种性质从物理性质到知识产权以及后者所具有的合法权益。”这片肥沃的新专利环境提供了地面上与新专利有关的企业生长发芽以及完全开放的环境，从而产生出一个更有效率的专利生态系统。在这些企业中最著名的是专利巨人，或者简单的说，即专利许可授权执行公司PLECS。这些企业获得专利或者试图通过许可或行政诉讼创造收入。虽然他们各自的业务模型不可避免地并不相同，但是在这个区域一些主要的元素是理智的合资企业，高度集

41、中的资本合伙和伦勃朗的管理团队。也有企业担任公司的IP经纪人，帮助鉴定专利持有权或者专利买方市场。一些IP代理人或经纪人的例子包括IPVALUE管理、思想火花、拐点和内在潜能。一般专利公司是一种混合专利许可授权执行公司性能和经纪公司的结合。PLURITAS是一个提供IP密集商业活动的公司。OCEANTOMO提供的服务包括专利经纪服务，IP的风险评估及管理、诉讼伤害专家的证词。OCEANTOMO还经营一系列指数股票型基金，这是基于公司的专利组合强度。OCEANTOMO除了用IP拍卖GMBH，也有助于一个现场专利拍卖成功。在线专利交流也得到了一定的发展。最后，PARADOX资金合伙公司是一家专门从

42、事安排IP贷款的企业。这些企业来自于可以为一个成功的投资公司所需要的，可以提供流动性、资源、专业、和可预见性的日益增长的专利市场。很多项目融资的一般利益是适用于投资公司的。此外，投资公司独特的性质可以带来传统方法以外的新的融资方式。首先，当赞助企业希望使用杠杆基金项目，而且希望在资产负债表中不显示一些负债时，项目融资就非常有用。至今还没有证据证明，以上策略在这一领域是否能负担责任，但是，我们有理由相信，这种策略是和研究非常相关的。研究通常需要一笔可观的初始资本投资，但是相比而言，过程更能产生高回报私人企业的35使其成为项目融资的合适人选。由于这种高盈利能力，一个有知识产权的投资公司相对于拥有物

43、质和金融资产的传统公司，可以得到相当好的回报。有形资产一般预期的税后利润大约是7或者这个数字下降到大约金融资产的45。但是，知识资产预期的利润将超过软件、生物技术和医药行业的10，这样的高收益是的运用杠杆来增加投资数量变得非常吸引人。然而，当前会计准则要求研究与开发RD计入当期损益，并且，由内部产生的知识产权（包括执行专利权数值却几乎在零“公司在它的未来投资越多，它的登记价值越少。”这些会计准则建立了一个并不可信的激励手段，从而导致了研究的资金不足。研究表明，研发支出高的公司，相对于应有的市场价值是被市场习惯性的低估的，这些公司的资本成本造成了过多的花费。此外，一些宏观经济研究，从社会观念的角度，可以看出，在美国的研发投资大约是最佳状态时的一半水平。项目资金投资公司通过提供帮助以新途径解决此问题，这种新途径是指资金和允许用户获得相当于市场价值的专利，以及在他们的资产负债表中报告“真实”值。与产成品的投资相分离，可以产生一个在专利权方面更有效率，更具竞争力的市场，同时，研发上真实的支出也会显示在资产负债表上，从而有利于在经济上取得更大的最优资本流动