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回顾了质押融资的研究发展历程,针对专利质押融资的新情景,事先不给定专利价值的概率分布,考虑专利的可替代和时间贬损性,构建基于不完全信息条件下的最小最大遗憾准则的信贷决策模型,分析得出了专利在贷款终期价值的解析解,并结合Kuhn-Tucker条件给出了专利价值的概率分布在最“糟糕”情形下的银行贷款利率和配给量的最优解。研究结果表明:信贷终期的专利价值由只考虑专利市场需求变化时的初始价值、价值变量的一阶原点矩以及二阶原点矩等参量决定。银行的贷款利率与专利的终期价值呈负相关关系,而银行对专利质押融资的配给量与专利的终期价值未发现明确相关性。
The research progress of pledge financing is reviewed. Aiming at the new scenario of patent pledge financing, the probability distribution of patent value is not given in advance, the patent substitution and time derogatory property are considered, and the minimum and maximum regret criterion based on incomplete information is constructed Credit decision-making model, the analytic solution of the patent value of the terminal value of the loan is obtained. In the light of the Kuhn-Tucker condition, the probability distribution of the patent value is the most “bad” in the case of the bank loan interest rate and ration Excellent solution. The results show that the patent value at the end of credit is determined by considering only the initial value of the changes in the patent market demand, the first moment of origin and the second order moment of origin. The loan interest rate of the bank is negatively correlated with the final value of the patent. However, the bank has no clear correlation between the rationing amount of the pledged patent and the final value of the patent.