To solve the evaluation problem, we need to fill in the gaps in standard construction, compress subjective judgment space, and enhance the credibility of the results. We also need to encourage and support the construction of intellectual property characteristic evaluation institutions, and vigorously cultivate relevant evaluation talents.Improving the intellectual property valuation system is a key link in promoting the transformation of "intellectual property" into "assets" and achieving deep integration of technology and finance. Not long ago, the Beijing Regulatory Bureau of the State Administration of Financial Supervision and Administration, together with relevant departments, jointly formulated the "Comprehensive Pilot Action Plan for Intellectual Property Financial Ecology in Beijing", which refined measures in core links such as registration, evaluation, disposal, and compensation, striving to open up the financing channel for the transformation of scientific and technological achievements, so that enterprises can obtain financial support with their intellectual property rights, and promote the formation of a virtuous cycle of scientific and technological innovation and financial services.The modern asset appraisal system in China started in the early stages of reform and opening up, established to meet the needs of state-owned enterprise restructuring, asset clearance and verification, and foreign-related economic cooperation. It mainly includes comprehensive asset appraisal, mining rights appraisal, land valuation, real estate valuation, and appraisal and valuation of old motor vehicles. Early intellectual property valuation mainly provided pricing basis for the transfer of scientific and technological achievements of state-owned research institutes and universities, technology investment, etc., to prevent the loss of state-owned assets. With the continuous manifestation of the value of intellectual property as an innovative asset, the development of market economy and the implementation of innovation driven development strategies, the scope of evaluation has expanded from tangible assets to intangible assets, and the application scenarios of evaluation have continued to expand, extending to financial business fields such as pledge financing, mergers and acquisitions, and securitization. Especially in the nearly 10 years of rapid rise of intellectual property finance, evaluation has gradually changed from "supporting role" to "main shaft" of risk control. The core concern of financial institutions is controllable risk, which requires a scientific, fair, and operable value evaluation system as support.However, compared to tangible assets such as factories and equipment, the valuation of intellectual property rights faces issues such as high uncertainty, difficulty in predicting returns, and a lack of comparable market cases. This not only affects asset pricing, financing limits, and financial decisions, but also constrains the risk assessment capabilities of intellectual property finance. Compared with mature markets such as the United States and Europe, there is still a certain gap in China's intellectual property financial value evaluation system. The refinement of evaluation standards is insufficient, and many key parameters rely on the personal experience judgment of evaluators, resulting in high volatility of results and limited trust of financial institutions in evaluation conclusions.There are three main reasons for analyzing. One issue is insufficient market trading information. The activity of China's intellectual property trading market is not strong, and the accumulation of comparable cases is limited. Especially in the fields of trademarks, copyrights, etc., there is a lack of nationwide, sustainable, and transparent price data release mechanism, which makes the evaluation based on market law lack solid support. The second is the constraint of talent structure. Foreign appraisers often have a complex knowledge background, familiar with intellectual property laws and regulations, as well as proficient in financial analysis and risk management. However, China's talent reserves are insufficient, and a cross-border talent training system has not yet been established. Thirdly, the collaborative mechanism is not sound. There is a lack of efficient information sharing and standard building mechanisms between intellectual property management departments, financial regulatory departments, and evaluation industry organizations, resulting in a disconnect between evaluation standards and financial business needs. In this situation, it is difficult for the evaluation system to form a complete rule system that meets both intellectual property characteristics and financial risk control, which directly affects the large-scale development of intellectual property finance.To solve the evaluation problem, we need to fill in the gaps in standard construction. The China National Intellectual Property Administration can take the lead in formulating more operable classification assessment guidelines and parameter standards for different types of intellectual property rights in conjunction with finance, financial supervision, market supervision and other departments, promote the organic convergence of group standards, industry standards and national standards, reduce the space for subjective judgment, and enhance the credibility of the assessment results. To promote innovation in evaluation methods and technologies, we will introduce technologies such as big data analysis, artificial intelligence modeling, and blockchain property rights confirmation based on traditional methods such as cost method, benefit method, and market method. By building an intellectual property big data platform, we will continuously collect dynamic information such as license rates, maintenance time, and litigation cases to provide reliable support for model calculations.We need to encourage and support the construction of intellectual property characteristic evaluation institutions, vigorously cultivate relevant evaluation talents, establish a training system for intellectual property value evaluation covering the entire industry, incorporate basic knowledge of intellectual property into the subsequent education of evaluators, guide intangible asset evaluators to pass exams such as intellectual property professional titles and patent agents, achieve cross-border ability improvement, and cultivate compound talents who understand both technology, law, and finance.In addition, it is necessary to improve the statistical data and publishing mechanism of intellectual property value. Based on the analysis of patent implementation license filing contracts and the refinement of statistical content, the scope can be expanded to trademarks, copyrights, trade secrets, etc. Transaction data and price ranges should be regularly released to provide real and comparable reference for market law evaluation.Article source: Economic Daily
The Securities Industry Culture Construction and Clean Practice Professional Committee of the China Securities Association recently held an expanded meeting of its chairman. Next, the committee will guide industry institutions and practitioners to actively practice China's unique financial culture, continuously improve the management system and mechanism for clean and honest practices, strengthen the construction of a clean and honest culture, and solidly promote the construction of industry culture to achieve more results.The meeting conducted discussions and exchanges on six key tasks, including formulating guiding documents for industry culture construction, strengthening industry integrity culture construction, evaluating and revising self-discipline rules for cultural construction, compiling typical demonstration cases, strengthening industry training and education, and promoting industry exchanges. Suggestions were put forward to clarify the positioning of guiding documents and optimize their structure and content, refine the relevant requirements for implementing clean and honest practices to enhance guidance and operability, enhance the applicability of practical evaluation indicators, and expand the scope of bonus points.The meeting believes that the "15th Five Year Plan" period is a crucial period for accelerating the construction of a strong financial country, and has put forward higher requirements for the cultural construction of the securities industry. Practicing the political and people-oriented nature of the capital market, strengthening Party building, cultivating a culture of integrity, enhancing the intrinsic driving force of industry culture construction, and better supporting professional "hard power" with cultural "soft power" are important tasks for the future period.Industry organizations and practitioners should deeply grasp the extreme importance of cultural construction, especially the construction of a clean and honest culture, under the new situation, and increase efforts in cultural construction and management of clean and honest practices; We must adhere to the guidance of Party building, integrate cultural construction into the company's development strategy, rules and regulations, daily operations and other aspects, comprehensively cover and highlight the prevention of risks in clean and honest employment, jointly create a clean and upright industry development environment, and shape a good industry reputation.Source: Shanghai Securities Journal ยท China Securities Network
