What patents are used as collateral?An empirical analysis of patent reassignment data
What patents are used as collateral?An empirical analysis of patent reassignment data
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DOI：
10.1016/j.jbusvent.2014.04.002
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发表时间：
2014-09
影响因子：
8.7
通讯作者：
Timo Fischer;Philipp Ringler
中科院分区：
文献类型：
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作者：
Timo Fischer;Philipp Ringler
只有传闻证据表明，企业使用专利作为抵押品来获得债务融资。在本文中，我们使用了一个新的数据集专利再担保的安全利益，定量地探讨什么专利被用作抵押品。我们分析专利的特征，以理清专利的技术基础或专利的排他权本身的抵押事项。我们确实发现，只有与技术相关的特征才有经验支持，这表明贷款人使用专利来抵押高质量的技术，这些技术在违约的情况下可以重新部署到类似技术领域的企业。另一方面，与专利有关的特征，如范围，一般来说，与专利价值有关，对非执业实体特别重要，并不重要。
Only anecdotal evidence exists that ventures use patents as collateral to access debt financing. In this paper, we use a novel dataset on patent reassignments with a security interest to explore quantitatively what patents are used as collateral. We analyze characteristics of patents to disentangle whether it is the technology underlying a patent or the patent's exclusion right per se matters for collateralization. We do find empirical support only for technology-related characteristics, suggesting that lenders use patents to collateralize high-quality technology that can, in case of default, be redeployed to ventures in similar technology fields. On the other hand, patent-related characteristics like scope, which are, in general, related to patent value and are particularly important for non-practicing entities, do not matter.