Research results | Sino -US technology trading platform mainly operate mode analysis

In the context of economic globalization, the increasingly frequent technology transactions have promoted the formation and development of technology trading platforms. In the United States, market spontaneous technology transactions have explored in terms of technology matching, technical crowdsourcing, patent auction and intellectual property financing, and have accumulated relatively mature operating experience. China's technology trading platform has developed an operating model that is in line with the socialist market economy system and has Chinese characteristics, such as public listing transaction processes, technical asset evaluation and evaluation systems, and online technology trading systems.

The Capital Market and Corporation Financial Research Center of the National Financial Research Institute of Tsinghua University recently launched the latest research results "Analysis of the Main Operation Model of China -US Technology Trading Platform", selecting several technology trading platforms currently in the Chinese and American markets, respectively. Through the three dimensions of technology supply and demand matching, technology transaction circulation and financial support technology development, analyze their respective operating models, try to discover the problems and challenges faced by the current Chinese technology market and trading platforms, and propose corresponding development and measures and suggestions. Essence

Author | Hu Xingya Ma Taoran

Post box | [email protected]

1. Overview of the development of technology trading platforms

1.1 Development background

In the context of economic globalization, in order to achieve the optimization of resources, the transaction elements between countries around the world, especially the flow of technical elements, have accelerated, and frequent technological transactions have also promoted the formation and development of technology trading platforms.

The strategic layout and adjustment of developed countries such as the United States and other developed countries in terms of technological transactions and related policies earlier earlier. The spontaneous technology transactions in the US market have been explored in terms of technology matching, technical crowdsourcing, patent auction and intellectual property financing. Operating experience; although the construction of China's technical trading platform is relatively late, it has developed an operating model that is in line with my country's market economy system, such as public listing transaction processes, technical asset evaluation and evaluation system, and online technology trading system.

1.2 The current main type

There are many types of technical trading platforms in the United States, and representative ones are YET2, Innocentive, Ocean Tomo, and IPXI platforms with "targeting patent permission rights". And market spontaneous construction trading platforms such as Keyi.com and Zhu Bajie.com. These service contents of these demonstration effects can be mainly summarized as three categories: technology supply and demand matching, technology transaction circulation, and financial support technology development (Table 1).

Table 1: Sino -US technology transaction operation model

Source: Organize according to public information

1.3 Operation mode characteristics

The supply and demand matching of technology covers technical search, technology and service crowdsourcing and technology auction. YET2 uses strategic consulting services with targeted technical search matching services to set goals for enterprises in the process of innovation and solve customers' technical needs. Innocentive and Zhu Bajie.com both provide crowdsourcing services to corporate customers. Among them, InnoCentive publishes the challenges (innovative needs) of demanders through the platform and helps the demanders to review the solution of the challenges; Zhu Bajie.com provides C2C electronics to both parties in technology supply and demand. Business platforms so that both parties to the transaction can directly connect with demand and services. Ocean Tomo has realized the purchase or sale of global patents and patent applications through an open and transparent patent auction model.

The transaction circulation of technology involves the standardization of technology trading products and the standardization of technology transaction processes. IPXI has made attempts in the field of patent securitization to launch standardized transaction products, and the target is the right to use the right to use intellectual property rights. The technical transaction process of the exchange model created by the Shanghai Technology Exchange contains third -party funds settlement and results transformation and publicity services to effectively improve transaction efficiency. The online technology trading system "Keyi Bao" created by Keyi.com aims at the security, technical delivery security and professional services in technical transactions, and promotes the online transactions and liquidity of virtual technology products.

The service content of some technology trading platforms also includes financial development. For example, investment banks under Ocean Tomo can help enterprises make financing through intellectual property pledge financing, sale/return cocoa, and intellectual property securitization. YET2 has created its own venture capital fund to help enterprises incubate and transfer technical results. The Shanghai Technology Exchange uses its transaction data to establish an evaluation model to assist traditional financial institutions such as banks to evaluate science and technology enterprises and their technical assets, and help science and technology enterprises to release the pressure of capital through intellectual property pledge financing or credit financing.

2. The advantages and limitations of the supply and demand matching model of technology

2.1 Improve efficiency and information transparency

Through targeted technical search and matching methods, the technical trading platform can help customers find solutions faster; through the technical and service crowdsses, the technical demand and supply side of both parties will support corporate innovation.

Technical auctions have avoided the lack of traditional transaction models through public bidding, price and transaction price, improved transaction transparency, and can solve the problem of anonymity and confidentiality for the bidder in various ways.

2.2 High cost, trust risks and "patented cockroaches"

Technical matching services often belong to the platform's senior member services. Before use, you need to pay expensive membership fees, which may not be conducive to some small and medium -sized enterprises restricted by funds. , Resulting in the loss of some market opportunities. The trust risk control capabilities of technology and service crowdsourcing trading platforms may face challenges. The target of this platform's transactions generally has the characteristics of personalization, non -standardization, and irrevocable. The uncertainty during the transaction process may lead to the reduction of the trust of the platform and the decline in the platform's usage.

The open trading platform provided by patent auctions and lower final transaction prices may breed the "Patent Troll" -the patented cockroach phenomenon. [1] As patented technology gradually becomes one of the core resources of the market, the scope of patent protection has been expanded, the market's demand for patent agencies increases, and patent technology capitalization has intensified, making patented cockroaches more serious.

[1] The phenomenon of "Patent Troll" started in many patent infringement disputes that occurred in the United States in the 1990s in the 1990s. In 2001, Intel and another industry company in the same industry had commercial disputes. Intel's legal executives said in court that the other party and lawyers were "PATENT TROLL". Later, companies or groups that are not engaged in invention or production and are specializing in patent litigation.

3. The advantages and limitations of technology trading circulation model

3.1 Accelerate patent circulation and improve market flexibility

While standardized technical transaction products, while helping the patent person to alleviate the pressure of financing, it provides a standardized product circulation standard for the market, accelerates patent circulation and increases the trust of investors 'right to use the right to use related patent permits, effectively reduces investors' early investment in the early stage. Energy and time.

Standardized technical transaction processes can save the communication and time costs of both parties in the transaction, while third -party fund settlement functions effectively reduce the risk of funding. According to my country's policy and system, the results of the transformation of results are exempted from the decision -making responsibilities of the transferor decision makers due to factors such as the subsequent value changes after the transfer, which is of great significance for colleges and universities and scientific research institutions; including electronic contract signing and technology The service content provided by data delivery, technical contracts and technical data, and the platform, including the platform, and the platform, has improved market flexibility.

3.2 There is market risk and threshold

Standardized technical transaction products are facing manipulating prices and information speculation risks, patent abuse and monopoly risks in the process of review and distribution, and patented cockroaches may also enter the market through malicious lawsuits.

In terms of small and medium -sized science and technology innovation enterprises, the threshold for securitization transactions of the right to use the right to use the right to use in intellectual property rights, and the patent owner may cause disputes due to the unable to reach an agreement on patent binding.

The standardized transaction processes are mainly suitable for technology projects that existing transaction intentions in the early stage. Therefore, they have less substantial help for the initial transaction matching, technical assessment, negotiations and other stages of the project.

4. Advantages and limitations of financial assistant technology development model

4.1 Drive the transformation of scientific and technological achievements with advantageous resources

Large -scale technology trading platforms have a wide range of social influence, and there are many contact opportunities and channels for contact with relevant government departments, financial institutions, industry associations, etc., and fully understand the operating conditions and financial needs of customer enterprises, which can help enterprises perform intellectual property value mining. Improve the success rate of enterprise incubation and results transformation.

Some technical trading platforms use their own data resources advantages to establish an evaluation method and evaluation system for enterprises and technical assets, helping traditional financial institutions such as banks to alleviate the disadvantaged situation in intellectual property value evaluation, and to a certain extent solve the face of intellectual property financing facing the face The main problem.

4.2 Value evaluation difficulty to information asymmetry

Intellectual property financing requires high requirements for investors and financial institutions, and currently there is no domestic financial institutional implementation rules and standards for evaluation of intellectual property rights. Traditional financial institutions lack a deep understanding of the intellectual property system. There is no unified understanding of control and asset disposal difficulties.

In addition, because science and technology enterprises have more intangible assets such as patents and trademarks, their mortgagableness is not as good as the physical assets of traditional industrial enterprises, and when obtaining financing, it is because of the confidentiality and confidentiality of high -tech and intellectual property rights. In consideration of market competitiveness, companies do not tend to disclose a large number of relevant information and R & D progress, thus forming serious information asymmetry, which may further cause reverse choices of investment institutions.

5. The advantages and limitations of the supply and demand matching model of technology

5.1 Problems and Challenges

The above -mentioned operating models of the technology trading platform can effectively save transaction costs, improve the efficiency of technical transaction, and promote the circulation of the technology market. However, at the same time, it still has some limitations. The negative effects of cockroaches, asymmetric information, and assisting enterprises through the difficulty of technology asset financing.

The development of technology trading platforms depends on a sound technical trading environment. The Chinese technology market is currently in the development stage: on the one hand, the national level of policies and regulations and regulatory systems on the technology market needs to further strengthen the systemic and rationalized construction, and the overall supporting implementation rules need to be further improved and implemented. On the other hand, the financial level faces technology There is a space for market support to further improve quality and efficiency, and it is necessary to continue to promote the effective docking of the technology market and the capital market. In general, starting from the dimensions of policies, finance, etc., establish and improve the national technology trading market, strengthen the rational layout of the technology market, and promote the orderly expansion of the technology market. 5.2 Development recommendations and measures

The government needs to further establish a reasonable technical market laws and regulations, strengthen market supervision, and improve the protection of intellectual property rights; improve the technical market evaluation mechanism, jointly stabilize technology market pricing with technology trading platforms; stimulate the enthusiasm of technology market entities to participate in technical transactions, form a unified unity , Coordinate the market atmosphere; promote the interaction of the technical market and the capital market, guide the inflow of funds into the technology market; establish and implement the information disclosure system, reduce the risk of information asymmetry and price manipulation.

The technical trading platform is not only a provider of a trading venue, but also a supplier of related resources and services. In addition to transaction functions, it provides services such as resource matching, technical supply and demand docking. For example It will become another focus of the development of technology trading platforms.

(Supply of the Capital Market and Corporate Financial Research Center)

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