JP2002163449A - Method and system for financing and evaluating method for technology-secured credit - Google Patents

Abstract

PROBLEM TO BE SOLVED: To properly evaluate technology which does not appear in financial documents of a company and credit power accompanying it and to enable speedy financing by a financial institution, a venture capital, etc., according to the evaluation result. SOLUTION: Technology that an enterprise 11 has is made into credit and after an evaluating company and the financial institution 13 makes a cession- secured contract with the enterprise 11, the credit is assigned to a special- purpose company 14, which receives the credit and issues property-secured credit to an institution or individual investor 15 to obtain and pay the selling/ buying money of the special property to the enterprise 11.

Description

DETAILED DESCRIPTION OF THE INVENTION

[0001]

BACKGROUND OF THE INVENTION 1. Field of the Invention The present invention relates to a financing method and a financing system for evaluating a company's technology and financing the company based on the evaluation results, and a technical security for supporting the financing. It relates to the method of valuing receivables.

[0002]

2. Description of the Related Art In a modern society in which financial liberalization is advancing, old-fashioned lending based on traditional collateral assets such as land, buildings, and machinery is still performed. For this reason, there are still few financial institutions that accept new loans from SMEs and venture companies that have excellent technology, and there are companies that have not been able to blossom the technology before it is released to the market due to difficulty in raising funds. Many. No matter how good the technology is, if you don't have the money, it's just like painting.

In addition, when a bank or the like provides funds to a small or medium-sized enterprise, it is difficult to calculate an appropriate credit risk because the accumulation of data such as a bankruptcy probability and a default probability is less advanced than that of a large enterprise. Financial institutions cannot secure a fair margin in consideration of the default rate. As a result, small and medium-sized enterprises with a low level of collateral provision and a slight problem with creditworthiness are unable to obtain necessary financing, which hinders the smooth supply of funds to SMEs.
The examination technology of Japanese financial institutions, including direct financial institutions, has been developed by indirect financial institutions.

[0004] On the other hand, today, the evaluation of original technology and patents that do not appear in financial data, which are the criteria for judging the creditworthiness of small and medium-sized enterprises, is evaluated by public financial institutions and venture capital. Methods to assist have been suggested.

[0005]

However, even in such an investment support method, the viewpoint of the technical capability evaluation, which is a non-financial element of the company, is not clear, and the evaluation work of the technical capability is particularly complicated. There was a problem of lack of objectivity. On the other hand, if a financial institution or the like asks an expert to evaluate this technology, it will require enormous costs, which will add to the lending interest rate, which will worsen the financial standing of SMEs. There was a problem.

SUMMARY OF THE INVENTION The present invention solves the above-mentioned conventional problems, and appropriately evaluates the technology not shown in the financial statements of a company and the creditworthiness associated therewith, and safely and promptly evaluates the financial results. The purpose of the present invention is to provide a financing method, a financing system, and a method for evaluating technology-secured receivables, which can be used for institutional lending, insurance companies and venture capital investment businesses so as to quickly raise funds.

[0007]

To achieve the above object,
The financing method according to the present invention converts the technology possessed by a company into a loan, and the evaluation company / financial institution concludes a transfer collateral agreement with the company for the loan, and then transfers the loan to a special purpose company. The Special Purpose Company issues the asset-backed receivables to institutional and individual investors upon receiving the receivables,
In this system, the trading value of a specific asset is procured and paid to the company.

Further, the fund procurement method according to the present invention is characterized in that, when the fund procurement is successful, the company can
It is designed to issue warrant bonds to financial institutions.

Further, the fund procurement system according to the present invention includes a numerical value system of technology for digitizing technical information possessed by a company, a statistical data model system for relatively evaluating the technology of the company and classifying in a market, A website that sets the scores of the technology quantified by the quantification means and the technology evaluation database, the company information database, and the scoring database created by the statistical data model system on an Internet homepage; Funding means for investing in the company based on the score of the technology provided by the website and each database data, and the company that succeeded in financing from the funding means, Warrant bonds are issued.

[0010] In addition, the method for evaluating technology-secured receivables according to the present invention classifies various elements constituting a valuation price of a technology possessed by a company into multiple items. The technology evaluation is quantified by weighting according to the company size, the numerical value of the technology evaluation is displayed on the homepage of the website, and the relative judgment of the evaluation by the ranking of the technology by the financial institutions using the normal distribution is performed. Implemented, the obtained technology evaluation is stored in memory means as data, and based on the data extracted from the memory means as necessary, the evaluation price of the company technology is calculated and used for financing. is there.

[0011]

DESCRIPTION OF THE PREFERRED EMBODIMENTS One embodiment of the present invention will be described below with reference to the drawings. First, the fund procurement system of the present invention will be described with reference to the block diagram shown in FIG. In the figure, reference numeral 1 denotes a company such as a small and medium-sized enterprise which has an original idea and technology and seeks to raise funds, 2 denotes a technology quantification system for quantifying the technology possessed by the company 1, and 3 denotes a statistical system. This is a statistical data model system that relatively evaluates company technologies and ranks them in the market.
By preparing a database usage environment, it is possible to specify data items that are useful for technical evaluation.

Reference numeral 4 denotes a database creation system for creating and storing a technology evaluation database 4a, a company information database 4b, and a scoring database 4c based on the relative evaluation data obtained from the statistical data model system 3. Among them, the technical evaluation database 4a and the scoring database 4c are classified by rank. And these databases 4
The data on a to 4c is provided to a website described later through the data server 5.

Further, numeral 6 denotes a digitizing system 2 of the above technology.
The scores of the digitizing technology input from the user via the modem 7 and the data of the technology evaluation database, the company information database, and the scoring database created by the statistical data model system 3 are displayed on a homepage on the Internet. The website 8 to be set up receives the score of the technology provided by the website 6 on the website and data of each database via the modem 9 and invests in the company 1 based on these data. Financial institutions, venture capital, and large corporations seeking to conduct

[0014] In such a fund procurement system, the fund provider side makes an absolute evaluation by quantifying the technology based on numerical values such as the market size and cash flow of the technology of the company 1 obtained on the website of the website 6. And a relative evaluation using a statistical model system, and the fund provider selects an investment target company based on the evaluation results. If you think that it can be an investment target, you will be asked about the bond issuance interest rate and warrant bonds of companies with the technology.

[0015] After the selection of the investment target company, the company 1 concludes a contract for transfer of technical receivables with a fund provider such as a financial institution, and the company 1 receives fund procurement from the fund provider side. Further, the company 1 issues a bond and a warrant bond to the fund provider side, and makes the fund procurement advantageous.

The scoring database 4c
In the benchmarking approach as shown in FIG. 2, the operation of (1) shows the superiority of the technology by expressing the difference between the technology evaluation score and the benchmark. In addition, the default approach periodically and quantitatively evaluates and calculates whether the borrowed funds can be recovered from financial data. Then, credit risk scoring is calculated by each of these approaches, and the factors common to good customers and bad customers can be analyzed by the credit risk scoring.

In order to receive such fund procurement, it is necessary for the fund provider to properly evaluate the technology of the company. In particular, it is necessary to replace qualitative information such as credit evaluation with quantitative information (quantitative variables). In other words, the funder decides the evaluation system as a measure of corporate evaluation,
A considerable number of companies need to be assigned an assumed rating, and then select evaluation items that can reproduce this evaluation system, and combine them with meaningful information to index the technology evaluation.

Then, based on the technology evaluation, profits and risks expected to be brought by the technology in the future are calculated, and each technology is classified into ten stages. In order to achieve high-precision screening in a short period of time, we analyze a large amount of multifaceted data and, from a statistical perspective,
Build a scoring system that automatically determines credit risk. In the technical evaluation, the evaluation points are assigned using a weighting table of the qualitative and quantitative factors according to the company size, and the quantitative factors and the qualitative factors are scored. The quantitative and qualitative factors are scored. Weight. For example, for factors with a large influence, the multiplier is changed according to the size of the industry market or the size of the company. Here, the quantitative factors include the return on total capital, the return on sales, the profitability including the payback period, the equity ratio, the cash flow ratio, the financial strength including the fixed long-term compliance rate, the growth potential, and the sales ,
There are various factors such as business scale including employees. Also,
The qualitative factors include market size growth, competitiveness, marketability including the presence / absence of sales channels, technical excellence, perfection, technical capabilities including manufacturing process levels, and top management. There are various factors such as competence, management system level, and management ability including the degree of influence of the industry.

The elements of a company's technical evaluation are classified into the following items (1) to (25), and a 10-level evaluation is performed for each element as described above.

That is, (1) industry growth rate index, (2) asset amount = amount of capital (including capital), (3) equity ratio = amount of capital (including capital) 額 amount of capital ( (Including capital) + Debt amount x 100, (4) Net asset ratio = Amount of capital (including capital) / Capital, (5) Return on total capital used = (Operating income + Interest and dividend income) Fri) ÷ amount of assets ×
100, (6) Interest coverage ratio =
(Operating income + Interest income / Dividend income) / (Interest expense + Discount rate), (7) Technology competitiveness, (8) Technology superiority,
(9) Technology reliability, (10) Ease of entry, (11)
Novelty, (12) product development ability, (13) technology establishment accuracy, (14) intellectual property retention, (15) market size,
(16) Demand safety, (17) Technology lifetime, (18)
(19) Niche, (20) Potential growth, (21) Leadership, (23) Calculated from cash flow, (X) Calculated from market value of similar companies,
(24) Calculated from net assets on the balance sheet. (25) There is an element of market acquisition.

Then, for each of these items, the evaluation (absolute evaluation) score of the technique is numerically calculated by substituting the term f in the following equation. ri = Xi1f1 + Xi2f2 +... Xikfk + εi (i = 1,... N) (1) Here, X is a coefficient determined based on past results, f is an obtained individual technology, and r is a total score of the individual technology. And
This calculation is executed by the digitizing system 2 of the above technique.

By calculating the excess evaluation, the relative level of this technique can be grasped, and the technique is represented by a radar chart as shown in FIG. Can be determined. Further, the technical evaluation can be digitized and displayed on a display, and the technical evaluation can be relatively determined using a normal distribution as shown in FIG. As a result, receivables can be issued at preferential interest rates. Interest rates can be discounted for excellent technology.

That is, by comparing today's technical evaluation with accumulated data, an appropriate reasonable price can be calculated.
In addition, the appropriate reasonable price is adjusted by using the appropriate reasonable price, a company examination of a bank, a company evaluation by venture capital, and a company acquisition evaluation by M & A.

Next, a description will be given of a fund procurement method implemented between a company, an evaluation company, a financial institution, a special purpose company, and an institution / individual investor. First, as shown in FIG. 5, the company 11 requests the evaluation company 12 to evaluate its technology and patents, and investigates the superiority of its technology in the market. At this time, the evaluation company 12 evaluates the technology and passes the technical evaluation report to the company. Next, as shown in FIG. 6, the company 11 concludes a security transfer contract with the evaluation company / financial institution 13 by converting the technology classified into ten-grade evaluations into a loan. As shown in FIG. 7, the evaluation company / financial institution 13 transfers to the special purpose company 14 when several receivables of the technology classified by rank are collected.

For this reason, the special purpose company 14 issues a technology-backed loan (asset-backed loan) and
Then, the purchase price of the specific asset is procured from 5, and the purchase price is paid to the company 11. For this technology-backed loan, a rating is obtained from a rating company.

As described above, when the fund procurement is successful, the company 11 adds a premium such as a warrant receivable to the evaluation company / financial institution 13. As a result, a large investment profit is expected for the evaluation company / financial institution 13.
FIG. 8 is a flowchart showing a process from evaluation of such a technology to financing.

Here, a fixed multiplying factor for the evaluation value is determined for each rating. If there is a technology that has been making good profits in the past, it is qualitatively determined whether such a result can be achieved in the future, that is, whether it can be reproducible or that technology can do it. I do. It then calculates the revenue generated using the technology and takes the standard deviation of the annual revenue.

Now, P is probability, Z is a variable based on the standard normal distribution, Φ is the cumulative density function of the standard normal distribution, μ is the average value,
If σ is the standard deviation, the probability P is expressed as follows: P (−1 ≦ Z ≦ 1) = Φ (1) −Φ (−1) = 0.62827 P (−2 ≦ Z ≦ 2) = Φ (2) − Φ (−2) = 0.9545 P (−3 ≦ Z ≦ 3) = Φ (3) −Φ (−3) = 0.9973 When μ ≦ Z ≦ μ + σ, μ + σ ≦ Z ≦
When μ + 2σ, when μ + 2σ ≦ Z ≦ μ + 3σ, 0.1%, 0.3% and 0.5% are discounted from the interest rate when issuing bonds. By using these formulas, each technology can be analyzed relatively, and by ranking the technologies, preferential treatment of the bond issuance interest rate can be achieved.

Further, credit enhancement can be performed by transferring an asset exceeding the amount to be procured by the asset-backed loan to the issuer. In order to enhance this credit, the cash flow is applied from the higher priority part first, and the advance payment to the subordinates is delayed, or the cash flow obtained from the underlying assets and the interest payment of asset-backed receivables are increased. The difference is accumulated up to a certain amount. In addition, the issuer reserves a certain amount of cash from the beginning of the scheme. In addition, we consider the sales and profits from the sale of products using specific technologies to be cash flows. Calculate its future value and securitize.

[0030]

As described above, according to the present invention, various elements constituting the evaluation value of a technology possessed by a company are classified in a pluralistic manner.
The index values are distributed and converted into evaluation scores.At this time, the quantitative and qualitative factors are weighted, and the relative evaluation of the technologies is compared to determine the appropriate reasonable price of the technologies. High technical examination can be realized.

In addition, according to the result of the technical examination,
By providing video explanations by the technical staff of the company and matching the borrower of the fund with the lender of the financial period and venture capital, etc., the company can quickly raise funds by liquidating and liquidating technology. Can do it,
For financial institutions and the like, there is an effect that the cost can be reduced and rationality can be brought about by speeding up the loan examination, and investment risk can be avoided.

[Brief description of the drawings]

FIG. 1 is a conceptual diagram showing a flow of a fund procurement business according to an embodiment of the present invention.

FIG. 2 is a flowchart showing an operation procedure of the scoring database in FIG.

FIG. 3 is a radar chart showing a technical evaluation result according to the present invention.

FIG. 4 is a normal distribution diagram used for making a relative judgment of a technical evaluation according to the present invention.

FIG. 5 is an explanatory diagram showing a relationship between a request for technical evaluation and an evaluation report between a company and an evaluation company in the present invention.

FIG. 6 is a block diagram schematically showing a fund procurement system according to another embodiment of the present invention.

FIG. 7 is an explanatory diagram conceptually showing the ranking of technologies and patents by an evaluation company in the present invention.

FIG. 8 is a flowchart showing a series of processes from the evaluation of the technology to the raising of funds according to the present invention.

[Explanation of symbols]

 1, 11 company 2 technology digitization system 3 statistical data model system 4a technology evaluation database 4b company information database 4c scoring database 6 website 8 funding means 13 evaluation company / financial institution 14 special purpose company 15 institution / individual investor

Claims (4)

[Claims] Claims 1. The technology of a company is converted into a claim, and the appraisal company / financial institution enters into a transfer collateral agreement with the company for the claim, and then transfers the claim to a special purpose company.
A fund procurement method, wherein the special purpose company procures a trading value for a specific asset by issuing an asset-backed receivable to an institution or an individual investor upon receiving the receivable, and pays the value to the company. 2. The financing method according to claim 1, wherein when the financing is successful, the company issues a warrant bond to the evaluation company / financial institution. 3. A numerical system of technology for digitizing technical information possessed by a company, a statistical data model system for performing relative evaluation of technology possessed by a company and ranking in a market, and digitizing by the digitizing means. A website that sets the score of the provided technology and the technology evaluation database, the company information database and the scoring database created by the statistical data model system on an Internet homepage, and the technology provided by the website. The funding means for investing in the company based on the score and each database data, and the company which succeeds in financing from the funding means issues bonds and warrant bonds to the funding means. A financing system characterized by the following. 4. A technology evaluation by classifying various elements constituting a valuation price of a technology possessed by a company into various items, and assigning weights to these classified elements according to a market size or a company size. The numerical value of the technology evaluation is displayed on the homepage of the website, the relative evaluation of the evaluation is performed by the ranking of the technology by financial institutions using the normal distribution, and the obtained technology evaluation is stored as data. A method for evaluating technology-secured receivables, comprising: calculating an evaluation price of a company technology based on data stored in a means and extracting data from the memory means as necessary to use for financing.