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

Method and system for financing and evaluating method for technology-secured credit

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JP2002163449A
JP2002163449A JP2000362461A JP2000362461A JP2002163449A JP 2002163449 A JP2002163449 A JP 2002163449A JP 2000362461 A JP2000362461 A JP 2000362461A JP 2000362461 A JP2000362461 A JP 2000362461A JP 2002163449 A JP2002163449 A JP 2002163449A
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technology
company
evaluation
companies
funding
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Takeshi Asakusa
剛 淺草
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World Business Management Kk
ワールドビジネスマネージメント株式会社
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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

【発明の詳細な説明】 DETAILED DESCRIPTION OF THE INVENTION

【0001】 [0001]

【発明の属する技術分野】本発明は、企業が持つ技術を評価し、この評価結果にもとづいて企業の資金調達を行う資金調達方法および資金調達システムと、その資金調達を支援するための技術担保債権の評価方法に関する。 BACKGROUND OF THE INVENTION The present invention evaluates the technology with a company, the funding and financing system for funding enterprise based on the evaluation result, techniques collateral to support the funding a method for evaluation of receivables.

【0002】 [0002]

【従来の技術】金融の自由化が進む現代社会においても、いまだに土地、建物、機械設備といった伝統的な担保資産を基にした旧来型の貸し出しが行われている。 Even in modern society that liberalization progresses Background of the Invention financial, still land, the building, the old type of lending that is based on the traditional collateral assets such as machinery and equipment have been made. このため優れた技術を持っている中小・ベンチャー企業の新規融資に応じる金融機関はまだ少なく、その技術が市場に発表される前に、資金調達難のためにその技術を開花できないでいる企業が多い。 Financial institutions to respond to new loans of small and medium-sized venture companies that have superior technology for this is still less, before the technology will be announced to the market, the companies that are not flowering the technology for fund-raising difficulties many. どんなに優れた技術があっても、資金がなければ絵にかいたもちにすぎない。 Even if there is no matter how good technology, not only to have that wrote the picture if there is no funding.

【0003】また、銀行等が中小企業に資金提供する場合に関しては、大企業に比べ、倒産確率、デフォルト確率等のデータの蓄積が進んでいないため、適正な信用リスクの算定が困難であり、金融機関にとっては貸し倒れ発生率を勘案した適正利ざやの確保ができない。 [0003] In addition, with regard to when the bank or the like is to provide financing for small and medium-sized companies, compared to the large companies, bankruptcy probability, because the accumulation of data, such as default probability is not progressing, it is difficult to calculate the proper credit risk, It can not be secured in the appropriate margin that took into consideration the bad debt rate of occurrence for the financial institutions. その結果、担保提供能力が低く、少しでも信用力に問題がある中小企業は、必要な資金調達ができなくなるなど、中小企業への円滑な資金供給が阻害されるのが実情である。 As a result, collateral provides the ability is low, small and medium-sized enterprises there is a problem with the credit quality even a little, such as can not be the necessary funding, is a fact is that smooth supply of funds to small and medium-sized enterprises is inhibited.
なお、直接金融機関も含め、日本の金融機関の審査技術は間接金融機関が開発してきたものである。 It should be noted, including direct financial institutions, examination technology of Japanese financial institutions are those indirect financial institutions have developed.

【0004】これに対して、今日では、中小企業の信用力判断の基準となる、財務データに現れてこない独創的な技術力や特許を評価して、公的金融機関やベンチャーキャピタルなどによる投資を支援する方法が提案されるに及んでいる。 [0004] On the other hand, in the today, the credit decision criteria of small and medium-sized enterprises, to evaluate the innovative technology and patent does not come appear in the financial data, investment due to public financial institutions and venture capital how to help is spans is proposed.

【0005】 [0005]

【発明が解決しようとする課題】しかしながら、このような投資支援方法にあっても、その企業の非財務要素である技術力評価の視点が明確でなく、特にその技術力の評価作業が煩雑で客観性を欠くという問題があった。 The object of the invention is to be Solved] However, even in such investment support method, that is a non-financial elements of the enterprise technology evaluation point of view is not clear, especially a complicated evaluation work of the technical capabilities there is a problem that lacks objectivity. 一方、金融機関などがこの技術力の評価作業を専門家に依頼するとなると、膨大な費用が必要になり、その費用が貸し出し金利の上乗せになって、却って中小企業の財務体質を悪化させてしまうという問題があった。 On the other hand, if such financial institutions comes to request the evaluation work of this technology to the experts, a huge cost is required, the cost becomes the plus of lending interest rate, it would rather worsen the financial position of small and medium-sized enterprises there is a problem in that.

【0006】本発明は前記のような従来の問題を解決するものであり、企業の財務諸表に表われない技術およびこれに伴う信用力を適切に評価し、その評価結果を安全かつ迅速に金融機関の貸し出しや保険会社、ベンチャーキャピタルの投資事業に活用して、迅速に資金調達を行えるようにする資金調達方法、資金調達システムおよび技術担保債権の評価方法を提供することを目的とする。 [0006] The present invention has been made to solve the conventional problems as described above, and properly evaluate the technical and credit associated with this is not our table financial companies, safely and quickly financial results of the evaluation institutions of lending and insurance companies, to leverage the investment business of venture capital, an object of the present invention is to provide rapid financing method that allows for the funding, the evaluation method of financing systems and techniques collateral receivables.

【0007】 [0007]

【課題を解決するための手段】前記目的達成のために、 Means for Solving the Problems] For the purpose achieved,
本発明にかかる資金調達方法は、企業が持つ技術を債権化し、この債権について評価会社・金融機関が前記企業との間で譲渡担保契約を結んだ上で、その債権を特別目的会社に譲渡し、該特別目的会社はその債権を受けて資産担保債権を機関・個人投資家に発行することにより、 Financing method according to the present invention is to credit the technology with the company, in this credit rating companies and financial institutions on connecting the transfer collateral agreement with the company, the transfer of its receivables to a special purpose company , 該特 by purpose company by issuing to institutions and individual investors the asset-backed loans in response to its creditors,
特定資産の売買代金を調達し、前記企業に支払うようにしたものである。 It raised the buying and selling price of a particular asset, but that was to pay to the company.

【0008】また、本発明にかかる資金調達方法は、前記資金調達が成功した際に、前記企業が前記評価会社・ [0008] In addition, the financing method according to the present invention, when the funding is successful, the company is the evaluation company,
金融機関に対してワラント債を発行するようにしたものである。 In which was to issue warrants against financial institutions.

【0009】また、本発明にかかる資金調達システムは、企業が持つ技術情報を数値化する技術の数値システムと、企業の技術を相対評価し、市場でのランク分けを行う統計データモデルシステムと、前記数値化手段にて数値化された技術の得点および前記統計データモデルシステムで作成された技術評価データベース、企業情報データベースおよびスコアリングデータベースをインターネットのホームページ上に表示可能に設定するウェブサイトと、該ウェブサイトが提供する前記技術の得点および各データベースデータにもとづいて前記企業に出資を行う資金提供手段と、該資金提供手段からの資金調達に成功した前記企業が、その資金提供手段に対し債権およびワラント債を発行するようにしたものである。 Moreover, financing system according to the present invention, the statistical data model system for the technology of the numerical systems to quantify the technical information held by the companies, the company technology relative evaluation, the ranking in the market, a website set displayable digitized techniques of scoring and the statistical data model systems technology evaluation database was created in the enterprise information database and scoring databases on the Internet homepage at said digitizing means, said and funding means for performing a stake in the company on the basis of the score and each database data of the technology web site is provided by the companies that have succeeded in funding from said resource gold provides means, receivables and for that funding means in which it was to issue the warrants.

【0010】また、本発明にかかる技術担保債権の評価方法は、企業が持つ技術の評価価格を構成する諸要素を多項目に分類し、さらにこれらの分類した各要素に対して、市場規模や企業規模に応じたウェート付けを行って技術評価の数値化を行い、技術評価の数値をウェブサイトのホームページ上で表示し、正規分布を用いて金融機関による技術のランク分けによる評価の相対判断を実施し、得られた技術評価をデータとしてメモリ手段に蓄積し、必要に応じて該メモリ手段から抽出したデータにもとづいて、企業技術の評価価格を計算して資金調達に役立てるようにしたものである。 [0010] In addition, the evaluation method of the technology collateral receivables to the present invention is to classify the various elements that make up the evaluation price of technology with companies in the multi-item, with respect to each of the elements that were further these classifications, market scale Ya It performs a number of technologies evaluated by the weights with in accordance with the company size, and display the numerical value of the technical evaluation on the home page of the web site, a relative judgment of the evaluation by the ranking of technology by financial institutions using a normal distribution performed, resulting technologies evaluated stored in the memory unit as data, based on the extracted from the memory means as necessary data, obtained by such help finance by calculating the evaluated price of industrial engineers is there.

【0011】 [0011]

【発明の実施の形態】以下、本発明の実施の一形態を図について説明する。 BEST MODE FOR CARRYING OUT THE INVENTION Hereinafter, an embodiment of the present invention FIG. About. まず、本発明の資金調達システムを図1に示すブロック図について説明する。 First, it will be described block diagram shown in FIG. 1 financing system of the present invention. 同図において、1は独自のアイデアや技術を有し、かつ資金調達しようとする中小企業等の企業、2はこの企業1が持つ技術を数値化する技術の数値化システム、3は統計的に企業の技術を相対評価し、市場でのランク分けを行う統計データモデルシステムであり、企業の技術を数値化し、 In the figure, 1 has its own ideas and technologies, and capital companies such SMEs that it and to raise, 2 art digitizing system to quantify the art to which this company 1 has three statistically companies in technology and comparative assessment, a statistical data model system for the ranking in the market, quantifies company technology,
データベースの利用環境を整えることにより、技術評価に有用なデータ項目を特定可能にする。 By arranging a database of usage environment, to allow a particular useful data items in the technical evaluation.

【0012】また、4は統計データモデルシステム3から得られた相対評価データにもとづいて、技術評価データベース4a、企業情報データベース4bおよびスコアリングデータベース4cを作成して保存するデータベース作成システムであり、これらのうち技術評価データベース4aおよびスコアリングデータベース4cはランク別に分類されている。 [0012] 4 based on the relative evaluation data obtained from the statistical data model system 3, technical evaluation database 4a, a database creation system to create and save a company information database 4b and scoring database 4c, these technical evaluation database 4a and scoring database 4c of being classified by rank. そして、これらのデータベース4 And, these databases 4
a〜4c上のデータはデータサーバ5を通じて後述のウェブサイトに提供される。 Data on the a~4c is provided to the web site of the later through the data server 5.

【0013】さらに、6は前記技術の数値化システム2 Furthermore, of the 6 the art digitizing system 2
からモデム7を介して入力された前記数値化技術の得点と、前記統計データモデルシステム3で作成された技術評価データベース、企業情報データベースおよびスコアリングデータベースの各データとを、インターネットのホームページ上に表示可能に設定する前記ウェブサイト、8はこのウェブサイト6が前記ホームページ上で提供する技術の得点および各データベースのデータをモデム9を介して受け、これらの各データにもとづいて、前記企業1に出資を行おうとする金融機関、ベンチャーキャピタル、大企業などの資金提供手段である。 And scores of the numerical technique that is input via the modem 7, the display the statistics model system 3 technology evaluation database was created in, and the data of the company information database and scoring databases on the Internet homepage the website settable, 8 receives scores and data for each database technology to provide on this website 6 said website via the modem 9, based on each of these data, invested in the companies 1 financial institutions that tries to, venture capital, which is funding means, such as large companies.

【0014】そして、このような資金調達システムでは、資金提供者側がウェブサイト6のホームページ上で得た企業1の技術の市場規模やキャッシュフロー等の数値にもとづいて、技術の数値化による絶対評価および統計モデルシステムによる相対評価を行い、資金提供者側はこれらの評価結果にもとづいて、投資対象企業を選定することとなる。 [0014] and, in such a financing system, on the basis of funding side is the numerical value, such as market size and cash flow of technology companies 1 obtained on the home page of the web site 6, absolute evaluation by the numerical value of the technology and perform relative evaluation by statistical model system, the funding side based on these evaluation results, and thus to select the investment company. 投資対象になり得ると考えた場合には、その技術を持った企業の債権発行金利やワラント債について問い合わせを行う。 If you thought that can become the investment target, it makes an inquiry about the debt issue interest rates and warrants of the company with the technology.

【0015】また、この投資対象企業の選定後は、企業1が技術債権の譲渡担保契約を金融機関などの資金提供者と結び、企業1はその資金提供者側から資金の調達を受ける。 [0015] In addition, after the selection of the investment companies, companies 1 knot and funders such as financial institutions transfer collateral agreements of technology receivables, firm 1 is subject to the procurement of funds from the funding side. さらに、企業1は資金提供者側に対し債権およびワラント債を発行し、資金調達を有利にする。 Furthermore, companies 1 issues a receivables and warrants to funding side, favoring funding.

【0016】なお、前記スコアリングデータベース4c [0016] In addition, the scoring database 4c
の運用は、図2に示すようなベンチマーキングアプローチでは、技術評価得点とベンチマークとの乖離を表わすことによって、その技術の優位性を示す。 The operations in the benchmarking approach as shown in FIG. 2, by representing the deviation between the technical evaluation score and benchmarking, showing the superiority of the technology. また、デフォルトアプローチでは財務データから貸し出した資金を回収できるか否かを定期的かつ定量的に評価し、計算する。 Also, regular and quantitatively evaluated whether it can recover funds lent from financial data by default approach is calculated. そして、これらの各アプローチによって信用リスクスコアリングを計算し、この信用リスクスコアリングによって、優良客と不良客に共通する要因を分析できる。 Then, the credit risk scoring by each of these approaches was calculated by the credit risk scoring, it can analyze factors common to good customers and bad customers.

【0017】このような資金調達を受けるためには、資金提供者側では、企業の技術を適正に評価する必要がある。 [0017] In order to receive such funding, the funding side, it is necessary to properly evaluate the enterprise technology. 特に、信用評価といった質的な情報を量的な情報(量的変数)に置き換える必要がある。 In particular, it is necessary to replace the qualitative information, such as credit evaluation on quantitative information (quantitative variables). つまり、資金提供者側は企業評価の物差しとしての評価体系を決定し、 In other words, funders side determines the evaluation system as a measure of company evaluation,
相当数の企業について想定格付を付する必要があり、その上でこの評価体系を再現できるような評価項目を選定し、有意な情報を組み合わせることによって、技術評価を指数化する。 Must subjected assumptions rating for a considerable number of companies, selects the evaluation items like can reproduce this evaluation system thereon, by combining the significant information, to index the technical evaluation.

【0018】そして、その技術評価をもとにして、その技術によって今後もたらされると予測される収益とリスクを算定し、それぞれの技術を10段階ごとに分類する。 [0018] Then, the technology evaluated in the original, to calculate the returns and risks that are expected to be brought about the future by its technology, to classify each of the technology in every 10 stage. 短期間で精度の高い審査を実現するためには、大量かつ多面的なデータを分析し、かつ統計的な観点から、 To achieve a high screening precision in a short period of time, and analyze large amounts and multifaceted data, and from a statistical point of view,
信用リスクを自動判定するスコアリングシステムを構築する。 The credit risk to build the automatic determined scoring system. そして、前記技術評価では、企業規模による定性・定量要因のウエート付け表を用いて評価点数を付けて、定量要因の点数化、定性要因の点数化を行い、これらの定量要因および定性要因の点数にウエート付けを行う。 Then, in the technical evaluation, with the evaluation scores using weighting with tables for qualitative and quantitative factors by company size, number of quantitative factors, performs scoring of qualitative factors, these quantitative factors and qualitative factors scores performing the weight with the. 例えば影響力の大きいファクターには、業界市場規模や企業の大小によって乗数を変える。 For example, a large factor of influence, change the multiplier by industry market size and the size of the company. ここで、定量要因には、総資本経常利益率、売上高経常利益率、回収期間を含む収益性、自己資本比率、キャッシュフロー・レシオ、固定長期適合率を含む財政力、成長力、売上高、 Here, the quantitative factor, total capital ordinary margin, ordinary income margin, profitability including collection period, the equity ratio, cash flow ratios, financial strength including fixed long-term compliance rate, growth potential, sales ,
従業員などを含む事業規模などの諸要因がある。 There are various factors such as the business scale, including employee. また、 Also,
定性要因には、市場規模の成長度、競合度の強さ、販売チャンネルの有無・強さを含む市場性、技術力の卓越度、完成度、製造プロセスのレベルを含む技術力、トップ経営者としての力量、管理システムレベル、業界の影響度を含む経営力などの諸要因がある。 The qualitative factors, the market scale of the degree of growth, competition degree of strength, marketable, including the presence or absence strength of sales channels, excellence of the technology, maturity, technical capabilities, including the level of the manufacturing process, top managers ability as, there are various factors, such as management force, including the management system level, industry impact.

【0019】また、企業の技術評価の要素は、下記のような(1)〜(25)の項目に分類されて、前記のように各要素について10段階評価を行う。 Further, the elements of the technical evaluation of companies, are classified into items such (1) to (25) as described below, performs a 10 rating for each element as described above.

【0020】すなわち(1)業界成長率指数、(2)資産額=資本の額(資本金を含む)、(3)自己資本比率=資本の額(資本金を含む)÷{資本の額(資本金を含む)+負債の額}×100、(4)純資産倍率=資本の額(資本を含む)÷資本金、(5)使用総資本事業利益率=(営業利益+受取利息・受取配当金)÷資産の額× [0020] That is (1) industry growth rate index (2) (including the capital) assets = amount of capital, (3) (including the capital) equity ratio = amount of capital ÷ {amount of capital ( including the capital) + amount of debt} × 100, (4) including the net assets ratio = amount of capital (capital) ÷ ​​capital, (5) use the total capital operating profit margin = (operating income + interest and dividend income gold) the amount × of ÷ assets
100、(6)インタレスト・カバレッジ・レシオ= 100, (6) Interest coverage ratio =
(営業利益+受取利息・受取配当金)÷(支払利息+割引率)、(7)技術の競争力、(8)技術の優位性、 (Operating income + Interest and dividend income) ÷ (interest expense + discount rate), (7) the competitiveness of technology, (8) the superiority of the technology,
(9)技術の信頼性、(10)参入の容易性、(11) (9) technology reliability, (10) ease of entry, (11)
新規性、(12)製品の開発力、(13)技術確立確度、(14)知的所有権保持度、(15)市場規模、 Novelty, (12) development capabilities of the products, (13) technology established accuracy, (14) intellectual property rights held degrees, (15) market size,
(16)需要の安全性、(17)技術の寿命、(18) (16) the demand safety, (17) life technologies (18)
市場の成長率、(19)ニッチ性、(20)潜在的成長性、(21)リーダシップ能力、(23)キャッシュフローから算定、(X)類似会社の市場価値から算定、 Market growth rate, (19) niche resistance, (20) potential growth, (21) leadership capacity, (23) calculated from the cash flow, calculated from the market value of (X) similar companies,
(24)貸借対照表上の純資産から算定、(25)市場獲得性の要素がある。 (24) calculated from net assets on the balance sheet, there is a (25) Market acquisition of the element.

【0021】そして、これらの各項目に対しては、下式のf項に代入し、技術の評価(絶対評価)得点を数値計算する。 [0021] Then, for each of these items are substituted into f term of the formula, evaluation techniques (absolute evaluation) Scoring numerical calculations. ri=Xi1f1+Xi2f2+…Xikfk+εi(i=1、…N) ………(1) ここで、Xは過去の実績により決定される係数、fは個別技術の得、rは個別技術の総合得点である。 ri = Xi1f1 + Xi2f2 + ... Xikfk + εi (i = 1, ... N) ......... (1) where, X is a coefficient which is determined by past performance, f is obtained of individual technology, r is the total score of the individual technology. そして、 And,
この計算が前記技術の数値化システム2にて実行される。 This calculation is performed by digitizing system 2 of the technology.

【0022】なお、超過評価を計算することにより、この技術の相対的な水準が把握でき、その技術を、図3に示すようにレーダーチャートで表わすことで、技術の特徴やレベルを容易に看取、判定できる。 [0022] Incidentally, by calculating the excess evaluation, can grasp the relative levels of this technique, the technique, be represented by a radar chart as shown in FIG. 3, easily viewed characteristics and level of technology taken, it can be determined. また、技術評価を数値化してディスプレイ表示することができ、また図4に示すような正規分布を用いて、技術評価を相対的に判断させることができる。 Further, by digitizing the technical evaluation can display representation, and using the normal distribution as shown in FIG. 4, it is possible to relatively determine technical evaluation. これにより、優遇金利で債権発行できる。 As a result, it receivables issued by the preferential interest rates. 優秀な技術に対しては金利をディスカウントできる。 You can discount the interest rate for outstanding technology.

【0023】すなわち、今日の技術評価を蓄積されたデータと相対比較することで、適正妥当価格が算定でき、 [0023] That is, by comparison of Technology Assessment stored data relative today, proper reasonable price can be calculated,
また、この適正妥当価格と銀行の企業審査、ベンチャーキャピタルによる企業評価、M&Aによる企業買収評価を用いて、適正妥当価格を調整する。 In addition, the proper reasonable price and the bank company examination of, enterprise evaluation by venture capital, with the acquisitions evaluation by M & A, to adjust the proper reasonable price.

【0024】次に、企業、評価会社、金融機関、特別目的会社および機関・個人投資家間で実施される資金調達方法を説明する。 Next, companies, evaluation company, financial institutions, described the funding method implemented between the special purpose companies and institutions and individual investors. まず、企業11は自社の技術・特許などについて、図5に示すように評価会社12に評価依頼を行い、自社技術の市場における優性を調査する。 First, the corporate 11 in-house technologies and patent, evaluates requests to the evaluation company 12 as shown in FIG. 5, to investigate the dominant in the market for its technology. このとき、評価会社12は技術評価を行った上で技術評価書を企業に渡す。 In this case, the evaluation company 12 passes the technical evaluation report to the company after conducting a technical evaluation. 次に、技術について10段階の評価に分類した技術を債権化して、図6に示すように、担保譲渡契約を企業11が評価会社・金融機関13との間で締結する。 Then, the techniques classified in the evaluation of the 10 stages and debts for the technology, as shown in FIG. 6, the collateral assignment agreement companies 11 is entered into by and between the evaluation companies and financial institutions 13. この評価会社・金融機関13は図7に示すように、ランクごとに分類した技術についての債権をいくつか集った時点で特別目的会社14に譲渡する。 This evaluation companies and financial institutions 13, as shown in FIG. 7, be transferred to a special purpose company 14 at the time gathered some of the credit for the technology that was categorized by rank.

【0025】このため、特別目的会社14は、技術担保債権(資産担保債権)を発行して、機関・個人投資家1 [0025] For this reason, a special purpose company 14 issues a technology-backed receivables (asset-backed receivables), institutions and individual investors 1
5から特定資産の売買代金を調達し、この売買代金を企業11に支払う。 It raised the buying and selling price of a particular asset from 5, pay the purchase price to the company 11. この技術担保債権に対しては、格付会社から格付を取得する。 For this technology collateral loans, to get a credit rating from rating agencies.

【0026】このようにして、資金調達が成功した場合には、企業11が評価会社・金融機関13に対してワラント債権等のプレミアムを付加する。 [0026] In this way, if the funding is successful, it adds a premium, such as warrants loans to companies 11 to evaluate companies and financial institutions 13. これにより、評価会社・金融機関13には大きな投資収益が期待される。 As a result, a large return on investment is expected to evaluate companies and financial institutions 13.
図8はこのような技術の評価から資金調達までのプロセスを示すフローチャートである。 Figure 8 is a flow chart illustrating a process to funding from the evaluation of such techniques.

【0027】ここで、前記評価額に対する一定の掛け目を格付ごとに定める。 [0027] In this case, define a certain haircuts with respect to the valuation for each rating. 過去の実績として良好な収益をあげてきた技術があるとすれば、果してそのような成果を今後もあげることができるか、すなわち再現可能であるか、その技術で可能なのかを定性的に判断する。 If there is a technology that has been raised a good revenue as past performance, really the kind of achievements can be mentioned in the future, ie, whether it is reproducible, qualitatively determine whether the possible with the technology to. そして、その技術を用いて生み出された収益を計算し、年次の収益の標準偏差をとる。 Then, calculate the revenues generated using their technique, taking the standard deviation of annual revenue.

【0028】いま、Pを確率、Zを標準正規分布による変数、Φを標準正規分布の累積密度関数、μを平均値、 [0028] Now, the average value cumulative density function, the μ of the standard normal distribution probability P, variable Z with standard normal distribution, a [Phi,
σを標準偏差とすると、確率Pは、 P(−1≦Z≦1)=Φ(1)−Φ(−1)=0.6827 P(−2≦Z≦2)=Φ(2)−Φ(−2)=0.9545 P(−3≦Z≦3)=Φ(3)−Φ(−3)=0.9973 となる。 If the σ is the standard deviation, the probability P is, P (-1 ≦ Z ≦ 1) = Φ (1) -Φ (-1) = 0.6827 P (-2 ≦ Z ≦ 2) = Φ (2) - Φ (-2) = 0.9545 P (-3 ≦ Z ≦ 3) = a Φ (3) -Φ (-3) = 0.9973. そして、μ≦Z≦μ+σのとき、μ+σ≦Z≦ Then, when the μ ≦ Z ≦ μ + σ, μ + σ ≦ Z ≦
μ+2σのとき、μ+2σ≦Z≦μ+3σのとき、社債を発行する際の金利からそれぞれ0.1%、0.3%および0.5%ディスカウントする。 When μ + 2σ, μ + when 2σ ≦ Z ≦ μ + 3σ, 0.1% each interest rate at the time of issuing bonds, to discount 0.3% and 0.5%. これらの式によって、各技術を相対的に分析でき、技術のランク分けを行うことによって、債権発行金利の優遇を図ることができる。 These equations, each technology relatively analyze, by performing the ranking technique, it is possible to preferential loans issuance rate.

【0029】また、資産担保債権によって調達しようとする金額を超える資産を発行体に譲渡することによって、信用補完を行うことができる。 [0029] In addition, by the transfer of assets in excess of the amount to be raised through asset-backed loans to the issuer, it is possible to perform the credit enhancement. そして、この信用補完のために、キャッシュフローを上位の優先部分から先に充当していき、劣後への元払いはそれより遅れる構造にしたり、裏付け資産から得られるキャッシュフローと資産担保債権の利払いとの差額を、ある金額まで積み上げる仕組みとする。 And, because of this credit enhancement, we are devoted to earlier cash flow from the priority part of the high-order, the advance payment to the subordination or the structure lags behind it, and the interest payments on cash flow and asset-backed loans obtained from the underlying assets the difference, and a mechanism to stack up to a certain amount of money. さらに、スキームがスタートした当初から一定額の現金を発行体が留保しておく。 In addition, the issuer a certain amount of cash from the beginning that the scheme was started in advance reserves. また、特定技術を利用した商品の販売からくる売上・利益をキャッシュフローと考える。 Also, think about the sales and profit coming from the sale of products that utilize a particular technology and cash flow. その将来価値を計算し、証券化を行う。 To calculate the future value, carry out the securitization.

【0030】 [0030]

【発明の効果】以上のように、本発明によれば企業が持つ技術の評価価値を構成する諸要素を多元的に分類し、 As it is evident from the foregoing description, according to the present invention the elements that make up the evaluation value of technology companies have to pluralistic classified,
指数値を分与して評価点数化し、このとき定量・定性要因のウエート付けを行った上で、技術の評価の相対比較を行い、技術の適正妥当価格を決定することで、短期間に精度の高い技術審査を実現できる。 Evaluated scored by dispensing the index value, after performing weighting with quantitative and qualitative factors this time, perform a relative comparison of the evaluation of the technique, to determine the proper reasonably priced technology, accuracy in a short period of time high technical review of can be realized.

【0031】また、このような技術審査結果に従って、 [0031] In addition, in accordance with such technical review result,
企業の技術担当者による動画説明を行うなどして、資金の借り手と金融期間やベンチャーキャピタルなどの貸し手とのマッチングによって、技術の債権化、流動化を図ることで、企業は速やかに資金調達が行えるとともに、 By, for example, a moving description of technical personnel of the company, by matching with the lender, such as a borrower and the financial period and venture capital funds, loans of technology, that improve the flow of, companies can quickly funding with can be carried out,
金融機関等にとっては、融資審査の迅速化によるコストの削減と合理性がもたらされ、かつ投資リスクの回避を図ることができるという効果が得られる。 For financial institutions, which leads to cost reduction and rationality by speeding underwriting criteria, and there is an advantage that it is possible to avoid investment risk.

【図面の簡単な説明】 BRIEF DESCRIPTION OF THE DRAWINGS

【図1】本発明の実施の一形態による資金調達ビジネスの流れを示す概念図である。 1 is a conceptual diagram showing the flow of financing business according to an embodiment of the present invention.

【図2】図1におけるスコアリングデータベースの運用手順を示すフローチャートである。 Is a flowchart showing an operation procedure of the scoring database in FIG. 1;

【図3】本発明による技術評価結果を示すレーダーチャート図である。 3 is a radar chart diagram illustrating a technique evaluation results of the present invention.

【図4】本発明による技術評価を相対判断するのに利用する正規分布図である。 It is a normal distribution diagram utilized to relative determines technology assessment according to the present invention; FIG.

【図5】本発明における企業と評価会社との技術評価の依頼および評価報告の関係を示す説明図である。 FIG. 5 is an explanatory diagram showing the relationship between the request and the evaluation report of the technical evaluation of the company and evaluation company in the present invention.

【図6】本発明による実施の他の形態による資金調達システムの概略を示すブロック図である。 6 is a block diagram showing an outline of a financing system according to another embodiment according to the present invention.

【図7】本発明における評価会社での技術・特許のランク分けを概念的に示す説明図である。 FIG. 7 is an explanatory diagram conceptually showing the ranking of technologies and patents in the evaluation company in the present invention.

【図8】本発明による技術の評価から資金の調達までの一連のプロセスを示すフローチャートである。 8 is a flowchart showing a series of processes from the evaluation of the technique according to the present invention to raise funds.

【符号の説明】 DESCRIPTION OF SYMBOLS

1、11 企業 2 技術の数値化システム 3 統計データモデルシステム 4a 技術評価データベース 4b 企業情報データベース 4c スコアリングデータベース 6 ウェブサイト 8 資金提供手段 13 評価会社・金融機関 14 特別目的会社 15 機関・個人投資家 1, 11 companies 2 technology of the numerical system 3 statistical data model system 4a technology assessment database 4b corporate information database 4c scoring database 6 web site 8 funding means 13 rating companies and financial institutions 14 special purpose company 15 institutions and individual investors

Claims (4)

    【特許請求の範囲】 [The claims]
  1. 【請求項1】 企業が持つ技術を債権化し、この債権について評価会社・金融機関が前記企業との間で譲渡担保契約を結んだ上で、その債権を特別目的会社に譲渡し、 [Claim 1] and receivables of the technology companies have, in this credit rating companies and financial institutions on connecting the transfer collateral agreement with the company, the transfer of its receivables to a special purpose company,
    該特別目的会社はその債権を受けて資産担保債権を機関・個人投資家に発行することにより、特定資産の売買代金を調達し、前記企業に支払うことを特徴とする資金調達方法。 By 該特 by purpose company will be issued to institutions and individual investors the asset-backed loans in response to the claim, raised the buying and selling price of a particular asset, financing method, characterized in that pay to the company.
  2. 【請求項2】 前記資金調達が成功した際には、前記企業が前記評価会社・金融機関に対してワラント債を発行することを特徴とする請求項1に記載の資金調達方法。 2. The method of claim 1] to when the funding is successful, the funding method according to claim 1, characterized in that said companies to issue warrants with respect to the assessment companies and financial institutions.
  3. 【請求項3】 企業が持つ技術情報を数値化する技術の数値システムと、企業が持つ技術を相対評価し、市場でのランク分けを行う統計データモデルシステムと、前記数値化手段にて数値化された技術の得点および前記統計データモデルシステムで作成された技術評価データベース、企業情報データベースおよびスコアリングデータベースをインターネットのホームページ上に表示可能に設定するウェブサイトと、該ウェブサイトが提供する前記技術の得点および各データベースデータにもとづいて前記企業に出資を行う資金提供手段と、該資金提供手段からの資金調達に成功した前記企業が、その資金提供手段に対し債権およびワラント債を発行するようにしたことを特徴とする資金調達システム。 3. A technique to quantify technical information companies have numerical system, and relative evaluation of the technology with a company, and statistical data model system for the ranking in the market, digitized by the digitizing means techniques of scoring and the statistical data model systems technology evaluation database was created in a web site that set can be displayed enterprise information database and scoring databases on the Internet homepage, the technique of the website provides and funding means based on the score and the database data carried invested in the company, the company has been successfully funding from said resource gold provides means and to issue the receivables and warrants for that funding means financing system, characterized in that.
  4. 【請求項4】 企業が持つ技術の評価価格を構成する諸要素を多項目に分類するとともに、これらの分類した各要素に対して、市場規模や企業規模に応じたウェート付けを行って技術評価の数値化を行い、技術評価の数値をウェブサイトのホームページ上で表示し、正規分布を用いて金融機関による技術のランク分けによる評価の相対判断を実施し、得られた技術評価をデータとしてメモリ手段に蓄積し、必要に応じて該メモリ手段から抽出したデータにもとづいて、企業技術の評価価格を計算して資金調達に役立てることを特徴とする技術担保債権の評価方法。 4. A with to classify the various elements that make up the evaluation price of technology companies have in multi-item, with respect to each and these classification elements, technology evaluated by the weights with in accordance with the market size and company size performs the digitizing, memory numerical techniques rating displayed on the homepage of the website, using the normal distribution implement relative determination of evaluation by ranking techniques by financial institutions, resulting technology assessment as data accumulate means, based on the data extracted from the memory means as required, the evaluation method of the technology secured claim, characterized in that to help finance to calculate the evaluation value of the enterprise technology.
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