Abstract:

Intellectual property pledge financing is a vital means to alleviate the shortage of funds for small and medium-sized scientific and technological enterprises. However， the small scale of pledged fixed assets and high credit risk have become the key problem faced by small and medium-sized enterprises in intellectual property financing. Based on the perspective of supply chain， a secondary supply chain consisting of a single supplier and a single manufacturer is constructed， taking into account the two different power structures of supplier-led and manufacturer-led as well as the different relationships between suppliers’intellectual property valuation and their own capital， and four models of supply chain are established based on this model. The optimal decisions of suppliers and manufacturers are compared and analyzed under the four models， and numerical simulation is used to further verify the effects of supplier product price coefficients， credit rates and their impact coefficients on the product prices， output and profits of suppliers and manufacturers. It is shown that， if the production demand of supply chain enterprises can be met after carrying out IPR pledge financing， the operation mode in which suppliers dominate the whole secondary supply chain is more conducive to suppliers' intellectual property pledge financing and promotes the coordinated operation of the whole supply chain system. In order to ensure that the relevant parties in the supply chain can co-create the value of intellectual property， the supplier should increase the participation of multiple parties such as core enterprises by giving reasonable price discounts and other forms of contracts. A theoretical basis and practical guidance is provided for the operation of intellectual property pledge financing in the supply chain and the solution to alleviate the capital shortage of SMEs.

Key words: pledge of intellectual property, supply chain financing, different power structure, financing decision