In recent years, Baoding, as a comprehensive pilot city of cultural system reform determined by our province, has actively promoted cultural system reform in accordance with the overall arrangements of the central and provincial committees on deepening cultural system reform, and all work has shown a good development trend. At present, Baoding Animation Industrial Park has cultivated a number of cultural leading enterprises, among which the large-scale three-dimensional animated film "Elk King" won the 13 th film Chinese Watch Award, and two cartoons, "Lights of Rats" and "Knowledge of Earthquake Prevention and Disaster Prevention", have been produced and broadcast, filling the gaps in the original animation series in our province. With the rapid development of cultural industry, Baoding's cultural industry is facing a severe fact, that is, lack of funds. Capital is an important blood for the development of cultural industry, and the lack of capital has become an important bottleneck restricting the development of Baoding cultural industry. In order to realize the healthy and rapid development of Baoding cultural industry, we must make full use of various feasible financing methods. "Intellectual property pledge" can make the financing of cultural industry enterprises play the role of "fostering strengths and avoiding weaknesses", so that the value of intellectual property rights can be reflected and applied, which is undoubtedly a timely help for enterprises with independent intellectual property rights to solve the shortage of funds, accelerate the market transformation of intellectual property rights and enhance their core competitiveness.

First, the definition of related concepts of intellectual property pledge

(1) Intellectual Property

Intellectual property rights refer to "the exclusive rights enjoyed by the obligee to the intellectual labor results created by him", which are generally valid only for a limited time. Intellectual property is an intangible property right, which is protected by national laws and has value and use value. It includes industrial property rights and copyright.

Industrial property rights include the exclusive rights of patents, trademarks and manufacturers' names. Copyright, which we usually call copyright, refers to the right of the copyright owner to sign, publish and use his literary, artistic and scientific works, and to license others to use them and get paid. Specifically, it includes the copyright and neighboring rights of works in natural science, social science, literature, music, drama, painting, sculpture, photography and film photography. The intellectual property rights of cultural industries are mainly copyright and trademark rights.

(2) Pledge of intellectual property rights

Pledge refers to the way that the debtor or the third party gives his property to the creditor for possession as a guarantee of creditor's rights. Pledge can be divided into chattel pledge and right pledge. Intellectual property pledge is a form of right pledge, that is, intellectual property pledge refers to a financing behavior in which intellectual property rights holders pledge their legally owned intellectual property rights such as patents, exclusive rights to use registered trademarks and copyrights. As the pledge object, as the guarantee of debt, it obtains funds from banks and other financing institutions after evaluation and pricing, and repays the principal and interest of funds on schedule.

To develop cultural industries, we can use direct financing methods such as issuing stocks, bonds or raising funds from the society, and we can also use indirect financing methods such as current assets loans and fixed assets loans to solve the shortage of funds. The cultural enterprises in Baoding are basically small and medium-sized enterprises, and some of them have just been transformed into enterprises by the original art troupe, theater, municipal media and other units. Their investment is limited and small, which does not meet the conditions for public offering of stocks and bonds. Coupled with the characteristics of the industry, it is usually mainly leased land or factory buildings, and there are not many current assets, so it is not possible to guarantee loans to banks with current assets and fixed assets. However, the cultural industry has a large number of independent intellectual property rights, and providing intellectual property pledge loans through commercial banks can solve the financing difficulties of small and medium-sized cultural enterprises that lack physical assets as mortgage loans and lack funds but have independent intellectual property rights.

Second, the application of intellectual property pledge financing in Baoding cultural industry financing

(A) the application status of intellectual property pledge in Baoding cultural industry financing

In September 2006, the World Bank, China National Intellectual Property Administration, People's Bank of China, some domestic commercial banks, guarantee companies and evaluation agencies gathered in Xiangtan to hold the "National Seminar on Intellectual Property Pledge Financing" to formally promote intellectual property pledge financing. 20 10,10 On April 2, Hebei Province promulgated the Interim Measures for the Administration of Patent Pledged Loans in Hebei Province, and selected five cities, namely Shijiazhuang, Handan, Langfang, Baoding, Tangshan and Shijiazhuang High-tech Zone, to carry out the pilot work of patent pledged loans. Since being selected as a pilot city, Baoding Science and Technology Bureau has actively implemented the relevant spirit of the national and provincial pilot work of intellectual property pledge loans, conducted in-depth policy propaganda and research among enterprises, and recommended excellent enterprises with high technology content, strong innovation ability, outstanding business performance and good credit rating to commercial banks and financing guarantee institutions, which successfully contributed to the first patent pledge loan for small enterprises in Baoding City of 201kloc-0/. Baoding Traditional Chinese Medicine Pharmaceutical Co., Ltd. obtained a patent pledge loan of 2 million yuan from Baoding Construction Bank with three legal and effective patented technologies, which created a precedent for Baoding enterprises to obtain loans by relying on patent pledge.

But as far as the cultural industry is concerned, the capital problem of Baoding's cultural industry is mainly solved by government grants and social capital, and enterprises can't pledge loans to banks with their own intellectual property rights. Due to the characteristics of intellectual property rights and the difficulty of risk control, banks are worried about the loan issuance of cultural enterprises, especially small and medium-sized cultural enterprises, and intellectual property pledge loans have not yet become a widely used financing means.

(B) the development bottleneck of intellectual property pledge in Baoding cultural industry financing

First, the value of intellectual property rights is not easy to determine. The most important link of intellectual property pledge is the evaluation of intellectual property, but because intellectual property is an intangible asset, it is difficult to evaluate it. At present, although China has formulated the asset evaluation criteria-intangible assets, it is very difficult to operate. It is stipulated that intangible assets can be evaluated by three methods: cost method, income method and market method. Among them, the cost method emphasizes historical cost, and the evaluation results may be divorced from reality, which is contrary to the excess profitability of intangible assets and cannot reflect the intrinsic value of intangible assets. Market method is the closest to reality, but it relies too much on a fully active open market, so it needs to find a transaction case similar to the appraised object, which is not available in the domestic market; Income method can best reflect the value of intangible assets, but the subjective factors of each index in this method are too strong, which leads to the possibility of deviation. None of these three methods can fully meet the needs of intellectual property evaluation in practice.

In addition, there is a shortage of intellectual property appraisal talents in Baoding, and there is no authoritative intellectual property appraisal institution, so the appraisal market is chaotic. All these have restricted the development of intellectual property pledge loans.

Second, it is not easy to realize intellectual property rights. Compared with real estate collateral, intellectual property rights are less mobile and more difficult to dispose of. Moreover, at this stage, the domestic awareness of intellectual property rights is not high, and the intellectual property transfer market is also small. Once the debtor can't repay the due debt, it will involve the realization of intellectual property rights. Considering the difficulty of realizing intellectual property rights, most commercial banks are cautious about intellectual property pledge loans.

Third, intellectual property pledge financing is risky. First of all, the pledge of intellectual property rights is based on the future cash inflow of intellectual property rights as the repayment guarantee, and banks feel more unstable and the risks are not well controlled. Secondly, the bank itself is unfamiliar with the evaluation of intellectual property rights and lacks professional evaluation talents. Asset evaluation itself is a highly technical job, especially the evaluation of intangible assets such as intellectual property rights. With the help of marketing management, the value of intellectual property rights can only be reflected when it is applied to the production and sales of products. However, it is difficult to predict in advance how the products manufactured on the basis of such intellectual property rights will be sold in the market in the future, which also affects the determination of the value of intellectual property rights. Therefore, few financial institutions provide intellectual property pledge loans and lack specific operation methods.