融资创新：一个项目的融资方法专利资金的创新【外文翻译】

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1、外文翻译原文FinancingInnovation:AProjectFinanceApproachtoFundingPatentableInnovationMaterialSource:http://web.ebscohost.com/ehost/pdfviewerAuthor:RichardBisProjectfinanceisamethodoffinancinganentitythroughsponsorequityandgenerallynon-recoursebankdebttoberepaidbythecashflowoftheenterprise.Ithasnever(tot

2、hisauthor’sknowledge)beenappliedtoanentityengagedintheproduction,acquisition,andmonetizationofpatentassets.Suchaninventioncompanywouldinternallygeneratepatentsthroughresearchandinvention,wouldacquirepatents(oftenfromsourcessuchasuniversitiesandcorporatebankruptcies),andwouldpackageandsellrightsto

3、thesepatents(invariousforms)togeneratecashflowinordertopaydowndebt,tocontinueoperations,andtodistributeprofitstotheentity'ssponsors.Someoftheaspectsofprojectfinancethatmakeit,ingeneral,adesirablefinancingtoolwouldalsoapplytoaninventioncompany.However,thereareadditionalissuesthatareuniquetoaninven

4、tioncompanythatwouldmakeprojectfinanceespeciallybeneficial.AThisarticlewillfirstpresentanoverviewofthedevelopmentsintheintellectualproperty(IP)marketthatprovidethefoundationforthefeasibilityofasuccessfulinventioncompany.Additionally,itwillpresentaqualitativestudyofthebenefitsandriskstosuchafinanc

5、ingstrategyandwillfocusonthemeansofproductionof,risksto,andmitigationtechniquesforpreservingthecriticalcashflowoftheinventioncompany.Finallythearticlepresentsandevaluatesafewscenariosthatarethemostlikelytobenefitfromprojectfinancing.Therecentgrowthinthepatentmarketrevealsthepossibilityofsuccessfo

6、raninventioncompany.IthasbeenestimatedthattheUSpatentmarkethadtransactionsworthapproximately$500millionin2006.“Morerecently,asinglepatentbrokerinSiliconValleyclaimedtohavecompletedover$50millioninpatenttransactionsinasinglequarterin2008.Phillips,anelectronicscompany,recentlyreportedsellingaportfo

7、lioof65patentstoRIMfor$173million.Reportedreassignmentsofpatentshavegrownfrom2,000in1980tonearly90,000in2003.ThisgrowingmarketwaslikelyspurredbythecreationoftheUSCourtofAppealsfortheFederalCircuit(CAFC)in1982.Itisconje