On June 24th, the 34th lecture of Science and Technology School of Zhejiang Science and Technology Department started. Wu Zhengguang, director of the Office of Zhejiang Natural Science Foundation Committee, shared his experience with you from the perspectives of financial concept, financial pricing of technology, venture capital and capital market.
“Technological innovation is an important part of the science and technology management department. Finance is logical and based on the law of matching risks and benefits. With the increase of investment in intangible assets such as technological research, human capital and brands, the marginal return of capital will have an increasing effect.” Wu Zhengguang introduced the role of finance from the relationship between finance and economic development, enterprise growth and transformation of scientific and technological achievements.
Wu Zhengguang believes that the “financial integration” has broken the boundary between time and space and realized the allocation of resources. For technology, how to understand the word “Rong”? Taking Qixing Electronics’ acquisition of Northern Microelectronics as an example, Wu Zhengguang analyzed that the value of intangible assets can hardly be reflected by the replacement cost. The premise of adopting market comparison method is to have the same or similar transaction cases. This example uses the technical path of income sharing method when evaluating technical intangible assets by income method. “Patent assets evaluation, using the income method, uses the discounted value of cash flow created by intangible assets to determine the fair market value of entrusted intangible assets, which is in line with the technology-intensive characteristics of North Microelectronics as a high-end integrated circuit equipment enterprise.” Wu Zhengguang said.
How does venture capital evaluate technology enterprises? Wu Zhengguang introduced it from the perspective of measuring the share rate of patented technology. “According to the principle of option pricing model, the present value of cash flow brought by patented assets to enterprises should be equal to its transaction price in the open market.” He said that information asymmetry leads to the fact that the transferor of patented technology usually knows the potential profitability of patented technology better than the transferee, and the transferee of patented technology needs to analyze and judge the transferee value of patented technology, thus giving birth to the “bullish” or “bearish” option of the transferee of patented technology on the future price of patented technology. As long as the industry positioning of the appraised enterprise is accurate, and there are public annual report data of listed companies in the industry as a reference, the share rate of the appraised patent assets can be obtained. Wu Zhengguang believes that the core of venture capital’s valuation method for technology enterprises lies in discounted cash flow.
Wu Zhengguang said that science and technology and finance complement each other. Industrial innovation originates from technological innovation. The development of technology promotes the financial transformation, and the incentive of financial transformation promotes the development of technology.
![](https://www.hzyyingyu.com/wp-content/uploads/2022/10/test-718.jpg)
(Source: technology and finance Times reporter He Piao Piao/Wen Zhan Zhonghua/Photo)