报告人：智天皓 博士
时间：2022年2月23日（星期三）下午3:00-4:00
地点：T1-108
语言：英语
报告摘要：
Intangible assets, particularly intellectual properties, are becoming increasingly important in today's economy characterised by innovation and digitalization. The securitization of IP assets enables the creative and high-tech industry, particularly SMEs, to find cheaper and more efficient source of capital. However, one perennial issue related to IP securitization is the uncertainty and complexity related to IP asset, which renders it difficult to price. Yet the recent practice of “sale-and-lease-back” greatly reduces the uncertainty of IP assets and enables the fair pricing of such assets. Inspired by this recent practice, this paper aims to provide a theoretical framework that formalizes the pricing of “lease-back” IP assets by proposing a noble two-step procedure of valuation. While the potential R&D-related risk determines the “lease-back” yield of the patent, the price of the patent is set by the inventors themselves, driven by profit-maximizing incentives.
讲者简介：
Dr Tianhao Zhi is currently assistant professor at BNU-HKBU United International College in Zhuhai, China. He obtained his PhD in Finance at University of Technology Sydney under Prof Carl Chiarella, Dr Corrado Di Guilmi and Prof Tony Xuezhong He and his Master in Economics at University of Queensland. Before joining UIC, Tianhao had worked at Sun Yat-sen university in Guangzhou for two years as research assistant professor under Prof Zhongfei Li. His works have been published by and presented at a number of international journals and conferences, including Studies in Nonlinear Dynamics and Econometrics (SNDE), Emerging Market Review (EMR), Frontiers of Finance (金融前沿), Computational Economics and Finance (CEF) conference, Workshop of Economics with Heterogeneous Interaction Agents (WEHIA).
With an initial training in economics in his formative years, and after nearly a decade-long pursuit in studying financial crises and systemic financial risk that had led to his PhD and post-doc journey, Tianhao recently found a new research direction in IP securitization and monetization in the creative and high-tech industries. He is driven to explore how to efficiently utilize undervalued IP that will deepen the market for intangible assets, and how innovation and monetization of IP assets under the right policy guidance may contribute to long-term economic growth that is greener, more productive and more sustainable, particularly in the post 2007 GFC and covid-19 pandemic world that we are living in.
On the creative side, Tianhao is also a musician outside his academic career. He composed numerous piano pieces and songs in his spare time and he performed regularly at venues including Zhuhai Opera House, Steinway Zhuhai, Steinway Guangzhou, ART23 gallery Guangzhou, Shenzhen piano museum, and Huafa music hall in Zhuhai.
