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欧洲知识产权融资：现状与未来展望

2026-05-13 欧盟知识产权局 (EUIPO) 王英文

核心观点：欧洲面临着生产力与创新差距，主要原因是创新想法的商业化转化缓慢。虽然欧洲在研发和产生创新想法方面表现出色，但将这些创新转化为全球商业成功的能力却很薄弱。欧洲金融体系尚未充分认识到和利用知识产权作为投资基础的潜力，导致许多欧洲公司难以利用其知识产权进行融资，从而阻碍了生产力增长、经济活力和竞争力。

关键数据：

欧盟知识产权密集型产业贡献了约48%的欧盟GDP和约31%的就业岗位。
欧盟每年约有3650亿欧元的中小企业信贷缺口。
欧盟知识产权融资的可寻址市场估计每年为700亿至1500亿欧元。
如果实施适当的披露、估值和风险分担基础设施，知识产权融资工具可以切实地每年动员300亿至1200亿欧元的新融资流动。
欧盟风险投资市场与美国相比规模较小，风险规避情绪较高，资本市场分割，单一市场内部商品和服务市场存在剩余限制，退出机会有限。

研究结论：

知识产权融资在欧洲的采用率相对较低，是由于相互加强的结构性障碍，这些障碍在知识产权融资管道的每个阶段都创造了瓶颈，从知识产权保护和价值评估到融资、增长、执法和再投资。
知识产权资产的独特性、信息不对称、缺乏市场、估值不统一以及监管碎片化是主要障碍。
需要协调行动，解决信息不对称、市场发展、估值实践和监管框架等问题，以释放知识产权的潜力，促进欧洲创新企业的发展。

政策建议：

提高知识产权的可见性：建立自愿的综合披露框架，让公司以清晰、一致和可用的格式分享其知识产权和无形资产信息。
为知识产权分配可信的价值：建立基于共同原则、操作流程和特定行业指南的欧洲国际估值标准体系。
将知识产权价值转化为贷款：推出针对知识产权抵押贷款的特定信贷担保产品；提供针对知识产权抵押品的公共贷款；探索知识产权保险产品。
建立证据基础：建立针对知识产权相关风险评估的目标数据要求框架；连接现有的数据集；建立隐私保护交易数据集；建立知识产权抵押品中央登记册。
加强协调：加强在披露标准、质量控制、估值专业知识、数字工具、数据收集和分析报告、政策对话和培训和能力建设方面的协调。

April 2026 Contents 1Foreword....................................................................................................................3Executive Summary...................................................................................................5Definitions................................................................................................................101Challenges to Innovation and Growth in Europe–the Financial Gap and Role ofIntangible Assets......................................................................................................122Analysis of Problems Related to Usage of IP to Access Finance......................332.1Intellectual Property characteristics...........................................................342.1.1Information asymmetry, non-rivalry, and weak signals.......................342.1.2Separability and redeployability..........................................................352.1.3Uncertainty regarding the value and useful economic life of intellectualproperty362.1.4Heterogenous character of individual IP assets..................................372.2Current framework.....................................................................................372.2.1Underdeveloped secondary markets and lack of data on transactionsinvolving IP........................................................................................................372.2.2Problems in identification of intangibles..............................................392.2.3Lack of harmonisation of legal provisions governing IP-based collaterals412.2.4Higher regulatory capital burden under the Basel III framework.........422.2.5Lack of risk capital for IP-intensive start-ups.......................................432.3Problems related to IP valuation................................................................442.3.1General lack of information on IP valuation approaches.....................452.3.2Low number of IP valuation professionals..........................................452.3.3High costs of IP valuations..................................................................452.3.4Uncertainty related to IP valuations....................................................452.4Rationale for policy intervention.................................................................453Analysis of Policy Solutions to Facilitate Usage of IP to Access Finance.........473.1Solutions to facilitate access to banking credit...........................................483.1.1Provision of dedicated public lending against IP collateral..................483.1.2Public guarantees...............................................................................503.1.3IP insurance........................................................................................54 3.1.4IP credit and insurance transactions repository..................................573.1.5Improving the visibility of IP in company finance documents (accountingregulations).......................................................................................................593.1.6Development of secondary markets for IP and support for IP brokerageservices663.1.7Harmonisation of security rights in IP and creation of a central registry ofpledges693.1.8Combatting IP infringement and promoting IP mediation....................723.1.9Safeguarding lenders’ rights in case of bankruptcy............................743.1.10Settingup a recovery institution to liquidate IP assets in case ofbankruptcy........................................................................................................783.1.11Easing banks’ regulatory burdens related to accepting IP pledges bysecuritisation of IP-backed loans.......................................................................793.2Solutions related to IP valuation.................................................................843.2.1Introduction to IP valuation approaches and methods........................843.2.2Regulation of IP valuation practice.....................................................863.2.3Education and promotion campaigns focused on IP value, IP valuationmethodologies and IP-backed financing...........................................................873.2.4Modular IP valuations.........................................................................893.2.5Promotion of specific methods of IP valuation....................................923.2.6Direct subsidies for IP valuation..........................................................923.3Facilitate finance beyond banking credit....................................................933.3.1Public grants for R&D and commercialisation.....................................933.3.2Increase availability of risk capital.......................................................964Setting out priorities for a functional IP-backed finance system in Europe......1024.1Priority 1: Make IP visible....................................................................

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