Browse > Article
http://dx.doi.org/10.14400/JDC.2017.15.1.199

A Study on the Effective Combining Technology and Credit Appraisal Information in the Innovation Financing Market  

Lee, Jae-Sik (Graduate School of Management of Technology, Korea University)
Kim, Jae-jin (Division of Master of Inntellectual Porperty, Korea University)
Publication Information
Journal of Digital Convergence / v.15, no.1, 2017 , pp. 199-208 More about this Journal
Abstract
This study investigates the components and rating system of reliable technology credit information for a technology finance donor who is a consumer of the information and aims to create an effective and optimal technology credit appraisal system to enlarge technology finance supply. Firstly, we calculate the optimal TCAR which becomes the maximum AUROC through the combination of ratio change, verify the substitution possibility between TAR and CR through the existing CR and system gap simulation, and propose a rating system by which financial institutes can utilize the TCAR as a credit rating. As a result, 70% : 30% is the most suitable as the weighted combination ratio of credit rating : technology rating. As a result of this study, we confirmed the possibility that the technical credit rating information could be substituted by the credit rating or the technology appraisal rating. Furthermore, it also suggests that sophisticated risk management is possible through using technology credit rating that are combined with credit and technology appraisal rating.
Keywords
Technology Appraisal; Technology Appraisal Rating; Credit Rating; Technology Credit Appraisal Rating; ROC; AUROC;
Citations & Related Records
Times Cited By KSCI : 2  (Citation Analysis)
연도 인용수 순위
1 J. R. M. Hand, R. W. Holthausen, R. W. Leftwich, "The effect of bond rating agency announcements on bond and stock prices", The journal of finance, Vol.47, No.2, pp.733-752, 1992.   DOI
2 OECD, "The SME Financing Gap (Vol. I): Theory and Evidence", p.136, OECD Publishing(Paris), 2006.
3 G. Kim, J. Woo, "Techniques to Activate Technology Finance: Focusing on Technology Finance Products", p.78, Korea Small Business Institute, 2008.
4 S. Nam, "Current Status and Future Direction of Technology Finance", Proceedings of Korean Association of Financial Engineering, Vol.2009, No.1, pp.1-20, 2009.
5 Korea Intellectual Property Office, Presidential Council on Intellectual Property, Financial Services Commission, "Revitalization of intellectual property finance for realization of creative economy", p.16, July, 2013.
6 MyounJae Lee, Khoe Kyung-Il, "Development Method of Digital Content Finance-Focused on by Technical Value Evaluation", Journal of the Korea Convergence Society, Vol. 6, No. 6, pp. 111-117, 2015.   DOI
7 Mi-Lim Chon, "Investment and Debt ratio of ICT firms", Journal of the Korea Convergence Society, Vol. 6, No. 1, pp. 103-108, 2015.   DOI
8 S. Y. Sohn, H. S. Kim, T. H. Moon, "Predicting the financial performance index of technology fund for SME using structural equation model", Expert Systems with Applications, Vol.32, No.3, pp.890-898, 2007.   DOI
9 J. F. Coates, "The role of formal models in technology assessment", Technological forecasting and social change, Vol.9, No.1, pp.139-190, 1976.   DOI
10 J. D. Roessner, J. Frey, "Methodology for technology assessment", Technological Forecasting and Social Change, Vol.6, pp.163-169, 1974.   DOI
11 K. Cho, Y. Cho, J. Kim, D. Yang, "A Verification of Structural Validity for Technology/Credit Appraisal Model of Small and Medium Business Firms", JOURNAL OF TECHNOLOGY INNOVATION, Vol.14, No.1, pp.177-199, 2006.
12 C. Park, H. Lim, "Prediction of Technology SMEs' Bankruptcy Using Technology Evaluation Information and Their Application to Policies", KIF Research Paper, Vol.2015, No.2, pp.1-185, 2015.
13 R. W. Holthausen, R. W. Leftwich, "The effect of bond rating changes on common stock prices", Journal of Financial Economics, Vol.17, No.1, pp.57-89, 1986.   DOI
14 H. Lim, "Firm Char acter istics and Default Predictability: Relationship-Banking, Age, and Size", Journal of Korean Economic Analysis, Vol.22, No.1, pp.81-142, 2016.
15 E. I. Altman, "Financial ratios, discriminant analysis and the prediction of corporate bankruptcy", The journal of finance, Vol.23, No.4, pp.589-609, 1968.   DOI
16 G. E. Pinches, J. C. Singleton, "The adjustment of stock prices to bond rating changes", The Journal of Finance, Vol.33, No.1, pp.29-44, 1978.   DOI
17 R. L. Parr, G. V. Smith, "Quantitative methods of valuing intellectual property", M. Simensky and LG Bryer, The New Role of Intellectual Property in Commercial Transactions, pp.39-68, 1994.