JP7509488B1 - Information processing system and program - Google Patents

Abstract

[Problem] In an information processing system in which securities or investment equity rights are traded between investors, the objective is to provide a mechanism for realizing trading between investors suitable for investors who place importance on small price fluctuations in the investment target. [Solution] The buying and selling prices of securities or investment equity rights are determined in advance and presented to investors as the determined price. Each investor can indicate the number of orders (number of shares to be traded) when placing a buy or sell order, but by configuring the system so that desired sell and buy limit prices for the investment target cannot be freely input and set, price fluctuations in the investment target are suppressed and buying and selling at the determined price of the investment target is guaranteed. This eliminates the need for investors to worry about what limit price to set, and ensures an opportunity for stable investment recovery. [Selected Figure] Figure 2

Description

The present invention relates to technology related to the transfer of securities or investment interests (hereinafter sometimes abbreviated as "securities, etc.") backed by assets such as real estate, and in particular to technology that mediates buying and selling between investors.

When individual investors buy and sell stocks and other securities on the market, the transaction is usually completed via a stock exchange or a proprietary trading system (PTS). A PTS is a system for conducting transactions on a market on a computer network set up by a securities company, rather than a stock exchange; in other words, it is a system for electronically conducting transactions outside of an exchange by a securities company.

The method for determining buying and selling prices at stock exchanges is the "continuous trading method," which follows the principles of price priority and time priority, and executes on a first-come, first-served basis when specified buying and selling prices match. In addition, in the event of an opening or closing, the "itayose method" is used, where a matching price is found from buy and sell orders, and this price becomes the single contract price.

There are several methods for determining buying and selling prices used in PTS markets, including an auction method similar to that used in exchanges, a buy and sell quote method in which a securities company (market maker) submits multiple buy and sell quotes and a price based on these is used. There is also a customer order matching method in which if an investor's limit price matches the limit price submitted by another investor who is the counterparty to the transaction, that limit price is used to buy or sell, and a customer negotiation method in which customers negotiate with each other on terms such as price and quantity, and buy or sell under the terms that both parties agree upon.

The PTS market operated by securities companies approved by the Financial Services Agency has a small number of markets, and the number of participating investors is also limited, which means that there are issues with price rigidity and liquidity. For this reason, the following patent document proposes a mechanism for appropriate price control.

Japanese Patent No. 4205148 Japanese Patent No. 4682244

In both of the above-mentioned trading methods in securities exchanges and PTS trading, the desired price is determined in advance before a trade is concluded. Even in over-the-counter markets where buyers and sellers trade directly one-on-one at financial institutions and other over-the-counter locations, it is naturally assumed that the desired buying and selling price will be presented. As suggested by the names of the inventions, "quote information presentation processing system" and "buying and selling price determination method," the focus in the trading of securities and the like is on how to appropriately control the "buying and selling price" that is determined based on the basic principles of supply and demand.

The fact that the buying and selling prices of securities and other securities are determined by the relationship between supply and demand means that in the buying and selling of securities and other securities, sellers seek the highest possible price and, conversely, buyers seek the lowest possible price, resulting in price competition. As the buying and selling prices of securities and other securities are determined in the course of such competition, price fluctuations are inevitable. REITs are known as a representative example of real estate fractionalization products, but because REITs are listed on the stock market, their prices fluctuate significantly in response to fluctuations in interest rates and stock prices, and they tend to produce results similar to those of stock investments.

On the other hand, investors who invest in the securities and the like that are the subject of the present invention, i.e., securities or investment interests backed by assets such as real estate, tend to be oriented towards stable profits. Rather than aiming for profits from trading based on ever-changing prices such as publicly traded stocks on a stock exchange, they want relatively long-term profitable returns from rental income generated by the target real estate, which is the underlying asset of the securities, and one of the conditions for selecting an investment is that the price fluctuation of the investment target is small.

In addition, one of the characteristics of real estate is that no two properties are identical. Therefore, there is no concept of a "fixed price" like that of general consumer goods in real estate transactions. Moreover, the transaction price is decided between the parties, the seller who provides the real estate, and the buyer who purchases the real estate, and the transaction price is characterized by being greatly influenced by individual circumstances. For example, if a seller wants to sell quickly due to a job transfer, the transaction price is often lower than the fair price at which comparable real estate in the neighboring area is being sold on the market. It is difficult for ordinary investors to obtain such individual transaction details, and even if they were able to obtain the transaction details, it is extremely difficult to understand the individual circumstances involved, and then understand what the fair price for the target real estate would be in the real market if there were no individual circumstances, and then present it as a limit price.

The present invention aims to provide a mechanism that allows investors to trade securities or investment interests backed by assets such as real estate in a manner that is suitable for them.

The present invention is an information processing system for realizing the buying and selling of rights related to securities or rights related to a business based on a partnership contract, which can be digitally divided into two or more units, and is characterized by comprising a selling information presenting means for providing a price based on the unit price of the rights to a seller who holds the rights, a selling order receiving means for receiving a selling order email from the seller that does not include a desired selling price for the rights, an order information transmitting means for transmitting the selling order email to investors other than the seller, a buying order receiving means for receiving a buying order email from the investor that does not include a desired purchase price for the rights in response to the selling order email transmitted, an approval means for approving a buying order from the buying order email received by the buying order receiving means, and a contract processing means for executing a transfer process for the rights after approval by the approval means.

The present invention is also characterized in that the sell order email includes the number of shares to be transferred for the right, and the buy order email includes the number of shares to be transferred for the right, and further, that the base price corresponds to the total net assets, which are the assets minus the liabilities, of the right, converted into the number of units, and that the selling information presentation means provides the seller with an amount equal to the base price or an amount obtained by increasing or decreasing the base price within a predetermined range. The base price is further characterized in that it is determined in association with the real estate appraisal value.

The information processing system according to the present invention predetermines the buying and selling prices of securities or investment interests backed by assets such as real estate, and presents them to investors as the confirmed prices. Although each investor can present the order quantity (number of shares to be bought and sold) when placing a buying or selling order, they cannot freely input and set the desired sell and buy limit prices for the investment target. Since the system does not accept any desired buying or selling price for the investment target, but is based on the transaction at the confirmed price (or a price approximating the confirmed price) presented by the information processing system, no price fluctuations occur. As a result, since buying and selling at the confirmed price is guaranteed, investors no longer need to worry about what the limit price should be, as was the case in the past, and investors can directly trade with each other without worrying about price fluctuations.

The final price presented by the information processing system is set based on, for example, the NAV (Net Asset Value) of the net assets at market value used when evaluating the value of the investment target, or an appraisal value by a real estate appraiser, so that a transaction can be made at a fair price calculated by objectively evaluating the investment target. Therefore, investors can trade with confidence that the presented price is the fair price (so-called fair value) of the investment target.

This will provide investors who invest in securities or equity interests backed by real estate and other assets with a stable opportunity for investment recovery, which will lead to more active investment.

1 is a diagram showing an outline of an overall scheme including an embodiment of an information processing system according to the present invention; FIG. 2 is a diagram illustrating an outline of functions of the information processing system. 1 is a flowchart showing the main processing steps of the information processing system when fractional securities are transferred between investors. 10 is a timing chart showing the process performed by the information processing system between the investor and the like. This is a list screen when the unit price for the security tokens held by the seller investor is provided. This is an example of a selling order email presented to a seller investor. 13 is an example of a screen displayed after a sell order email is sent to an information processing system. This is a list screen when sell order information is sent to the buyer investor. This is an example of a purchase order email presented to a buyer investor.

An embodiment of the processing executed by the information processing system according to the present invention will be described below with reference to the drawings. The present invention is directed to the buying and selling between investors of securities and the like backed by assets such as real estate, but in this embodiment, it will be described as an investment interest management system 100 that handles the buying and selling procedures between investors of investment interests backed by actual real estate. Note that the buying and selling does not necessarily have to be of real estate, and the buying and selling transactions may also include rights such as ships, aircraft, other movable property, and loan claims.

In addition, although this embodiment refers to it as an "investment share management system," it can be replaced with "device" or "server."

In the following explanation, investors include not only individuals (natural persons), but also corporations and qualified institutional investors. Qualified institutional investors are "persons specified by Cabinet Office Ordinance as having specialized knowledge and experience related to investing in securities," as stipulated in Article 2, Paragraph 3, Item 1 of the Financial Instruments and Exchange Act. They are so-called professional investors, and include securities companies, investment trust management companies, banks, insurance companies, investment advisory companies, and pension fund management funds.

Figure 1 shows an overview of the overall scheme including the investment equity management system 100 according to this embodiment. As shown in Figure 1, the special purpose company 1 enters into an anonymous partnership agreement with an investor 2, and then acquires real estate 3 from the real estate owner using the capital contributions etc. collected from the investor 2. The special purpose company 1 then assumes that it will distribute to the investor 2 the profits (rent and sales profits) it has gained from the rental and sale of the target real estate 3.

In this embodiment, the "anonymous partnership agreement" refers to the anonymous partnership agreement described in Article 2, Paragraph 2, Item 5 of the Financial Instruments and Exchange Act, and the "special purpose company" refers to the "special business operator" defined in Article 58 of the Real Estate Specified Joint Venture Act.

The investment share management system 100 registers and manages investors and distributes profits to the special purpose company 1. The investment share management system 100 is communicatively connected to the investor terminal of the investor 2 via a communication line such as the Internet. The special purpose company 1 also delegates part of its operations, such as sales and management, to a designated entrusted company 4.

As described below, the investment share management system 100 of this embodiment records and manages information based on distributed ledger technology such as blockchain. Each investor's anonymous partnership investment share is granted in the form of a security token (hereinafter sometimes abbreviated as "ST") that is generated and issued using distributed ledger technology.

In summary, when a predetermined total amount of investment is collected from investors 2 (when the fund is established in the case of crowdfunding), the investment share management system 100 uses a blockchain platform to tokenize the investment shares based on the anonymous partnership agreement between special purpose company 1 and investors 2, issues the tokens, and transfers these security tokens to the individual wallets of each investor according to their investment ratio. Furthermore, if there is a transfer of security tokens between investors during the operation period, the security tokens are transferred directly between the wallets of the parties. Then, at the end of the operation, the security token in investor 2's wallet is transferred to the wallet managed by special purpose company 1 at the same time as the redemption amount is paid.

Note that investors are not necessarily required to enter into a silent partnership agreement through special purpose company 1, and the present invention can be applied to transaction forms using various schemes.

Below, we will provide a specific explanation of the functions of the investment share management system 100, which enables investors to buy and sell rights to investment shares backed by actual real estate. Rights related to investment shares can be digitally divided into two or more units. In other words, a large amount of investment is divided into smaller units, such as 10,000 yen or 100,000 yen, and some or all of these are traded directly between investors. For the purposes of the following explanation, it is assumed that investor 2, who has signed a contract based on an anonymous partnership agreement, holds security tokens corresponding to his or her investment ratio when a specified total amount of investment is collected or when a fund raised through crowdfunding is established.

As shown in FIG. 2, the investment share management system 100 includes a selling information presentation means 100a, a selling order receiving means 100b, an order information transmission means 100c, a buying order receiving means 100d, and an agreement processing means 100e in order to complete transactions between investors.

The selling information presentation means 100a provides the unit price per unit to the seller investor 5 who holds the security token corresponding to the rights of the investment share. In this embodiment, the specific calculation method of the unit price is based on the NAV (Net Asset Value) of the net assets at market value used when evaluating the value of the investment target. The net assets at market value (NAV) is an index used in the financial and securities industry when evaluating the value and performance of investment targets such as companies and funds, and is the amount obtained by subtracting the liabilities from the assets on the balance sheet of the investment target. The unit price is the relationship in which this NAV is converted into the number of units. Therefore, investors will recognize that this unit price is calculated from an evaluation index that is familiar to them and reliable as objective data. In addition, when calculating the unit price, a method of evaluating the asset value of actual real estate other than that based on NAV may be applied.

The selling information presentation means 100a sets the base price based on the NAV itself, or an amount obtained by adding or subtracting the base price based on the NAV within a specified range. In this embodiment, the selling information presentation means 100a sets an amount obtained by adding or subtracting the base price based on the NAV within a specified range, and this amount will be referred to as the presented base price hereinafter. In addition, it is desirable that the presented base price be linked to the appraisal value by a real estate appraiser, who is an expert on real estate prices, and be consistent to prevent any discrepancy.

The sell order receiving means 100b receives sell order emails from investors who have referenced the proposed base price provided by the selling information presenting means 100a. In other words, it accepts the intention of the seller investor 5 to sell the rights related to his/her own investment shares. Since the rights related to the investment shares are divided into small units as security tokens, the sell order email from the seller investor 5 includes information on how many security tokens the seller investor 5 wishes to sell, but it should be noted here that the seller investor 5 cannot indicate the desired selling price for the security tokens. Neither the selling price per unit of security tokens nor the total selling price can be presented as the desired limit price. The price of the security token per unit is set at the proposed base price provided by the selling information presenting means 100a.

The order information sending means 100c sends the sell order email received by the sell order receiving means 100b to investors who are already registered in the investment equity management system 100. The investors in question are buyer investors 6 who have the potential to purchase rights (ST) related to the investment equity of others. By sending sell order emails, for example, simultaneously, each buyer investor 6 can fairly grasp the information on which STs are currently being sold. It goes without saying that in order to send emails, the email addresses of each investor are registered in advance in a database 7, etc.

The purchase order receiving means 100d receives purchase order emails from investors who have referred to the sell order emails sent by the order information sending means 100c. In other words, it is to accept the intention of the buyer investor 6 to purchase the rights related to the offered investment shares. As with the sell order receiving means 100b, the purchase order email from the buyer investor 6 includes information on how many security tokens the buyer investor 6 wishes to purchase, but the buyer investor 6 cannot indicate the desired purchase price for the security tokens. Neither the purchase price per security token nor the total purchase price can be presented as a desired limit price. The price of the security token per share is set at the proposed base price provided by the selling information presenting means 100a. Each buyer investor 6 can specify the number of shares they wish to purchase and reply to the investment share management system 100 as a purchase order email.

One type of order for buying and selling stocks and the like is called a "market order," which is an order method in which the price is not specified. At first glance, the present invention may be interpreted as being the same as a conventional market order in that a price is not specified. However, a market buy order corresponds to the lowest priced sell order and is executed immediately, and similarly, a market sell order corresponds to the highest priced buy order and is executed immediately. In other words, a price is presented in the opposite order to a market order, which is completely different from the present invention, in which the price is not (cannot be) specified for either the sell order or the buy order.

When the purchase order receiving means 100d receives the purchase order email, the purchase order is approved through a prescribed procedure, and a direct purchase and sale transaction of the security token is established between the seller investor 5 and the buyer investor 6. Here, "directly" means that the ST transfer is performed directly from the seller investor 5 to the buyer investor 6 without the involvement of a securities company or the like as a party to the transaction, as opposed to a form in which a securities company or the like first purchases the security token of the seller investor 5 and then sells it to the buyer investor 6. In this case, the transaction will go through the investment share management system 100, but since it is possible to eliminate unnecessary indirect costs such as commission fees associated with the purchase and sale of securities companies, etc., direct transactions between investors have the advantage of enabling each investor to buy and sell at low cost.

The agreement processing means 100e executes the transfer process of the rights related to the investment shares between the seller investor 5 and the buyer investor 6, and performs the process to transfer the number of security tokens to be transferred in connection with the transaction from the wallet of the seller investor 5 to the wallet of the buyer investor 6.

Figure 3 is a flowchart showing the steps of the process executed by the investment equity management system 100, and Figure 4 is a timing chart. The steps will be explained step by step while showing examples of screens provided by the investment equity management system 100.

The selling information presentation means 100a of the equity management system 100 sets a price corresponding to the unit price per unit determined based on the net asset value (NAV) (step S301 in FIG. 3) and provides this to the seller investor 5 as the proposed unit price (step S302 in FIG. 3). The proposed unit price may be calculated by adding a system usage fee equivalent to the compensation for the investor to use the equity management system 100. In this embodiment, a real estate appraiser or other expert assesses the actual real estate that is the investment target, associates the appraisal value with the proposed unit price, and provides a proposed unit price that is consistent with the appraisal value.

Figure 5 shows an example of a list screen when a seller investor 5 holds security tokens (ST) related to two investment target real estate (fund names are "ABC" and "DEF"), and each proposed unit price is displayed on the information terminal of the seller investor 5 by the selling information presentation means 100a. The "Unit Price" in Figure 5 corresponds to the proposed unit price. Now, assume that the seller investor 5 wants to sell the ABC fund. When the ABC fund is selected on the screen of the information terminal of the seller investor 5, a sell order email as shown in Figure 6 is displayed. If the seller investor 5 wants to sell only 10 of the 100 STs (however, the number of tokens that can be ordered is 80) that he holds, he enters "10" in the order quantity column 6a. The total selling amount corresponding to the number of shares to be sold is automatically calculated and displayed in column 6b. The seller investor 5 checks the contents of the screen display and presses the send button 6c (401 in Figure 4). A screen like that shown in Figure 7 is displayed to the seller investor 5, who confirms that the sell order has been accepted.

The sell order email from the seller investor 5 is received by the sell order receiving means 100b of the investment equity management system 100 (step S303 in FIG. 3). When the investment equity management system 100 receives the sell order email, it provisionally registers the sell order and locks the ST of the sell order held by the seller investor 5 to prevent double transfer (step S304 in FIG. 3, 402 in FIG. 4).

The special purpose company 1 (operator in FIG. 4) that has concluded an anonymous partnership agreement with the investor determines whether or not to approve the information on the sell order provisionally registered by the investment equity management system 100 (step S305 in FIG. 3, 403 in FIG. 4). In this embodiment, since the huge number of transactions that occur daily, such as general stock trading, are not fully automatically processed, the special purpose company 1 must approve the buying and selling transactions, and is not equivalent to a stock exchange or PTS. For example, the approval process is performed manually at 3:00 p.m. every business day. However, in other embodiments, the approval process may be automated on the investment equity management system 100 without manual approval by the special purpose company 1, and automatic approval is not necessarily excluded.

If the sell order is approved, the sell order is changed from provisional registration to actual registration (step S404 in FIG. 4). If the sell order is not approved, the sell order is invalidated (step S306 in FIG. 3).

Next, the order information transmission means 100c transmits the approved sell order to the information terminal of the investor who has already registered in the equity management system 100 (step S307 in FIG. 3, 404 in FIG. 4). In this embodiment, sell order emails are sent to multiple investors at once. FIG. 8 is an example of a list screen when two sell order information items are sent to an investor, i.e., the buyer investor 6 (405 in FIG. 4). The order information transmission means 100c may also transmit this sell order email to the seller investor 5 who transmitted the sell order email to the sell order reception means 100b as a confirmation.

Suppose a buyer investor 6 wishes to purchase ABC fund. When the buyer investor 6 selects ABC fund on the screen of his/her information terminal, a buy order email like that shown in FIG. 9 is displayed. Of the available sell order quantities, the buyer investor 6 enters the desired number of shares to be purchased, for example "10", in the order quantity column 9a. The total purchase amount corresponding to the number of shares to be purchased is automatically calculated and displayed in column 9b. The buyer investor 6 checks the contents displayed on the screen and presses the send button 9c (406 in FIG. 4). Note that a confirmation screen equivalent to the screen shown in FIG. 7 displayed to the seller investor 5 may be displayed to the buyer investor 6. This allows the buyer investor 6 to confirm that the buy order has been accepted.

As shown in Figure 9, in the buy order email, the buyer investor 6 can input the number of security tokens to be purchased, but cannot input the desired purchase price. The purchase price of the security token is limited to the proposed unit price.

The purchase order email from the buyer investor 6 is received by the purchase order receiving means 100d of the investment equity management system 100 (step S308 in FIG. 3). When the investment equity management system 100 receives the purchase order email, it provisionally registers the purchase order and locks the investment margin of the buyer investor 6 for the number of shares purchased to prevent double transfer (step S309 in FIG. 3, 407 in FIG. 4).

Similar to the approval of a sell order, the special purpose company 1 (the operator in FIG. 4) decides whether or not to approve the information of the buy order provisionally registered by the investment equity management system 100 (step S310 in FIG. 3, 408 in FIG. 4). In this embodiment, the approval process is performed manually by the special purpose company 1. However, in other embodiments, the approval process may be automated on the investment equity management system 100 without manual approval by the special purpose company 1, and automatic approval is not necessarily excluded.

As mentioned above, selling order emails are sent simultaneously to multiple investors from the perspective of fairness, but buying order emails are also adopted in the order in which they are received by the buying order receiving means 100d. If there is a specification to limit the total number of selling order emails to a lump-sum purchase, the first buying order email received will be adopted.

In addition, instead of sending sell order emails all at once, sell order emails may be sent preferentially to a specific group of investors, for example, taking into consideration whether their investment margin is equal to or exceeds a certain amount, their purchase history, etc. Also, the selection of buy order emails does not necessarily have to be determined in the order in which the emails arrive.

If the buy order is approved, the buy order is changed from provisional registration to actual registration (409 in FIG. 4). If the buy order is not approved, the buy order is invalidated (step S311 in FIG. 3).

When the purchase order is approved, the security token purchase and sale transaction is concluded. The agreement processing means 100e then executes the agreement processing of the rights related to the investment shares between the seller investor 5 and the buyer investor 6 (step S312 in FIG. 3, 411 in FIG. 4). It also performs processing to transfer the number of security tokens to be transferred by the transaction from the wallet of the seller investor 5 to the wallet of the buyer investor 6 (step S312 in FIG. 3, 412 in FIG. 4). It also notifies the investors of the agreement processing (step S313 in FIG. 3, 413 and 414 in FIG. 4).

Finally, the deposit transfer process is executed (step S314 in FIG. 3, 415 in FIG. 4), and the deposit is made to the seller investor 5 (418 in FIG. 4) and the investor is notified of the deposit transfer process (416 and 417 in FIG. 4).

As described above, a feature of the present invention is that investors, who are parties to a transaction, cannot present any desired selling price or purchasing price for the security tokens they are selling or purchasing. However, if strictly refusing to accept the desired price would be inadequate for investor protection, it may be possible to set the price within a certain range while using the proposed base price as the base price. However, unlike the ability to set any price for stocks, etc. on a stock exchange, the investment share management system 100 provides options within a settable price range, for example, allowing price setting within a range of 9,000 yen to 11,000 yen with the proposed base price (e.g., 10,000 yen) as the central value, and investors are only given the freedom to choose the desired selling price or desired purchasing price from among these.

The investment share management system 100 of this embodiment issues security tokens using distributed ledger technology, such as blockchain technology, and records and manages each time a security token is transferred.

When a security token is issued and transferred between the investment equity management system 100 and the investor 2, and when a security token is transferred between investors, the distributed ledger managed by the investment equity management system 100 is instantly rewritten, so that the transfer status of the security token can be grasped in real time. In addition, the distributed ledger can be referenced upon request from the investor or the special purpose company 1. This allows not only the administrator of the investment equity management system 100, but also the investor to grasp the status of token holdings and transfers, which shows that the distributed ledger was not simply created for business purposes or arbitrarily within the token issuer or the administrator of the investment equity management system 100.

Note that blockchain technology is already well known. This specification does not go into detail about the method of calculating a hash value for each data block and recording transaction data in a distributed ledger along with the hash value in a chain-like manner, but the advantages of this technology are outlined below.

The distinctive feature of distributed ledger technology, typified by blockchain technology, is that it does not depend on verification that is dependent on a specific server when determining the legitimacy of transactions and actions, but rather uses a decentralized peer-to-peer (P2P) network as the basis for communication connections between multiple terminals. Rather than a specific server managing ledgers related to transactions, multiple terminals manage updates to their own databases from the past to the present as a single piece of ledger data. Moreover, by each terminal managing the same ledger data, only when it is determined that there are no inconsistencies in any of the ledgers with respect to a new transaction is it treated as a legitimate transaction to be added to each ledger, ensuring the authenticity of the data in the database.

Due to these characteristics, blockchain technology (1) makes it impossible to tamper with past transaction data, (2) makes it resistant to system failures and highly available, as even if some of the terminals that manage the data break down, it is possible to continue services by using data from other terminals, and (3) makes tampering with data extremely difficult in the first place, as communications within the blockchain are encrypted and verified by certificates.

In addition, the transmission and reception of various data between the investment share management system 100 and the investor or between investors may be performed using electronic signatures or electronic certificates. These technologies are also publicly known, so they will not be described in this specification.

The present invention includes within its scope programs that are installed or downloaded into a computer through various recording media, such as optical disks such as CD-ROMs, magnetic disks, and semiconductor memories, or by downloading via a communication network, and these storage media.

Furthermore, the terminal that communicates with the investment equity management system 100 via a network is a computer connected to a network such as the Internet or a dedicated line. Specifically, for example, a PC (Personal Computer), a mobile phone, a smartphone, a PDA (Personal Digital Assistant), a tablet, a wearable terminal, etc. can be mentioned. Furthermore, for example, the mobile terminal of the investor 2 can be a mobile phone, a smartphone, a PDA, a tablet, a wearable terminal, etc. A business scheme including the investment equity management system 100 is configured by setting the terminal and the mobile terminal connected to the network by wire or wirelessly so that they can communicate with each other. Furthermore, in the above-mentioned embodiment, the investment equity management system 100 is a P2P type system, but it does not necessarily have to be a P2P type distributed ledger technology, and may be configured as a system that cooperates with an ASP (Application Service Provider).

1 Special purpose company 2 Investor 3 Real estate 5 Seller investor 6 Buyer investor 100 Investment share management system

Claims (6)

1. An information processing system for realizing buying and selling of rights related to securities or rights related to a business based on a partnership contract, the rights being digitally divided into two or more units, comprising:
a selling information presentation means for providing a price based on the unit price of the right to a seller who holds the right in a situation where there is no market price in a predetermined market for the right;
a selling order receiving means for receiving a selling order email from the seller that does not include any desired selling price for the rights under a situation where no desired purchase price for the rights has been presented by any investor other than the seller on the information processing system ;
an order information sending means for sending the sell order email to investors other than the seller;
a purchase order receiving means for receiving a purchase order email not including any desired purchase price of the right from an investor other than the seller who responded to the transmitted sell order email in a situation where no desired selling price of the right has been presented by an investor who holds the right on the information processing system;
an approval means for approving a purchase order from among the purchase order emails received by the purchase order receiving means;
A contract processing means for executing a transfer process of the right after the approval by the approval means;
An information processing system comprising: An information processing system as described in claim 1, wherein the selling order receiving means receives a selling order email including a desired selling price for the rights determined by the seller within the selling price range only when the selling information presenting means provides the seller with a predetermined range of selling price range based on the base price. 3. The information processing system according to claim 1 , wherein the selling order email includes a number of shares of the right to be transferred, and the buying order email includes a number of shares of the right to be transferred. The base price is equivalent to the total net assets, calculated by subtracting the liabilities from the assets related to the right, converted into the number of unit shares,
3. The information processing system according to claim 1, wherein said selling information presenting means presents to said seller an amount equal to said base price or an amount obtained by adjusting said base price within a predetermined range. 5. The information processing system according to claim 4 , wherein the base price is determined in association with a real estate appraisal value. A program executed in an information processing system for implementing buying and selling of rights related to securities or rights related to a business based on a partnership contract, the rights being digitally divided into two or more units, the program comprising:
In the absence of a market price in a given market for said rights, offering a price based on the unit price of said rights to a seller holding said rights;
receiving a sell order email from the seller that does not include any desired selling price for the rights under a situation in which no desired purchase price for the rights has been submitted by any investor other than the seller on the information processing system ;
Sending the sell order email to investors other than the seller;
receiving a buy order email not including any desired purchase price for the right from an investor other than the seller in response to the sell order email transmitted under a situation where no desired selling price for the right has been presented by an investor who holds the right on the information processing system;
Acknowledging the purchase order from the received purchase order email;
After said approval, executing said transfer of rights;
A program for executing the above.

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