Information processing systems and programs

Abstract

The aim is to provide a mechanism for inter-investor trading in an information processing system that allows investors to buy and sell securities or equity interests among themselves, and that is suitable for investors who prioritize low price fluctuations in their investment targets. [Solution] The buying and selling price of securities or equity interests is predetermined and presented to investors as a fixed price. While each investor can specify the number of units to buy or sell when placing a buy or sell order, the system is configured so that investors cannot freely input their desired buy and sell limit prices for the investment target. This suppresses price fluctuations of the investment target and guarantees that trading will be conducted at the fixed price of the investment target. As a result, investors do not need to worry about what their limit prices should be, and they can secure opportunities for stable investment recovery.

Description

Technical Field

[0001] The present invention relates to a technology related to the transfer of securities or investment shares (hereinafter sometimes abbreviated as "securities, etc.") with assets such as real estate as underlying assets, and particularly relates to a technology for mediating transactions between investors.

Background Art

[0002] When individual investors trade stocks, etc. in the market, they usually go through a stock exchange or conduct transactions in a PTS (proprietary trading system) market. A PTS is a system for conducting transactions in a market on a computer network established by a securities company rather than a stock exchange, that is, a system for electronically conducting transactions outside the exchange by a securities company.

[0003] The method for determining the trading price on a stock exchange is carried out by the "auction method" in which transactions are concluded in order from those with matching specified trading prices in accordance with the principles of price priority and time priority. Also, in cases such as donations or the end of transactions, it is carried out by the "price-matching method" in which a matching price is obtained from sell orders and buy orders and that price becomes a single transaction value.

[0004] There are also multiple types of methods for determining trading prices adopted in the PTS market. There is an auction method similar to that of the exchange for determination, or a trading bid presentation method in which a securities company (market maker) presents multiple ask prices and bid prices and conducts trading using the prices based on these. Furthermore, there is a customer order matching method in which when the limit price presented by an investor matches the limit price presented by another investor who is the counterparty to the transaction, trading is carried out using that limit price, and there is also a customer negotiation method in which customers negotiate regarding conditions such as price and quantity, etc., and conduct trading under the conditions reached by both parties.

[0005] The PTS markets operated by securities companies authorized by the Financial Services Agency have few openings, and the number of participating investors may be limited, so there are problems with price rigidity and liquidity. Therefore, there are the following patent documents that have proposed a mechanism for appropriately controlling prices. [Prior art documents] [Patent Documents]

[0006] [Patent Document 1] Patent No. 4205148 [Patent Document 2] Patent No. 4682244 [Overview of the project] [Problems that the invention aims to solve]

[0007] In both the stock exchange and PTS trading methods described above, transactions are conducted after the desired price has been predetermined. Even in over-the-counter (OTC) markets where buyers and sellers trade directly one-on-one at the counters of financial institutions, it is a given that the desired buying and selling price will be presented. As suggested by the titles of the inventions in the aforementioned Patent Documents 1 and 2, "Bid / Auction Information Presentation Processing System" and "Method for Determining Buy / Sell Prices," the focus is on how to appropriately control the "buy / sell prices" that are determined based on the basic principles of supply and demand in the buying and selling of securities.

[0008] The fact that the buying and selling prices of securities are determined by supply and demand means that in the buying and selling of securities, sellers seek the highest possible price, while buyers seek the lowest possible price, resulting in price competition. Since the buying and selling prices of securities are formed through this competitive process, price fluctuations are unavoidable. REITs are a well-known example of fractional real estate investment products, but because REITs are listed on the stock market, their prices are greatly affected by fluctuations in interest rates and stock prices, and tend to yield results similar to stock investments.

[0009] On the other hand, investors who invest in securities, etc., that are the subject of the present invention, i.e., securities or equity interests backed by assets such as real estate, tend to seek stable returns. Rather than aiming for trading profits based on prices that fluctuate moment by moment, such as publicly traded stocks on stock exchanges, they desire relatively long-term yields arising from rental income generated by the real estate that is the underlying asset of the securities, etc., and consider small price fluctuations of the investment target as one of the conditions for investment selection.

[0010] Furthermore, a key characteristic of real estate is that no two properties are exactly alike. Therefore, there is no concept of a "fixed price" like that of general consumer goods in real estate transactions. Moreover, the transaction price is determined between the seller (the provider of the property) and the buyer (the purchaser), and is heavily influenced by individual circumstances. For example, if a seller is moving due to a job transfer and wants to sell as quickly as possible, the property will often be sold at a price lower than the fair market price for comparable properties in the surrounding area. It is difficult for ordinary investors to obtain such individual transaction details, and even if they could, it would be extremely difficult to grasp the individual circumstances involved, determine what the fair market price for that property would be without those circumstances, and then propose a target price.

[0011] Therefore, the present invention aims to provide a mechanism that enables investor-to-investor trading of securities or equity interests backed by assets such as real estate, which is suitable for investors. [Means for solving the problem]

[0012] The present invention is an information processing system for realizing the buying and selling of a right relating to a security or a business based on a partnership agreement, which can be digitally divided into two or more units, and is characterized by comprising: a sales information presentation means that provides a seller holding the right with a price based on the net asset value of the right; a sales order receiving means that receives a sales order email from the seller that does not include the seller's desired selling price for the right; an order information transmission means that sends the sales order email to investors other than the seller; a buy order receiving means that receives a buy order email from the investors in response to the transmitted sales order email that does not include the desired purchase price for the right; an approval means that approves buy orders from among the buy order emails received by the buy order receiving means; and a trade processing means that executes the transfer of the right after approval by the approval means.

[0013] Furthermore, the present invention is characterized in that the sell order email includes the number of units to be transferred pertaining to the rights, the buy order email includes the number of units to be received pertaining to the rights, the standard price corresponds to the amount obtained by converting the total net assets obtained by subtracting liabilities from assets pertaining to the rights into units, and the sales information presentation means provides the seller with an amount that is the same as the standard price or an amount obtained by adding or subtracting the standard price within a predetermined range. Furthermore, the standard price is further characterized in that it is determined in relation to the real estate appraisal value. [Effects of the Invention]

[0014] The information processing system according to the present invention pre-determines the buying and selling prices of securities or equity interests backed by assets such as real estate, and presents these fixed prices to investors. While each investor can specify the number of units to buy or sell when placing a buy or sell order, they cannot freely input and set their desired buy and sell limit prices for the investment target. Since the system does not accept arbitrary desired buying and selling prices for the investment target and is based on transactions at the fixed price (or an approximate price of the fixed price) presented by the information processing system, there are no price fluctuations. As a result, buying and selling at the fixed price is guaranteed, so investors no longer need to worry about what to set their limit orders for, and can conduct secure transactions directly with other investors without price fluctuations.

[0015] Furthermore, the fixed price presented by the information processing system is set based on, for example, the Net Asset Value (NAV) of the market value of the investment target, or the appraisal value by a real estate appraiser. Therefore, it is possible to conduct transactions at a fair price calculated by objectively evaluating the investment target. Consequently, investors can trade with confidence that the presented price is the fair price (so-called fair value) of the investment target.

[0016] This will provide investors who invest in securities or equity interests backed by assets such as real estate with opportunities for stable investment recovery, thereby attracting more active investment. [Brief explanation of the drawing]

[0017] [Figure 1] This figure shows a schematic of the overall scheme including one embodiment of the information processing system according to the present invention. [Figure 2] This diagram outlines the functions of an information processing system. [Figure 3] This flowchart illustrates the main processing steps of the information processing system when fractional securities are transferred between investors. [Figure 4] This is a timing chart showing the process by which an information processing system executes various transactions with investors and other parties. [Figure 5] This is a list screen when the reference price for security tokens held by seller investors is provided. [Figure 6] This is an example of a sell order email presented to seller investors. [Figure 7] This is an example of a screen displayed after sending the sell order email to the information processing system. [Figure 8] This is a list screen when sell order information is sent to buyer investors. [Figure 9] This is an example of a buy order email presented to buyer investors.

Embodiment for Implementing the Invention

[0018] Hereinafter, with reference to the drawings, an embodiment of the processing executed by the information processing system according to the present invention will be described. The present invention targets the trading between investors of securities and the like with assets such as real estate as underlying assets. In this embodiment, it will be described as an equity management system 100 that performs a trading procedure between investors of equity interests with physical real estate as underlying assets. Note that it is not necessarily limited to the trading of real estate, and rights such as ships, aircraft, other movable properties, and loan claims may also be the subject of trading transactions.

[0019] Also, in this embodiment, it is shown as an "equity management system", but it can be replaced with an "apparatus" or a "server".

[0020] In the following description, investors include not only individuals (natural persons) but also corporations and qualified institutional investors, etc. A qualified institutional investor is a person defined by Cabinet Office Ordinance as a person "having specialized knowledge and experience related to investments in securities" as defined in Article 2, Paragraph 3, Item 1 of the Financial Instruments and Exchange Act. It is a so-called professional investor, and securities companies, investment trust management companies, banks, insurance companies, investment advisory companies, pension fund management funds, etc. fall under this category.

[0021] Figure 1 shows an outline of the overall scheme, including the equity management system 100 according to this embodiment. As shown in Figure 1, Special Purpose Company 1 enters into a limited partnership agreement with Investor 2 and acquires Real Estate 3 from the Real Estate Owner based on the capital contributions collected from Investor 2. Subsequently, Special Purpose Company 1 is expected to distribute the profits (rent and sales profits) obtained from leasing or selling the target Real Estate 3 to Investor 2.

[0022] Here, "anonymous partnership agreement" in this embodiment refers to an anonymous partnership agreement as defined in Article 2, Paragraph 2, Item 5 of the Financial Instruments and Exchange Act, and "special purpose company" refers to a "special business operator" as defined in Article 58 of the Real Estate Specified Joint Enterprise Act.

[0023] The equity management system 100 performs the registration, management, and distribution of profits of investors by the special purpose company 1. The equity management system 100 is connected to the investor terminals of investors 2 via a communication line such as the Internet. The special purpose company 1 may also delegate some of its operations, such as sales and management, to a designated outsourcing company 4.

[0024] As will be described later, the investment share management system 100 of this embodiment records and manages information based on distributed ledger technology, such as blockchain. Each investor's limited partnership investment share is granted in the form of security tokens (hereinafter sometimes abbreviated as "ST") that are generated and issued by distributed ledger technology.

[0025] In summary, the equity management system 100, upon collection of the predetermined total investment amount from investor 2 (or upon establishment of the fund in the case of crowdfunding), tokenizes the equity shares based on the anonymous partnership agreement between special purpose company 1 and investor 2 using a blockchain platform, issues tokens, and transfers these security tokens to each investor's individual wallet according to their investment ratio. Furthermore, if there is a transfer of security tokens between investors during the investment period, a direct transfer of security tokens will occur between the wallets of the parties involved. Finally, at the end of the investment period, simultaneously with the payment of redemption funds, the security tokens in investor 2's wallet will be transferred to a wallet managed by special purpose company 1.

[0026] It should be noted that investors are not required to enter into a limited partnership agreement through Special Purpose Company 1; the present invention can be applied to various transaction schemes.

[0027] The following provides a detailed explanation of the functions of the investment share management system 100, which enables investors to buy and sell investment shares backed by physical real estate. The rights related to the investment share can be digitally divided into two or more units. That is, a large investment can be broken down into smaller units, such as 10,000 yen or 100,000 yen, and some or all of these units can be traded directly between investors. For the purposes of the following explanation, it will be assumed that when the predetermined total investment amount is collected or when the fund raised through crowdfunding is established, Investor 2, who has entered into a contract based on the anonymous partnership agreement, holds security tokens corresponding to their investment ratio.

[0028] As shown in Figure 2, the equity management system 100 includes a sales information presentation means 100a, a sales order acceptance means 100b, an order information transmission means 100c, a buy order acceptance means 100d, and a trade execution processing means 100e in order to complete transactions between investors.

[0029] The sales information presentation means 100a provides the net asset value per unit to seller investors 5 who hold security tokens corresponding to the rights to their investment shares. In this embodiment, the specific method for calculating the net asset value is based on the Net Asset Value (NAV), which is used when evaluating the value of the investment target. Net asset value (NAV) is an index used in the financial and securities industry to evaluate the value and performance of investment targets such as companies and funds, and is the amount obtained by subtracting liabilities from assets on the balance sheet of the investment target. The net asset value is obtained by converting this NAV into units. Therefore, investors will recognize that this net asset value is calculated from a familiar and reliable evaluation index based on objective data. In addition, methods for evaluating the asset value of physical real estate other than those based on NAV may be applied when calculating the net asset value.

[0030] The sales information presentation means 100a sets the base price based on NAV itself, or an amount obtained by adding or subtracting from the base price based on NAV within a predetermined range. In this embodiment, the sales information presentation means 100a sets an amount obtained by adding or subtracting within a predetermined range, and this amount will be referred to as the presented base price below. Furthermore, it is desirable that the presented base price be correlated with the appraisal value obtained by a real estate appraiser, who is an expert in real estate prices, and that consistency be maintained so as not to cause any discrepancies.

[0031] The sell order receiving means 100b receives sell order emails from investors who have referenced the quoted net asset value provided by the sell information presentation means 100a. In other words, it accepts the seller investor 5's intention to sell the rights related to their equity stake. Since the rights related to the equity stake are fractionalized as security tokens, the sell order email from seller investor 5 includes information on how many units of security tokens they wish to sell. However, it should be noted that seller investor 5 cannot specify a desired selling price for the security tokens. Neither the selling price per unit of security token nor the total selling price can be specified as a limit order. The price per unit of security token is set at the quoted net asset value provided by the sell information presentation means 100a.

[0032] The order information transmission means 100c sends the sell order email received by the sell order receiving means 100b to investors already registered in the equity interest management system 100. These investors are buyer investors 6 who may purchase rights (STs) related to other people's equity interests. By sending the sell order email to all investors simultaneously, for example, each buyer investor 6 can fairly grasp information on which STs are currently being offered for sale. Needless to say, each investor's email address is registered in advance in the database 7 or the like in order to send the email.

[0033] The buy order receiving means 100d receives buy order emails from investors who have referenced the sell order emails sent by the order information transmission means 100c. In other words, it accepts the intention of the buyer investor 6 to purchase the rights related to the offered investment shares. Similar to the sell order receiving means 100b, the buy order email from the buyer investor 6 includes information on how many units of security tokens they wish to purchase, but the buyer investor 6 cannot indicate the desired purchase price for the security tokens. Neither the purchase price per unit of security tokens nor the total purchase price can be specified as a desired limit price. The price per unit of security tokens is set at the quoted base price provided by the sell information presentation means 100a. Each buyer investor 6 can specify the number of units they wish to purchase and send it back to the investment share management system 100 as a buy order email.

[0034] It should be noted that one type of buy and sell order for stocks and other securities is a "market order," which does not specify a price. At first glance, the present invention might be interpreted as being the same as a conventional market order in that it does not specify a price. However, a market buy order is executed immediately in response to the lowest-priced sell order, and similarly, a market sell order is executed immediately in response to the highest-priced buy order. In other words, the opposite order of a market order has a price specified, which is completely different from the present invention, where neither the buy nor sell order specifies (or can specify) a price.

[0035] When the buy order receiving device 100d receives a buy order email, the buy order is approved after following the prescribed procedures, and a direct buy and sell transaction of security tokens is concluded between the seller investor 5 and the buyer investor 6. Here, "directly" means that, unlike the form in which a securities company or the like first buys the security tokens of seller investor 5 and then sells them to buyer investor 6, the ST is transferred directly from seller investor 5 to buyer investor 6 without the involvement of a securities company or the like as a party to the transaction. In this case, the transaction will go through the equity management system 100, but since it eliminates the unnecessary indirect costs such as the fees that securities companies or the like would charge for buying and selling, direct transactions between investors have the advantage of enabling low-cost trading for each investor.

[0036] The transaction processing means 100e executes the transfer of rights related to the investment shares between the seller investor 5 and the buyer investor 6, and performs the process of transferring the number of security tokens to be transferred in connection with the sale from the seller investor 5's wallet to the buyer investor 6's wallet.

[0037] Figure 3 is a flowchart showing the steps of the process executed by the equity management system 100, and Figure 4 is a timing chart. These steps will be explained in order, using examples of screens provided by the equity management system 100.

[0038] The sales information presentation means 100a of the equity interest management system 100 sets a price corresponding to the base price per unit determined based on the net asset value (NAV) (step S301 in Figure 3) and provides it to the seller investor 5 as the presented base price (step S302 in Figure 3). The presented base price may include a system usage fee equivalent to the consideration for the investor to use the equity interest management system 100. In this embodiment, experts such as real estate appraisers assess the physical real estate that is the investment target, and the appraised value is linked to the presented base price so that a presented base price consistent with the appraised value is provided.

[0039] Figure 5 shows an example of a list screen when a seller investor 5 holds security tokens (ST) related to two investment properties (fund names "ABC" and "DEF"), and the offered net asset value for each is displayed on the seller investor 5's information terminal by the sales information display means 100a. In Figure 5, "Net Asset Value" corresponds to the offered net asset value. Now, suppose seller investor 5 wants to sell the ABC fund. When seller investor 5 selects the ABC fund on the screen of their information terminal, a sell order email like the one shown in Figure 6 is displayed. If seller investor 5 wants to sell only 10 units of the 100 units of ST they hold (however, the number of tokens that can be ordered is 80 units), they enter "10" in the order quantity field 6a. The total sale amount corresponding to the number of units to be sold is automatically calculated and displayed in field 6b. Seller investor 5 checks the contents of the screen and presses the send button 6c (401 in Figure 4). A screen like the one shown in Figure 7 is displayed to seller investor 5, and seller investor 5 confirms that the sell order has been accepted.

[0040] The sell order email from seller investor 5 is received by the sell order receiving means 100b of the equity interest management system 100 (step S303 in Figure 3). When the equity interest management system 100 receives the sell order email, it provisionally registers the sell order and locks the ST for the sell order held by seller investor 5 to prevent double transfer (step S304 in Figure 3, 402 in Figure 4).

[0041] Special purpose company 1 (the operator in Figure 4), which has entered into a limited partnership agreement with investors, decides whether or not to approve the sell order information provisionally registered by the equity interest management system 100 (step S305 in Figure 3, 403 in Figure 4). In this embodiment, since the enormous volume of transactions that occur on a daily basis, such as general stock trading, is not fully automated, an approval process for buy and sell transactions by special purpose company 1 is intervened, and it is not equivalent to a stock exchange or PTS. For example, the approval process is performed manually at 15:00 every business day. However, in other embodiments, the approval process may be automated on the equity interest management system 100 without manual approval by special purpose company 1, and automated approval is not necessarily excluded.

[0042] If a sell order is approved, it is changed from a provisional registration to a full registration (404 in Figure 4). If a sell order is not approved, it is invalidated (step S306 in Figure 3).

[0043] Next, the order information transmission means 100c transmits the approved sell order to the investor's information terminal already registered in the equity management system 100 (step S307 in Figure 3, 404 in Figure 4). In this embodiment, sell order emails are sent simultaneously to multiple investors. Figure 8 is an example of a list screen when two sell order information has been sent to an investor, i.e., a buyer investor 6 (405 in Figure 4). The order information transmission means 100c may also send the sell order email to the seller investor 5 who sent the sell order email to the sell order receiving means 100b, for confirmation purposes.

[0044] Suppose a buyer investor 6 wants to purchase ABC Fund. When buyer investor 6 selects ABC Fund on the screen of their information terminal, a buy order email like the one shown in Figure 9 is displayed. From the number of available sell orders, the buyer investor 6 enters the desired number of units to purchase, for example, "10", in the order quantity field 9a. The total purchase amount corresponding to the number of units to be purchased is automatically calculated and displayed in field 9b. The buyer investor 6 confirms the contents of the screen and presses the send button 9c (406 in Figure 4). Alternatively, a confirmation screen equivalent to the screen shown in Figure 7, which was displayed to seller investor 5, may be displayed to buyer investor 6. This allows buyer investor 6 to confirm that their buy order has been accepted.

[0045] As shown in Figure 9, in the buy order email, the buyer investor 6 can enter the number of security tokens to purchase, but they cannot enter their desired purchase price. The purchase price of security tokens is limited to the quoted net asset value.

[0046] The buy order email from buyer investor 6 is received by the buy order receiving means 100d of the equity management system 100 (step S308 in Figure 3). When the equity management system 100 receives the buy order email, it provisionally registers the buy order and locks the investment capacity for the number of units purchased by the buyer investor 6 to prevent double acquisition (step S309 in Figure 3, 407 in Figure 4).

[0047] Similar to the approval of sell orders, Special Purpose Company 1 (the operator in Figure 4) decides whether or not to approve the buy order information provisionally registered by the equity management system 100 (step S310 in Figure 3, 408 in Figure 4). In this embodiment, the approval process is performed manually by Special Purpose Company 1. However, in other embodiments, the approval process may be automated on the equity management system 100 without manual approval by Special Purpose Company 1, and automated approval is not necessarily excluded.

[0048] Furthermore, as mentioned above, while sell order emails are sent simultaneously to multiple investors for the sake of fairness, buy order emails will also be selected in the order in which they are received by the buy order receiving device 100d. If a sell order email specifies that all shares must be purchased in a single transaction, the first buy order email received will be selected.

[0049] Furthermore, instead of sending sell order emails to everyone at once, it is possible to prioritize sending sell order emails to specific groups of investors based on factors such as whether their investment capacity exceeds a certain amount or their purchase history. Also, the selection of buy order emails does not necessarily have to be based on the order in which they are received.

[0050] If a buy order is approved, it is changed from a provisional registration to a full registration (409 in Figure 4). If a buy order is not approved, it is invalidated (step S311 in Figure 3).

[0051] Once a buy order is approved, the transaction of buying and selling security tokens is completed. The transaction processing means 100e then executes the transaction processing for the rights relating to the investment shares between the seller investor 5 and the buyer investor 6 (step S312 in Figure 3, 411 in Figure 4). It also processes the transfer of the number of security tokens to be transferred by the transaction from the seller investor 5's wallet to the buyer investor 6's wallet (step S312 in Figure 3, 412 in Figure 4). In addition, the investors are notified of the transaction processing (step S313 in Figure 3, 413 and 414 in Figure 4).

[0052] Finally, the deposit transfer process is executed (step S314 in Figure 3, 415 in Figure 4), the funds are deposited into the seller investor 5's account (418 in Figure 4), and the investor is notified of the deposit transfer process (416 and 417 in Figure 4).

[0053] As described above, the distinguishing feature of the present invention is that investors, who are the parties to the transaction, cannot propose arbitrary selling and buying prices for the security tokens they sell or buy. However, if strictly refusing to accept any desired price would be detrimental to investor protection, it may be possible to allow price setting within a limited range, while using the proposed net asset value as the base price. However, unlike the ability to arbitrarily set prices for stocks, etc., on stock exchanges, the degree of freedom is limited to selecting a selling or buying price from within a range that the investment ownership management system 100 can set, such as allowing price setting within a range of 9,000 yen to 11,000 yen, with the proposed net asset value (for example, 10,000 yen) as the central value.

[0054] Incidentally, the equity management system 100 of this embodiment issues security tokens using distributed ledger technology, such as blockchain technology, and manages records of security token transfers and other transactions whenever they occur.

[0055] When security tokens are issued and transferred between the equity management system 100 and investor 2, and when security tokens are transferred between investors, the distributed ledger managed by the equity management system 100 is instantly rewritten, making it possible to grasp the status of security token transfers in real time. Furthermore, the distributed ledger can be accessed upon request from investors or special purpose company 1. This allows not only the administrator of the equity management system 100 but also investors to understand the status of token ownership and transfers, demonstrating that the distributed ledger is not simply created internally by the token issuer or the administrator of the equity management system 100 in an administrative or arbitrary manner.

[0056] Blockchain technology is already a well-known technology. While this document will omit a detailed explanation of how to calculate a hash value for each data block and record transaction data in a distributed ledger, linking the hash values ​​together like a chain, a brief overview of its advantages is provided below.

[0057] A key characteristic of distributed ledger technologies, such as blockchain, is that they do not rely on verification by a specific server to determine the legitimacy of transactions and actions. Instead, they are based on a decentralized peer-to-peer (P2P) network for communication between multiple terminals. Rather than a single server centrally managing the ledger of transactions, multiple terminals manage their own database updates from the past to the present as a single, continuous ledger. Furthermore, because each terminal manages the same ledger data, new transactions are treated as legitimate additions to each ledger only when it is determined that no inconsistencies occur across all ledgers, thus ensuring the authenticity of the data in the database.

[0058] Due to these characteristics, blockchain technology offers several advantages: (1) it is impossible to tamper with past transaction data; (2) even if some terminals managing the data fail, the service can continue by using data from other terminals, making it highly resilient to system failures and highly available; and (3) communication within the blockchain is encrypted and verified by certificates, making tampering extremely difficult.

[0059] Furthermore, the transmission and reception of various data between the equity management system 100 and investors, or among investors, may utilize electronic signatures or electronic certificates. These technologies are also publicly known and are therefore omitted from this specification.

[0060] This invention includes, within its scope, programs installed on or downloaded to a computer via various recording media such as optical discs like CD-ROMs, magnetic discs, and semiconductor memory, or by downloading them via communication networks, and these storage media.

[0061] Furthermore, terminals that communicate with the equity management system 100 via the network are computers connected to a network such as the internet or a dedicated line. Specifically, examples include PCs (Personal Computers), mobile phones and smartphones, PDAs (Personal Digital Assistants), tablets, and wearable devices. Similarly, examples of the mobile terminals of investor 2 include mobile phones, smartphones, PDAs, tablets, and wearable devices. By configuring terminals connected to the network via wired or wireless connections and mobile terminals to communicate with each other, a business scheme including the equity management system 100 is formed. In addition, although the equity management system 100 is a P2P type system in the embodiment described above, 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). [Explanation of symbols]

[0062] 1. Special Purpose Company 2 Investor 3. Real Estate 5. Seller Investors 6 Buyer Investor 100 Shareholding Management System

Claims

1. An information processing system for realizing the buying and selling of rights relating to securities or rights relating to a business based on a partnership agreement, which can be digitally divided into two or more units, A means for presenting sales information to provide a seller who holds the aforementioned rights with a price based on the standard value of the aforementioned rights, A means for receiving sell orders from the aforementioned seller, which does not include the desired selling price for the aforementioned rights, A means for transmitting order information to send the aforementioned sell order email to investors other than the aforementioned seller, A buy order receiving means that, in response to the sell order email sent, receives a buy order email from the investor that does not include the desired purchase price for the said rights, An approval means for approving buy orders from among the buy order emails received by the aforementioned buy order receiving means, After approval by the aforementioned approval means, a contract processing means for executing the transfer of rights, An information processing system equipped with [the following features].

2. The information processing system according to claim 1, wherein the sell order email includes the number of units to be transferred pertaining to the rights, and the buy order email includes the number of units to be received pertaining to the rights.

3. The aforementioned base price corresponds to the amount obtained by converting the total net assets, which are obtained by subtracting liabilities from the assets related to the aforementioned rights, into units. The information processing system according to claim 1 or 2, wherein the sales information presentation means provides the seller with an amount that is the same as the base price or an amount obtained by adding or subtracting the base price within a predetermined range.

4. The information processing system according to claim 3, wherein the aforementioned base value is further determined in relation to the real estate appraisal value.

5. A program executed in an information processing system for realizing the buying and selling of rights relating to securities or rights relating to a business based on a partnership agreement, which can be digitally divided into two or more units, wherein the information processing system To provide the seller who holds the aforementioned right with a price based on the standard value of the aforementioned right, Receiving a sell order email from the aforementioned seller that does not include the asking price for the aforementioned rights, Sending the aforementioned sell order email to investors other than the aforementioned seller, In response to the sent sell order email, receive a buy order email from the investor that does not include the desired purchase price for the said rights. Approving buy orders from the aforementioned buy order emails received. After the aforementioned approval, the transfer of the aforementioned rights shall be carried out. A program to execute.

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