摘要
创新驱动发展战略下,知识产权已开启证券化之路。从规模和种类看,我国知识产权证券化尚处于初级阶段,不能满足企业的融资需求。理论界关于知识产权证券化的研究,多基于西方金融理论的投资风险分析,缺少融资人角度的实践路径探讨。对4只证券化产品进行多案例研究发现,知识产权证券化的困境来自于其基础资产大多不是知识产权本身,而是其财产权利的证券化;知识产权许可使用权的“将来债权”属性,使证券化面临基础资产合规性困境。基础资产双SPV模型以新增标准化金融债权(SPV1)构造合规基础资产,将“未来债权”转换为“既有债权”,实现知识产权的同质化。从而化解知识产权证券化的操作困境、合规性困境、规模化困境和运营困境,帮助中小高科技企业实现融资。
Under the strategy of innovation driven development,intellectual property has opened the way tosecuritization.In terms of scale and type,China's intellectual property securitization is still in its infancy,which can't meet the financing needs of innovative enterprises.The research on the securitization of intellectual property is mostly the investment risk analysis based on western financial theory,but lack of practical path discussion from the perspective of financing enterprises.Based on four securitization products,this paper conducts a multi case study.It is found that the difficulty of intellectual property securitization comes from the securitization of property rights rather than intellectual property itself;The"Future claim"nature of intellectual property licensed using right makes securitization face the dilemma of compliance of underlying assets.The dual SPV model constructs compliant underlying assets by adding standardized financial claims(SPV1),and transforms"Future claims"into"Existing claims",realizing the homogenization of intellectual property.So as to solve the dilemma of intellectual property securitization on operation,compliance and scale,helping small and medium-sized high-tech enterprises realizing financing.
作者
王芳
Wang Fang(Teaching and Research Center,Beijing National Accounting Institute,Beijing 101312,China)
出处
《金融理论探索》
2020年第6期59-71,共13页
Exploration of Financial Theory
关键词
知识产权
资产证券化
未来债权
基础资产重构
双SPV模型
intellectual property
asset securitization
future claims
underlying asset reconstruction
dual SPV model
