文献类型：期刊文献

中文题名：中国情境下知识产权证券化风险分散机制研究——一个多案例比较分析

英文题名：The Risk Diversification Mechanism of Intellectual Property Securitization in the Chinese Context:A Comparative Analysis Based on Multiple Cases

作者：刘澄[1];谢文静[1];刘畅[2];鲍新中[2]

第一作者：刘澄

机构：[1]北京科技大学经济管理学院,北京100083;[2]北京联合大学管理学院,北京100101

第一机构：北京科技大学经济管理学院,北京100083

年份：2023

卷号：40

期号：11

起止页码：51-59

中文期刊名：科技进步与对策

外文期刊名：Science & Technology Progress and Policy

收录：CSTPCD;;国家哲学社会科学学术期刊数据库;北大核心:【北大核心2020】；CSSCI:【CSSCI2023_2024】；

基金：北京市社会科学基金重大项目(20ZDA03)。

语种：中文

中文关键词：知识产权证券化;风险控制;案例分析;信用增级;企业融资

外文关键词：Intellectual Property Securitization;Risk Control;Case Study;Credit Enhancement;Corporate Financing

摘要：当前,我国科技型中小企业知识产权数量较多、融资需求旺盛,发展知识产权证券化是解决中小企业融资难题的有效途径,然而科技型中小企业信用水平低,知识产权服务市场不完善使知识产权证券化发展存在较多障碍。风险分散是我国发展知识产权证券化面临的首要挑战,也是知识产权证券化的关键环节。选取我国知识产权证券化典型案例,比较分析其风险分散机制设计方案。研究发现:4个典型案例采用五层风险分散机制设计,第一层筛选入池科技型中小企业及其知识产权;第二层对基础资产设置担保机制;第三层对优/次债券结构进行分层;第四层实现现金流超额覆盖;第五层引入差额支付承诺人。五层风险分散机制设计有助于提高证券化产品市场吸引力,弥补现有知识产权证券化风险分散机制设计的不足,助力中国知识产权证券化发展。
At present,China is committed to building an innovative country,and technology-based small and medium-sized enterprises are the most innovative entities.However,they are confronted with great financing difficulties and in urgent need of financial resources to promote scientific and technological innovation.Most technology-based small and mediumsized enterprises lack tangible assets and suffer from low credit,making it difficult to get loans from financial institutions.However many technology-based small and medium-sized enterprises possess intellectual property.If they can make full use of intellectual property financing,the financing dilemmas of technology-based small and medium-sized enterprises will be largely alleviated.Intellectual property securitization can help technology-based small and medium-sized enterprises make full use of intellectual property and obtain financing at a lower cost,and enable them to continue to use intellectual property while financing,and promote the transformation of scientific and technological achievements.The large scale of intellectual property in China and the strong demand in the securitization market provide sufficient basic conditions for the implementation of intellectual property securitization.But there is still room for improvement in the intellectual property intermediary service market,policies and regulations,and thus intellectual property securitization may have potential legal risks.This paper explores the risk diversification mechanism of intellectual property securitization from the perspective of product design in the Chinese context in the hope of promoting the development of intellectual property securitization,providing theoretical support for technology-based small and medium-sized enterprises in financing,and accelerating China's innovation development.This paper selects the first serial of products as the typical cases,for each product is born in a long time of preparation with milestone significance.The cases are divided into four modes.By adopting the method of multi-case study,it compares and analyzes the design schemes of risk diversification mechanism in typical cases.The results show that the intellectual property securitization products for small and medium-sized technology enterprises should not only bear the risks of traditional asset securitization products,but also bear the risks brought by the characteristics of intellectual property.Therefore,it is necessary to adopt a multi-layered risk diversification mechanism design for effective risk management.The four typical cases adopt a five-layer risk diversification mechanism design.The first layer selects the technology-based small and medium-sized enterprises and their intellectual property;the second layer sets up a guarantee mechanism for the underlying assets;the third layer classifies securities into senior and junior types;the fourth layer achieves excess cash flow coverage;the fifth layer introduces the difference payment promiser.The five-layer risk diversification mechanism is well designed to improve the market attractiveness of securitized products.There are four suggestions accordingly.The first is to improve the intellectual property licensing market and reduce intellectual property risks.China should strengthen the protection of intellectual property rights,improve the licensing market of intellectual property rights,disperse the risks of intellectual property rights as basic assets,and promote the development of intellectual property securitization.The second is to establish and improve the legal system for intellectual property securitization and disperse the risks of securitization.The third is to improve the credit investigation system and the credit level of technology-based small and medium-sized enterprises.China needs to use key technologies such as big data to improve the credit reporting system of science and technology SMEs,design reasonable indicators to evaluate the credit level of science and technology small and medium-sized enterprises,and increase their credit level,so as to better carry out intellectual property securitization activities.Lastly it is necessary to formulate the operation documents of intellectual property securitization,organize relevant training,and popularize the knowledge of intellectual property securitization.This paper enriches the related papers on the design of the risk diversification mechanism of intellectual property securitization;moreover,it can help the practice of intellectual property securitization in China by analyzing the risk diversification mechanism of intellectual property securitization.