知识产权证券化探析
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摘要
随着知识经济时代的到来和资产证券化的发展,知识产权证券化应运而生。作为一项金融创新技术,知识产权证券化有助于充分挖掘知识产权的内在价值并促进知识产权向现实生产力的转化。作为一种崭新的融资工具,知识产权证券化可以让发起人在保留知识产权所有权的情况下提前获取知识产权的未来收益,从而避免了未来收益的不确定性。
鉴于知识产权证券化的实践尚处于起步阶段,国内外学者在这方面的研究文献比较少,还缺乏系统性的理论研究。本文从知识产权的价值评估出发,在结合产品生产周期理论分析了知识产权资产的现金流特点和风险的基础上,对知识产权证券化进行了详细的结构设计,之后对知识产权证券化的实践案例进行深入剖析并分类予以经验总结,最后在全面分析了中国实施知识产权证券化的可行性环境之后,提出了中国的可行性模式。
本文共分为六个部分。第一部分为引言,介绍了研究的背景、意义、研究现状和创新之处。第二部分对传统价值评估方法在知识产权价值评估中的应用进行了评价和改进,并讨论了实物期权法和模糊综合评价法在知识产权价值评估和价值纠偏中的应用。第三部分从基础资产池的组建、发行载体的模式选择、信用评级与增级、偿付结构与现金流分配、运作流程等方面对知识产权证券化进行了详细的结构设计。第四部分搜集整理了版权证券化、专利权证券化和商标权证券化的典型案例,并按类别进行深入剖析和经验总结。第五部分从有利条件和阻碍因素两个方面对中国实施知识产权证券化的可行性进行了全面的分析,并在此基础上提出了符合中国国情的政府主导型证券化模式。第六部分为结论和展望,在总结全文的基础上对未来的研究方向进行了展望。
Intellectual property securitization emerges with the arrival of the knowledge economy era and the development of the asset securitization. As a technique of financial innovation, intellectual property securitization helps to extract the intrinsic value of the intellectual property and accelerates the transformation of intellectual property into realistic productivity. As a brand-new financing instrument, it allows the originator to obtain in advance the discount value of the future income yet to be brought by the intellectual property in a long period of time with retained ownership to avoid the income fluctuation in the future.
In view of the fact that intellectual property securitization is still in the course of initial development, no systematic research literature could be found in this field. This paper begins with the valuation of the intellectual property, proceeds to introduce the detailed structure design of the intellectual property securitization based on the cash flow analysis of the underlying intellectual assets applying the product life cycle theory, and then makes an in-depth study of the existing intellectual securitization cases to acquire summarized experience, in the end concludes with the practical mode selection for implementing intellectual property securitization in China based on the feasibility study on the current situation in China.
This paper consists of six parts. In the first part, this paper gives a brief introduction of the research background, research significance and research status in this field. In the second part, appraisals are given to and improvements are made for the application of traditional valuation methods in the valuation of intellectual property. In addition, real option method and fuzzy comprehensive evaluation method are discussed for the intellectual property valuation. In the third part, this paper gives the intellectual property securitization a detailed structure design covering the pooling of the underlying intellectual assets, the structuring of the issuing body, the credit rating, the credit enhancing, the cash flow allocation, the payment structure selection, and the transaction process arrangements. In the fourth part, an in-depth study is made to address the practical cases widely collected from the copyright securitization, patent securitization and trademark securitization. In the fifth part, this paper proposes a government-dominated mode for intellectual property securitization in China on the basis of a comprehensive feasibility analysis comparing the favorable conditions and hindering factors in China. In the sixth part, an outlook is made for the possible research directions in the field of intellectual property securitization after a review of this paper.
鉴于知识产权证券化的实践尚处于起步阶段,国内外学者在这方面的研究文献比较少,还缺乏系统性的理论研究。本文从知识产权的价值评估出发,在结合产品生产周期理论分析了知识产权资产的现金流特点和风险的基础上,对知识产权证券化进行了详细的结构设计,之后对知识产权证券化的实践案例进行深入剖析并分类予以经验总结,最后在全面分析了中国实施知识产权证券化的可行性环境之后,提出了中国的可行性模式。
本文共分为六个部分。第一部分为引言,介绍了研究的背景、意义、研究现状和创新之处。第二部分对传统价值评估方法在知识产权价值评估中的应用进行了评价和改进,并讨论了实物期权法和模糊综合评价法在知识产权价值评估和价值纠偏中的应用。第三部分从基础资产池的组建、发行载体的模式选择、信用评级与增级、偿付结构与现金流分配、运作流程等方面对知识产权证券化进行了详细的结构设计。第四部分搜集整理了版权证券化、专利权证券化和商标权证券化的典型案例,并按类别进行深入剖析和经验总结。第五部分从有利条件和阻碍因素两个方面对中国实施知识产权证券化的可行性进行了全面的分析,并在此基础上提出了符合中国国情的政府主导型证券化模式。第六部分为结论和展望,在总结全文的基础上对未来的研究方向进行了展望。
Intellectual property securitization emerges with the arrival of the knowledge economy era and the development of the asset securitization. As a technique of financial innovation, intellectual property securitization helps to extract the intrinsic value of the intellectual property and accelerates the transformation of intellectual property into realistic productivity. As a brand-new financing instrument, it allows the originator to obtain in advance the discount value of the future income yet to be brought by the intellectual property in a long period of time with retained ownership to avoid the income fluctuation in the future.
In view of the fact that intellectual property securitization is still in the course of initial development, no systematic research literature could be found in this field. This paper begins with the valuation of the intellectual property, proceeds to introduce the detailed structure design of the intellectual property securitization based on the cash flow analysis of the underlying intellectual assets applying the product life cycle theory, and then makes an in-depth study of the existing intellectual securitization cases to acquire summarized experience, in the end concludes with the practical mode selection for implementing intellectual property securitization in China based on the feasibility study on the current situation in China.
This paper consists of six parts. In the first part, this paper gives a brief introduction of the research background, research significance and research status in this field. In the second part, appraisals are given to and improvements are made for the application of traditional valuation methods in the valuation of intellectual property. In addition, real option method and fuzzy comprehensive evaluation method are discussed for the intellectual property valuation. In the third part, this paper gives the intellectual property securitization a detailed structure design covering the pooling of the underlying intellectual assets, the structuring of the issuing body, the credit rating, the credit enhancing, the cash flow allocation, the payment structure selection, and the transaction process arrangements. In the fourth part, an in-depth study is made to address the practical cases widely collected from the copyright securitization, patent securitization and trademark securitization. In the fifth part, this paper proposes a government-dominated mode for intellectual property securitization in China on the basis of a comprehensive feasibility analysis comparing the favorable conditions and hindering factors in China. In the sixth part, an outlook is made for the possible research directions in the field of intellectual property securitization after a review of this paper.
引文
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1 详见本文第四章案例。
2 Nigel Page,"IP-Backed Securitization:Goldmine or Hype?" Intellectual Asset Management,September 2003Issues 02,p.20.
3 The Securitization of Intellectual Property Assets-A New Trend,http://www.wipo.int/sme/en/ip_business/finance/securitization.htm
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1 详见中华人民共和国中央人民政府网站 http://www.gov.cn/jrzg/2006-02/09content_183929.htm(防问时间:2007年12月30日)
2 详见新华网 http://news.xinhuanet.com/politics/2006-05/27/content_4608884.htm(访问时间:2007年12月30日)
1 国家知识产权局专利统计简报2008年第1期,详见国家知识产权局网站http://www.sipo.gov.cn/sipo/ghfzs/zltjjb/200802/P020080221607361759847.pdf(访问日期:2008年2月20日)
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3 追索权是指在资产转让后,受让方就资产本身的风险导致的损失对转让方享有的求偿权。追索权的实质就是资产的风险分配问题。
1 郑成思.知识产权价值评估中的法律问题[M].北京:法律出版社,1999:43
1 郑成思.知识产权价值评估中的法律问题[M].北京:法律出版社,1999:57
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1 John,S.H.Securitization of Intellectual Property:Recent Trends from the United States,March,2004
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1 Sarah Mulholland,Funding is Paramount in New Deal,Asset Securitization Report,August 9,2004
1 Gregory,M.Private Biopharma Deal to Begin Paying Down,Private Placemnet Letter.November 11,2002
1 Michael Gregory,Second Pharmaceutical Royalty ABS Quietly Prices:Revolving Trust Mitigates Single Patent Risk,August 4,2003
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1 Malcolm S.Dorris,Securitization of Drug Royalties:A New Elixir?,2003
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1 Michael Gregory,UCC Brings Footwear Designer IP Deal to Market,Asset Securitization Report,August,2002
2 Alhlete Foot's Deal Offers Fresh Look at Franchise ABS,BondWeek,September,2003
1 Borod,R.S.An Update on Intellectual Property Securitization[J],Structured Finance,2005
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