体育知识产权资产证券化的国际经验

International Reference of Sports Intellectual Property Asset-backed Securitization

借助证券化融资理论对体育知识产权(IP)资产证券化进行分析研究。通过对国际体育IP资产证券化的现状与典型案例的解析,找出国际运作经验,并结合国内体育IP资产在体育产业发展中的实际情况,从而探寻我国体育IP资产证券化融资的中国发展策略。首先,在实施体育IP资产证券化初期,比较适用政府主导型的证券化融资模式,通过导向性政策建立高效、安全的体育IP资产证券化融资的市场体系及交易规则;其次,成立体育IP资产证券化融资的主管机构,完善相关的税收制度与相关会计准则,可以结合国情充分借鉴西方发达国家已经建立比较完善的体育IP资产证券会计制度;再次,建立健全体育IP资产证券化融资的监管制度,培育适合体育IP资产证券化融资的交易体系,完善信用评级与增级体系,以推动体育IP资产证券化产品结构设计的多样化;最后,拓宽投资者群体,允许体育IP资产证券化融资产品进行质押回购,允许投资者向银行质押资产支持受益凭证贷款,开掘体育IP资产证券化融资产品的价值,把体育IP资产证券化产品列入融资融券质押担保品名单,提高证券公司购买体育IP资产证券化融资产品的意愿。通过这些举措,为我国体育IP资产证券化的进行建立起良好的制度与机制支撑。

By means of mature securitization financing theory,using literature and comparative study as well as deduction,the asset-backed securities（ABS）of sports intellectual property（IP）were studied.Based on the current situation of the international sports IP ABS and typical cases of in-depth analysis,experiences were drawn with the purpose of exploring the Chinese ways of developing the ABS of the sports IP.At the preliminary stage,the government-dominating ABS financing system should utilize the securitization financing model,established an efficient,safe sports IP asset-backed security financing market system and trading rules.Secondly,specialized sports IP asset-backed security financing institutions,perfect relevant taxation system and related accounting standards through experiences of those of the foreign countries.Moreover,the sports IP asset-backed security finance supervision system suitable for sports IP asset backed securitization financing system should be built.The system of the credit rating should be perfected and upgraded in order to promote the diversification of product design.Finally,more investment should be encouraged.Pledged repurchase should be allowed.Investors should be allowed to pledge assets support beneficiary certificate to the bank loans.The hold value of the products should be further dug.Sports IP asset securitization products should be included in the margin pledge collateral list and further the willingness to purchase the products.