知识产权证券化中可证券化资产的选择及风险防控

The Choice of Securitization Assets in the Securitization of Intellectual Property and the Risk Prevention and Control

知识产权证券化是企业增加知识产权投融资额、实现知识产权价值挖掘的重要途径。知识产权的无形性决定其无法适应以传统有形资产为基础的金融交易制度。在知识产权证券化的法律架构中,可作为证券化基础的证券化资产分为:现有知识产权、现有知识产权衍生的债权、将来知识产权和将来知识产权衍生的将来债权四类,它们本身孕育着潜在风险,潜在风险也必然会在证券化资产转移给特设机构(SPV)的过程中释放出来。仅以SPV这种特设机构的制度设计来实现破产隔离规避风险远远不够,还必须依循证券化知识产权资产的不同风险特点,运用不同的机制进行辅助预防。

The securitization of intellectual property is an important way to increase the investment and financing amount and realize the value of intellectual property. The intangibility of intellectual property determines that it can not adapt to the financial transaction system based on traditional tangible assets. In the legal framework of securitization of intellectual property,the securitization assets which can be used as securitization are divided into four categories： existing intellectual property rights,existing intellectual property rights claims,future intellectual property rights and future claims derived from intellectual property rights. The potential risks are inherently concealed,and will inevitably be released during the transfer of securitized assets to the Specialized Agency（SPV）. It is necessary to follow the different risk characteristics of securitized intellectual property assets,and use different mechanisms to assist in the prevention of bankruptcy segregation avoidance risks only by the institutional design of SPV.