知识产权直接证券化的逻辑与进路——以驱动科技创新为视角

The Logic and Approach of Securitizing Intellectual Property Directly——A Technology Innovation-Driven Perspective

本文从科技创新驱动的视角,探讨知识产权直接证券化的功能、可能性、可行性、演进的逻辑和途径。以往的研究,是建立在发达知识产权许可市场上的许可债权证券化,知识产权直接证券化则因缺乏偿付来源被否定。研究结果表明:信托运营可创造偿付来源;"管理人责任定价"可解发行定价之难题;政府隐性担保和金融工具可作为撬动杠杆;金融稳定的监测评价可控制风险。通过试点规范引导知识产权直接证券化,能够盘活政府财政科研体制中的知识产权,引导金融资本流入科技创新领域,引导知识产权流入实体企业,助力知识产权和金融、科技和经济的融合。

This paper discusses the function,possibility,feasibility,evolution logic and approach of direct intellectual property(hereinafter“IP”)securitization from the technology innovation-driven perspective.Previous research was the securitization of IP license credits based on the developed IP licensing market,and direct IP securitization was denied due to the lack of reimbursement sources.The results show that:trust operation can create the source of repayment;manager responsibility pricing can solve the problem of issue pricing;government implicit guarantee and financial instruments can be used as seduce leverage;financial stability monitoring and evaluation can control financial risks,so it is feasibility.Through the guidance of the pilot regulation,based on the state-owned IP intangible assets,IP can be directly securitized;IP securitization can revitalize the IP generated from the long-term government's financial support scientific research system in China,bring financial capital into technology innovation,bring IP into enterprises,and then can enhance the integration of technology and economy,IP and finance.