电影资产证券化真实销售法律问题研究

Research on Legal Issues in True Sale of Film Asset Securitization

电影资产证券化是电影市场与资本市场结合的一种创新,"真实销售"是资产证券化中最为关键的步骤之一。电影资产证券化真实销售,即发起人将拟证券化的电影版权或其所衍生债权("基础资产")转移给特定目的机构。为解决真实销售环节存在的法律障碍,可以将"电影版权衍生收益权"这一将来债权拟制为特定资产收益权。同时,在特殊领域内建立特定债权转让公示制度及版权公示制度,以期为我国推行电影资产证券化提供法律层面的制度支持。

Film asset securitization is an innovation that combines the film industry with the capital market while “true sale” is one of the most critical steps in asset securitization. The true sale of film asset securitization refers to the transfer of the film copyright to be securitized or its derived creditor’s right (underlying asset) to the special purpose vehicle (SPV). To settle the legal obstacles that may exist in true sale of film asset securitization, it is proposed to transfer the future creditor’s right of “derivative usufruct right of film copyright” to the special asset usufruct right, at the same time, to establish the publicity system to publicize the assignment of special creditor’s right as well as the copyright publicity system in the special sector, in order to provide legal support for realization of film asset securitization in China.