当前我国企业知识产权证券化路径选择——兼评武汉知识产权交易所模式

The Path Selection of Intellectual Property Securitization for Chinese Enterprises——Review on Wuhan Intellectual Property Exchange

2018年4月11日,中共中央、国务院出台《关于支持海南全面深化改革开放的指导意见》,鼓励海南探索知识产权证券化工作,使得国内对知识产权证券化的讨论进一步升温。为了配合知识产权证券化的需求,本文旨在进行有益的尝试。本文先通过分析国外知识产权证券化成功经验,结合国内学者的研究、资产证券化实践,在此基础上评价武汉知识产权交易所知识产权证券化模式。经过对比分析,本文认为知识产权证券化的关键是高质量的知识产权资产和成熟的知识产权交易市场,尤其是活跃的知识产权许可市场。并在此基础上提出,在当前知识产权质量不高、知识产权许可交易市场不成熟的情况下,我国企业知识产权证券化应该选择证券公司和基金管理子公司设立的专项资产计划作为常设特殊目的机构,以许可历史、市场需求、技术成熟程度作为参考因素,按照一定比例给资产池配置中高级的知识产权,或者可以选择几个企业的知识产权的未来的许可收益、知识产权产品或服务的未来收益组成混合基础资产,两者均是不同企业的知识产权集中进行证券化。

The introduction of Guidelines on Supporting Hainan Province’s Comprehensively Deepening Reform and Opening up jointly issued by the CPC Central Committee and the State Council on Aril 11, 2018 adds momentum to the already heatedly discussed topic of IP securitization in China. In order to meet the demand of IP securitization in China, this article aims to make a beneficial attempt. This paper first evaluates the intellectual property securitization mode of Wuhan intellectual property exchange on the basis of analyzing the successful experience of foreign intellectual property securitization and combining the research of domestic scholars and the practice of asset securitization. Through comparison, this article proposes that high-quality IP assets and mature IP transaction market, especially active IP licensing market, are two key elements in IP securitization. It is further argued that in view of lack of high-value IP, mature licensing market and other supportive legal system, currently, securities companies and subsidiaries of fund management company may be the optimal choice for Special Purpose Vehicle(SPV) for IP securitization. An assorted model of IP securitization is suggested like this: the asset pool is set by absorbing medium and high level IP assets from different enterprises by considering IP licensing history, market demand and maturity of the technology, or the future royalty receivables and receivables of IP service from different IP holders being assigned to aforesaid SPVs. Then the raised money is allocated among these holders according to the assessed value of each IP.