基于专利证券化不同模式产品的基础资产风险防范研究

Risk Prevention of Underlying Assets Based on Products of Different Patent Securitization Modes

中国专利证券化融资目前尚处于探索阶段,制度建立尚不完善且多种专利证券化模式并存。通过对国内现有二次许可模式、融资租赁模式、专利质押融资模式和供应链模式等四种专利证券化模式运行状况的考察,可以发现基础资产现金流不稳定风险存在于所有模式的基础交易结构之中。文章结合案例,分析提炼出现有模式基础资产的风险所在,借鉴美、日等国专利证券化基础资产风险防范的经验,提出通过规制专利池构建、健全有效评估机制和设定专利预警模式防范基础资产风险,以促进专利证券化在中国稳健发展。

At present,China’s patent securitization financing is still at an exploratory stage,whose system establishment is not perfect,and presents a variety of coexisting patent securitization models.This paper makes an investigation of four patent securitization models in China,namely,secondary licensing model,financial leasing model,patent pledge model and supply chain model.It verifies a cash flow instability risk of underlying assets in the underlying transaction structure of all the models.A case analysis generalizes risks in current models of underlying assets.With a reference to the experiences in the United States,Japan and other countries in terms of patent securitization asset risk preventions,it puts forward risk prevention measures in underlying assets.They should regulate the patent pool construction,optimize an effective evaluation mechanism and establish an early patent warning model,in order to promote a steady development of China’s patent securitization.