我国知识产权证券化中的基础资产组合策略研究--基于投资组合框架的多案例比较分析

Research on the Portfolio of Basic Assets in China’s Intellectual Property Securitization:Comparative Analysis Based on a Portfolio Framework with Multiple Cases

知识产权证券化是缓解我国科技型中小企业融资困境、推动科技创新发展的重要融资方式,然而,知识产权证券化项目面临诸多风险。将多个企业的知识产权组合构成基础资产池,一定程度上能够分散风险,但需明确两个研究问题:一是入池资产的选择,二是入池资产的配置。基于我国知识产权证券化的4种模式,结合典型性、全面性和数据可获性的标准,本文选取了4个典型案例,以投资组合理论为框架,比较分析其基础资产组合方式。研究发现:我国知识产权证券化产品基础资产池呈现知识产权多元化、行业区域集中化、债权合同长期化的特征。基础资产池的底层资产标的物以纯专利权为主,同时包含著作权、商标权等其他类型知识产权;此外,当前发行的知识产权证券化产品具有明显的行业和地域倾向,基础资产池集中度较高;由于知识产权证券化项目持续时间较长,因此入池资产一般是长期债权的组合。研究结论有助于丰富知识产权证券化基础资产组合的相关研究,提供基础资产组合思路,助力我国知识产权证券化的发展。

Intellectual property securitization is a significant financing method to alleviate the funding challenges faced by China’s small and medium-sized technology-based enterprises and promote the development of technological innovation.However,projects involving intellectual property securitization encounter various risks.Constructing a basic asset pool by combining the intellectual property rights of multiple enterprises can,to some extent,disperse risks.However,two key research questions need clarification:first,the selection of assets entering the pool,and second,the allocation of assets within the pool.This study,based on the four modes of intellectual property securitization in China and guided by the criteria of typicality,comprehensiveness,and data availability,selects four typical cases for a comparative analysis of their basic asset portfolio using a portfolio theory framework.The research reveals that the basic asset pool of intellectual property securitization products in China is characterized by the diversification of intellectual property rights,regional concentration of industries,and long-term debt contracts.The underlying assets in the basic asset pool are primarily pure patent rights,including copyright,trademark rights,and other types of intellectual property rights.Additionally,currently issued intellectual property securitization products exhibit distinct industry and regional trends,with a high concentration of the basic asset pool.Given the prolonged duration of intellectual property securitization projects,the pooled assets generally comprise a combination of long-term creditor’s rights.The research findings contribute to enriching relevant studies on the basic asset portfolio of intellectual property securitization,providing ideas for portfolio construction,and supporting the development of intellectual property securitization in China.