A Study of Legal Issues in Intellectual Property Rights Securitization in Mainland China

在這瞬變的知識經濟時代，以知識產權（專利、商標、著作權等）為核心的新興企業或個人，因智慧財產權（知識產權）的獨特性與其價值影響因素，增加其進行證券化的複雜性與困難度。 知識產權證券化作為一項新興的融資方式，是針對產生可預測的穩定現金流的知識產權及其衍生權利，由發起人通過採用信用增級等結構安排對資產中的風險與收益要素進行分離和重組之後轉移給特殊目的機構，由其發行以該知識產權所產生的現金流為支撐的證券。知識產權證券化提升知識資本與金融資本的融合效率，從而推動了科技和社會的進步。 目前國外學者已對此一領域進行開創性探索，主要集中在以下方面進行研究：對知識產權證券化的將來債權證券化的研究；從金融角度對知識產權融資方式優越性的分析等。而中國大陸學者研究集中於：對知識產權證券化合理性研究，從融資角度探討知識產權證券化的優越性，以及對美、日等發達國家已有的知識產權證券化案例進行分析；但對於知識產權證券化的法律制度及其相關法律問題沒有給予太多重視。中國大陸可參考海外近幾年興起且蓬勃發展的智慧財產權證券化成功經驗，以為中國大陸推動知識產權證券化之借鑑。 本文分為四部分，首先界定並歸納知識產權證券化的概念和特徵、本質、發展現狀與趨勢；其次通過知識產權證券化的現有案例分析，導出對知識產權證券化法律關係的思考；在逐項分析知識產權證券化法律關係中的主體、客體、內容後，特別就知識產權證券化的風險預防機制作詳盡論述。再次，文章第三部份是對美、日等發達國家的知識產權證券化現有案例之歸納整理基礎上，分析中國大陸發展知識產權證券化應從何入手、中國大陸進行知識產權證券化需注意之問題。最後，詳細分析中國大陸發展知識產權證券化的必要性和可行性，並初步設計中國大陸實施知識產權證券化的機構和流程、並提出中國大陸應建立以政府為主導的知識產權證券化操作模式。In the fast changing era of knowledge-driven economy, intellectual property securitization has become more and more important. However, due to its unique characters, it increases complexities and difficulties for enterprises and individuals to make securitizations of intellectual property. Intellectual property Securitization as a novel and effective means of financial support is actually a financing through specific transactions based on intellectual property rights. It broadens the space which the value of knowledge in transformation. Optimize the way in practice of intellectual property strategy, upgrading the fusion efficiency of knowledge capital and financial capital, play enormous role in the progress of society and technology. Presently, overseas scholars have been carried out ground-breaking exploration in this field, and their researches mainly concentrated in the following areas: Qualitative research in the securitization of intellectual property; studies about the analysis of financing methods of intellectual property asset. On the other hand, the Mainland China scholars analyzed the concept, and the reasonableness of foreign cases of intellectual property securitization. However, it didn’t pay lot attentions to relative legal issues of intellectual property securitization. Hence, it will be feasible and practical ways for the Mainland China government policy-makers and relative enterprises to take other foreign successful experiences of the intellectual property securitization. This thesis included four parts. Firstly, the conception, features, as well as the nature of intellectual property securitization will be identified in this paper. Then, according to above section, here, we will try to make a prediction of possible development of intellectual property securitization. Secondly, through studying relative cases of intellectual property securitization, and analyzing the laws of intellectual property securitization, we will subsequently focus on the discussion of risk prevention mechanisms. Thirdly, based on collection and induction of relative cases studies of other developed countries, this part will continuously bring up possible ways about the development of intellectual property securitization of the Mainland China, and then predict the possible problems as well as available suggestions of solutions in the following content. Finally, according to above discussions, this section will analyze the necessity and feasibility of development of securitization of intellectual property rights in the Mainland China. Then, the preliminary design of relative institutions and the process of intellectual property securitization in Mainland China will be aroused here. And we will make a conclusion in the end: it will be better to establish a mode mainly conducted by the government in intellectual property securitization. At present, there are few study of intellectual property securitization in theory fields, and no systemic study. It has played a huge role in promoting the development of cultural Industry and high-tech industry. Here it would be more practical through the through study of intellectual property securitization, activates intellectual property industry and financial industry of Mainland China