Research On The Risk Of The Intellectual Property Securitization And Its Prevention

Since the "Bowie bonds" was launched, the intellectual property securitization was focused because of its unique advantages, and WIPO regarded it as a "new trend" of the future development of the intellectual property. However, the development of the intellectual property securitization is limited by its risk factors, and sub prime crisis and the international financial turmoil also Show the importance of risk management in the financial innovation. This paper studies the risk and its prevention of intellectual property securitization on the basis of the characteristic of Intellectual property.Firstly, this paper analyzes the formation mechanism of the risks of the intellectual property rights securitization, and pointes out that the transaction structure and operational processes of the intellectual property securitization is similar to the traditional asset securitization. This paper analysis's the trading structure of securitization, and finds that the process of the intellectual property securitization is actually a risk allocation and risk control. However, the design of the structure of securitization transactions can not resolve all the risks. Based on the analysis, the risk of intellectual property securitization is actually due to the special nature of intellectual property assets, and its core is the impact for the cash flow.Secondly, this paper analyzes the special risk of the intellectual property securitization on the basis of the economic characteristics and legal characteristics of intellectual property assets and related legal systems, and points out that the characteristics of commercial applications and the instability of the state of intellectual property rights will have a direct impact on the cash flow performance of the intellectual property securitization.On this basis, this paper studies the evaluation of risk securitization of intellectual property, and pointes out that the fuzzy comprehensive evaluation model is a suitable method. In the evaluation process, this paper constructs the corresponding evaluation index system, using AHP to determine the weight of the index, and apply it to the instance.Finally, this paper studies the strategies to prevent and resolve the risks of the intellectual property securitization, and pointes out that it includes the microscopic strategies and the macro strategies. The purpose of the microscopic strategies is preventing and resolving the risks of the building of the assets pool. Perspective from the risk Control, this paper analyzes the rightness of the intellectual property assets, the choosing tactics and the construction of the assets pool. The strategies of the macro level is perfecting the systems related to the securitization of intellectual property rights, it includes the construction of public system of intellectual property and the transfer system of the future claims and the disposal of the intellectual property licensing contracts under the bankruptcy system.