The Research On The Pool Of Assets In The Securitization Of Intellectual Property Rights

Since the inception of the1997Bowie bonds, securitization of intellectual property rights have beenbooming over ten years.It played an important role in promoting intellectual property financing. In thecourse of the operation of the IP securitization structure, the structure of the asset pool in the position of thecore. Securitization of intellectual property rights in the asset pool is constituted by a series of underlyingassets through asset restructuring, which constructs the pros and cons, is directly related to the ultimateinvestors in securities subordinated this payment of interest and intellectual property The purpose of thefinancing. In the securitization process, assume the risk of dispersion of a single underlying asset, stablereturn on assets, to ensure the stability and sustainability of the functions of cash flows of the asset pool.Pool of assets in the securitization of intellectual property rights from the very beginning, only a singleunderlying asset securitization gradually developed into a group of assets to be securitized, the mostobvious case is the Yale University Zerit drug patent securitization case. With the continuous developmentof the commercial economy, in order to pursue a larger scale and higher profits, so they have their tentaclesextended to the commercial operation of future claims, commercial development continue to stimulatechange in the law, the United States. Japan and other countries finally recognized the claims allows.Performance of existing securities into cash flow for the securitization of future cash flows in thesecuritization of intellectual property rights.This paper attempts to analyze the composition of the asset pool, learn from the United States havesecurities cases, expand the pool of assets underlying asset, the analysis of the construction principles of theasset pool, steps and precautions. In addition, we also attempt to detail the commencement of the claims inthe future allow the line of analysis, in order to solve the problem of the asset pool of debt securities ofSpecifically, this paper is divided into four parts. The first part of pool of assets in the securitization ofintellectual property rights. The definition of the asset pool of the underlying asset, the basic characteristicsand types of analysis carried out to determine the selection criteria of the underlying asset. I believe that theasset pool is composed of a series of underlying asset, to the formation of securitization of standard assetspool, you must first be clearly defined on the underlying assets; Secondly, through a detailed analysis of the underlying asset obtained for securitization of the underlying asset; again the requirements of thesecuritized pool of assets required to produce a stable, predictable cash flows, therefore, their requirementswere clear selection criteria of the underlying asset.The second part introduces the structure of the securitization of intellectual property rights in the assetpool. First, the basic principles of a clear pool of assets constructed; Secondly, we should gradually expandits constructor step analysis, and noted that during construction of the asset pool, we must all strive to avoidconflict between different assets and the corresponding legal regulations restrictions; again, through theanalysis of the relationship between the asset pool and the SPV, to draw the risk of bankruptcy of the SPVin the construction process of the asset pool isolation functions. This, it can make credit and promoters ofthe transfer of the underlying asset securitization phase separation, thus allowing the smooth progress of theprotection of securitization.The third part describes the changes in the pool of assets in the securitization of intellectual propertyrights. Asset pool changes, updates, and trust in three ways. Among them, the update only for thecontractual rights and obligations of the update, and when the contracting party or parties the number oflarge, one by one update will increase the cost of securitization is not conducive to the realization of thepurpose of securitization; let and is the most common assets characteristics of the pool changes in the wayit applies to the civil law on claims for the theory and rules; trust because of the independence of the trustproperty, the way very much in line with the requirements of the securitization. However, the absoluteownership in civil law system does not meet the requirements of the securitization, so many countries totake the civil law to take a separate trust legislation to solve this problem.The fourth part introduces the pool of assets in the securitization of intellectual property rights claims.The degree of development in today’s business has led to claims in the future allows the recognition andsexual, while China is not yet on its future claims official recognition. In this section, the author analyzesthe type of future claims, as well as recognition allows with the meaning, through the analysis of therelationship between intellectual property securitization and future claims, obtained intellectual propertyfuture claims such as the future of copyright income for securitization and to be followed in the generalclaims for the rules and the conclusion.