Study Of Intellectual Property Securitization

With the advent of the knowledge economy era, the United States and Japan have successfully developed a new means of financing:intellectual property securitization. World intellectual property organization considered that knowledge property securitization is the future development tends of intellectual property. As a form of asset securitization, intellectual property securitizationas is a new financing channels. In order to avoid the uncertainty of future earnings, it allows the sponsor to gain future earnings in advance under the premise of retain ownership of intellectual property.In this paper, after a detailed analysis of the characteristics and risks of intellectual property securitization, I specially study the patent-backed securitization which is one type of the intellectual property securitization. After thoroughly analyzed and in-depth summarized the practice of the patent-backed securitization cases, and comprehensive analysis on the feasibility of the implementation of patent securitization in China, I finally put forward reasonable proposals for the intellectual property securitization in China.This paper is composed by five parts:The first part is an overview of the intellectual property rights securitization.The second part describes the development of intellectual property securitization in the United States, Europe and Japan. Then introduced the foreign patent-backed securitization cases, and summed up experiences about patent securitization for reference.The third part is a detailed analysis of the special risks of intellectual property. Due to the special object of securitization, the intellectual property rights securitization have some specific risk.The fourth part focuses on the patent-backed securitization. (1) First, the assessment of the value of patent. Through the study of existing three traditional valuation model, I analyzed the limitations of these models one by one. Then came up with the method of practical options. As a supplement to the traditional evaluation model, the B-S model reflects the uncertainty of patent value. The assessment of patent value can be more accurate in the use of this method.(2) second, the analysis of the feasibility of patent-backed securitization in China. Proceed mainly from four aspects, one from the perspective of the Government. The second is the number of patents increased rapidly. The third is the development of asset securitization provides a lot of valuable experience. The forth is intellectual property hypothecated loan which have been carried out is a good beginning of the intellectual property securitization.The fifth part presents some ideas about intellectual property securitization in China. It includes revising and improving laws and regulations, the establishment of government-lead SPV, strengthening China’s social credit system, suggests that the government should strengthen the construction of the regulatory mechanisms in order to effectively control the risk of intellectual property securitization.The innovation of this paper may in following points:The intellectual property securitization is a new financial theory in China, which has no practice yet.This pater systematically reviewed all aspects of intellectual property securitization.Starting from the perspective of patent, through the analysis of foreign patent-backed securitization cases to draw inspiration and reference for China.Through a specific analysis of the feasibility of the patent-backed securitization in China, then draw some conclusions.Put forward some suggestions and ideas of intellectual property securitization in China, for reference in the future development.