Research On Legal Issues Of Patent License Claims Securitization

As one kind of the patent assets securitization, the securitization of patent license claims, is an extension of assets securitization —thus being a financing tool —to the field of patent. The greatest difference between the securitization of patent license claim and asset securitization lies in the particularity of underlying assets. The underlying asset for securitization of patent license claim is the patent licensing income, which originated from patent license contract. And it is creditor’s assets. The securitization of patent license claim can be defined as a financing activity to issue assets security supported by the creditor’s assets. As a rising financing pattern of intellectual property, since its birth, the securitization of patent license claim owns alive and fresh vitality. Actually, it is a process for seeing that capital market begins to gradually accept the economic value of patent. The securitization of patent license claim can effectively satisfy patentee’s financing demand, has great significance for the transformation of patent achievements and the development of intellectual property economy, and simultaneously provide a new investment channel for the investors. From the above mentioned, technology-finance integration becomes an irresistible trend in the innovative development of modern technology.The article can be divided into four chapters. ChapterⅠfirstly clarifies the basic theory of asset securitization—the superior concept of the securitization of patent license claim. Then it lists the categories of patent assets, analyzes the legal nature of patent license claim and finally brings in the definition of the securitization of patent license claim. After illuminating the related concepts of the securitization of patent license claim, it further illustrates the factors for the forming and development of the securitization of patent license claim, that is, its superiority lies in that the market need it. ChapterⅡanalyses the common legal issues of asset securitization including the securitization of patent license claim and the specific legal questions emerging in the process of the securitization of patent license claim. From the transferring of underlying assets and the establishment of special purpose vehicle(SPV), it analyzes the necessary risk-remote mechanism in the process of asset securitization and finally conclude that risk-remote mechanism is not absolutely safe and can’t achieve the goal of isolating risks between sponsors and special purpose vehicle(SPV). Chapter Ⅲinduce and reorganize other risks besides the bankruptcy risk of the sponsors and special purpose vehicle(SPV)in the process of the securitization of patent license claim.Moreover, it also put forward strategies to defuse risks. Chapter Ⅳ first analyzes the feasibility of conducting the securitization of patent license claim in China and draws the conclusion that it is feasible. Then it assesses the legal environment in China and establishes the optimum pattern of the securitization of patent license claim operated in China.The securitization of patent license claim is the product of financial innovation, which is with higher derivative. While enhancing the capital flow, it also contains great risks inside, it needs to be paid high attention by the supervision authiroity. In addition to analyzing the key legal issues of the securitization of patent license claim, this article manly discusses how to realize the legalization of securitization through improving legislation. In the future development of asset securitization, we need to be targeted to settle all the obstacles in China’s legislation and improve the legislation deficiency according to the legal environment.