A Research On Film Copyright Securitization In China

The film, as the representative of the copyright industry, has began to become a pillar industry in the national economy, which makes the film copyright securitization financing possible. This financing model derived from Hollywood is already quite mature in Europe and developed countries. World Intellectual Property Organization(WIPO) regarded it as a new trend, but in China, it is still in the exploratory stage. From the legal perspective, by building legal issues model of film copyright securitization, this article in both improving the financing capacity of the film copyright and promoting cultural innovation, as well as building an innovative country are of great significance.Domestic studies of the intellectual property securitization skyrocketed over these years, which however are limited to introduce the foreign system and theory of intellectual property securitization therefore lack specific and detailed in-depth research. Specific to the field of film copyright there is rarely concern. This paper, taking film copyright securitization as the research object and Law model as research perspective, combined with the legal existing status quo of China, plans to build a model to predict the future legal issues of the film copyright securitization, which in addition will bring forward corresponding legislative proposals. The first part introduces the basic concepts, features, processes and legal relations of the film copyright securitization, which aims to clarify the legal nature of securitization is debt securitization. The second part focus the building of the model of film copyright securitization based on legal issues. In accordance with the securitization process, it is divided into the preparatory phase, implementation phase, and the regulatory stage. The third part divides domestic and overseas' intellectual property securitization legislation into two types of centralized and decentralized and proposes that our legislation would be better to choose the types of centralized legislation and government-oriented legislation model. Then the paper predicts and analyzes the legal issues that may arise at each stage, which may include copyright defects of film, censorship restrictions,future debts transferring issues, SPV issues, real marketing problems, movie accomplishment guarantees, bond defaults, film copyright registration issues, information disclosure, investor protection, insider trading, and fraudulent fund-raising. The fourth part in the basis of establishment of the legal model, put forward the relevant legislative proposals to deal with the problem that existing law does not stipulate. For example, asset-backed securities should be included in the range of securities; future film copyright transferring should be allowed; a unified registration system should be established; the film ratings system should be established, etc.