| Since the American first case of intellectual property securitization case, Bowie securities case, capital market gradually recognized the great value of intellectual property.The first chapter mainly analyzed the intellectual property securitization concept, essence, trading patterns and the world development trend, especially introduced the typical case of the United States, Japan, Europe and other countries and China’s implementation of intellectual property securitization system environment.The second chapter mainly analyzes the key problems in the process of intellectual property securitization. First section based on the intellectual property that a special asset base, and then analyzed the three risk of future assignment of creditor’s right, guarantee the registration problem, "true sale" and the construction of asset pool. The second section in view of the SPV is the core of the intellectual property in the process of securitization, risk isolation, first introduced the three modes of the SPV structure design, namely Corporation, trust and partnerships, and analyzes the in China’s current legal system can provide legal support for the three modes of structure. At the same time, also analyzed two kinds of bankruptcy risk SPV.The third chapter puts forward suggestions to solve key problems in chapter second. The first section issues recommendations for the asset base is: establish future claims legal status in our country and in the form of announcement implementation of obligations of notification of the creditors; unified registration and registration procedures to improve security registration system; through special legislation, and other ways to reduce the legal risks of "true sale; construction of the asset pool to diversification principle, optimization principle, the principle of balance. The second section proposed the present stage of our country is more suitable to the government trust SPV mode. At the same time, we should make full use of the articles of association, the agreement, decision procedure, to constraint the SPV itself or its creditors bankruptcy filing.Chapter four introduces the intellectual property securitization process, the supporting system of the credit enhancement and credit rating system and suggestions for improvement, such as the establishment of intellectual property insurance system, unified supervision institutions, the establishment of industry self regulatory organization, perfecting the information disclosure system and so on. |
