Research On The Legal Risk Prevention Of The Securitization Of Patent Assets

The report of the Nineteenth National Congress of the Communist Party of China pointed out that we should firmly implement the strategy of innovation-driven development and speed up the construction of an innovative country.General Secretary Xi Jinping also pointed out at the Congress celebrating the 40 th anniversary of reform and opening,"Innovation is the life of reform and opening.Practice and development will never end,and emancipation of the mind will never end.The Central Economic Work Conference discussed that "finance should serve the real economy as a starting point and a foothold","the financial support methods should be innovated and the investment capacity of enterprises in technological transformation should be improved".Strengthening the construction of intellectual property financial system has great practical significance for the implementation of the strategic deployment of the CPC Central Committee and the State Council.In recent years,the combination of intellectual property rights and finance has been innovative.In addition to intellectual property pledge financing,new forms of intellectual property finance such as intellectual property securitization and patent trust have emerged in various places,and their connotations have been constantly enriched.For investment and financing,patent asset securitization gives enterprises lacking operational funds but possessing patent technology new financing means;for patent technology,securitization makes the original idle patent technology give full play to its economic value,so this financing means should be vigorously supported.However,as a means of financing,patent asset securitization will inevitably face a series of legal risks,so it is worth further study.This paper contains three parts: introduction,text and conclusion.The text is divided into five chapters:Chapter 1 is an overview of patent asset securitization.This chapter mainly elaborates the related theories of patent asset securitization.Starting from understanding the basic connotation,theoretical basis and basic procedures of asset securitization,it explores the relationship and difference between patent asset securitization and asset securitization.This chapter focuses on the connotation and basic types of patent basic assets,the operation process of patent asset securitization and the issuance and underwriting of securities.Chapter 2 is the Legal risk analysis of patent asset securitization.Through the analysis of the core links of patent asset securitization,this chapter focuses on the legal risk analysis of patent asset securitization from three perspectives.Firstly,the legal risk of patent itself is considered.Because of the erosion of ownership,patent litigation and the risk that the right to benefit from licensing is an agreed creditor's right rather than a single property right,the value of patent assets may be impaired.Secondly,it explores the link of value evaluation of patent assets.From the practical obstacles of value evaluation,the uncertainty and linkage of patent assets value,and the particularity of patent licensing contract,it finds out the legal risks that may affect the cash flow of basic assets,thereby affecting the confidence of investors.Finally,it studies the securitization trading framework and many participating institutions,starting with the validity risk of creditor's rights transfer,SPV and third-party institution risk required by "real sale",respectively,and puts forward the following suggestions.The success of securitization transactions can only be guaranteed by ensuring close coordination between each participating institution.Chapter 3 is an observation on the legal system of patent asset securitization abroad.This chapter combines with the legal risks analyzed in Chapter Two,starting with the study of the policy and regulation system of patent asset securitization in the United States and Japan,tries to learn from its successful experience of "legislation first,government-led,accurate evaluation,supervision by all parties",further optimize the legal policy framework and operation process of domestic patent asset securitization,effectively prevent the legal risks in the process of securitization,and push forward.The securitization process of domestic patent assets is developing continuously.Chapter 4 is the countermeasures and suggestions for the risk prevention of patent asset securitization in China.This chapter is the focus of the full text.In view of the three types of legal risks analyzed in Chapter II,it is suggested that the legal risks existing in patents should be prevented and resolved from three aspects: strengthening due diligence of patent assets,strengthening the patent early warning mechanism,and amending the relevant system of "legal nature" of patent licensing income right from the legislative point of view,so as to solidify the future cash flow of basic assets.Secondly,it is suggested to study and formulate patent assets evaluation rules that meet the needs of the market from the national level,construct a reasonable patent portfolio in the asset pool from the enterprise level,and introduce the latest patent value evaluation model from the technical level to ensure the stability of patent value.Finally,five suggestions are put forward to resolve the legal risks of the securitization transaction structure,namely,using trust to realize risk isolation of basic assets,improving the wind control design of SPV,speeding up the construction of credit rating system,optimizing the design of credit enhancement structure,and speeding up the construction of patent insurance system,so as to effectively prevent legal risks in the process of securitization of patent assets and maximize the protection of investors.Benefits will boost confidence in securitized financing of patent assets in the capital market.Finally,the article points out that patent asset securitization is a systematic project,which needs not only perfect external capital market environment,laws and regulations environment,but also stable internal operation.There are potential legal risks in every link of its transaction process,which tests the perfection of the system,the maturity of third-party institutions and the quality of practitioners.At the same time,patent asset securitization is also a blue sea market.We should construct a perfect policy and regulation system,optimize the patent value evaluation model,effectively prevent the legal risks in the process of securitization operation,enhance the comprehensive utilization efficiency of intellectual property rights by using patent asset securitization as a breakthrough,promote the development of intellectual property finance,and ultimately realize the strategy of strengthening intellectual property rights.