A Study Of Regulating Risks Of Basic Assets In Securitization Of Patent Right

The National "13th Five-Year Plan" explicitly states that it is necessary to actively explore the model of intellectual property securitization.At the same time,in order to cope with the financing difficulties of the small and medium-sized science and technology enterprises,the securitization of patent rights has become the preferred solution.Among them,for the patent securitization risk and its control problems,the basic idea of the academic and practical circles is to start from the basic links of the occurrence of patent securitization risks,based on the "legislative theory" perspective,through the bankruptcy risk isolation,real sales identification,value assessment,credit rating,information disclosure and other measures to achieve the purpose of risk regulation.According to this research approach,the legal basis for the supervision of the risk of patent securitization should be changed from the traditional asset securitization rules to the legislative improvement and supplement of the corresponding patent securitization rules.Although this kind of "legislative theory" has its rationality,it ignores the securitizable basic assets which is the logical starting point for institutional design in the securitization of patent rights.And the patent securitization process covers complicated and diverse areas.It is difficult to uniformly regulate risks through one or several single laws and regulations.In this sense,to solve the issue of regulating risks in securitization of patent right in the market division of labor and professional division,a potentially more effective solution is to restore the risks and legal problems in the process of securitisation to basic civil legal relations,administrative legal relations or economic legal relations from the perspective of "interpretation theory",using legal interpretation theory,to find a more appropriate solution under the current legal framework.For this reason,this article believes that the regulating risks in securitization of patent right should be focused on the regulating risks of basic asset.Focusing on the legal risks and non-legal risks of the basic assets in securitization of patent right,two basicpolicy-oriented risk regulation strategies are considered: firstly,as for cash flow,real sales and other risks,if the basic of the future cash flow is generated from the royalty income under the contract,the sponsor should explain the pending performance of the authorized contract,including the sponsor's obligations,plans,methods and resource allocation for implementation;if there is no contract basis,the sponsor should have disclosure obligations for its economic activities and operating profit models,including the full disclosure of information on publicity or registration of patent rights,and the obligation of continuous disclosure during the circulation of securities.Secondly,in view of future claims and blemish of patent rights risks,it is necessary to formulate a clear system of blemish rights guarantee liability for specific rights-based trading parties or trading subject through special law regulations.