Research On Risk Control Of Intellectual Property Securitization In Enterprise

Intellectual property is a strategic resource for national development,and finance is the core of modern economy.For a long time,the state has attached great importance to the financial work of intellectual property rights,and has successively issued a number of important documents,"innovative financial services of intellectual property rights" has been included in major national projects for the first time.At present,China's small and medium-sized science and technology enterprises often fall into a cash flow dilemma due to failure in applying for bank credit or difficulty in meeting the requirements of creditor's rights financing.At this time,the sale and leaseback method using financial leasing has become an important financing method for small and medium-sized science and technology enterprises.However,as a non-bank financial enterprise,financial leasing enterprises that accept intellectual property rights as the subject matter also need a strong source of funds,so they will also fall into financing difficulties in the early investment.However,securitization of intellectual property rights can achieve the purpose of obtaining funds in advance for long-term receivables with weak liquidity through securitization,so that the original owner of intellectual property rights can fully realize the economic value of intellectual property rights,thus achieving the goal of encouraging independent innovation in the whole society.At the same time,it can also provide the creator of intellectual property rights with a brandnew financing method based on intellectual property rights,thus realizing a virtuous cycle of capital demand and supply in the process of independent innovation.It can also further establish the evaluation of economic value of intellectual property rights on the basis of market evaluation,thus providing market guidance for the results of independent innovation.In this paper,First Capital special Plan I backed on the assets of Beijing city cultural technology leasing Limited by Share Ltd is the first intellectual property securitization product that has been successfully approved and issued in China under the joint research and efforts of the government,enterprises and intermediary organizations.its underlying asset is the intellectual property financing lease business with patents and copyrights as its subject matter,involving a total of 51 intellectual property rights such as invention patents,utility model patents and copyrights,covering a number of sub-sectors in cultural and creative fields such as artistic performances,film and television production and distribution,information technology,digital publishing,etc.The successful issuance of this securitized product means that the value transformation speed of intellectual property rights in the capital market has been greatly improved.As the first successful issuance case in the country,studying its risk control can provide reference and reference for enterprises that plan to adopt the same or even similar financing methods in the future.This paper studies the risks of intellectual property securitization and the corresponding control measures from the perspective of the issuing institution of intellectual property securitization by combining theoretical analysis and case analysis.The purpose is to detect and effectively control all kinds of risks that may occur in the process of rapid development of asset securitization.This paper first introduces the research background and significance of the topic selection,and briefly reviews the relevant literature on asset securitization research at home and abroad,and introduces the research ideas,methods and the basic framework of the article.Secondly,this paper collects and summarizes the relevant information and theories related to intellectual property securitization,introduces the definition,characteristics and types of asset securitization,classifies the risks of intellectual property securitization and the corresponding risk control measures,and provides theoretical basis for the following case analysis by combining the property transaction theory,asset restructuring theory,bankruptcy isolation theory and credit enhancement theory.Furthermore,taking the case of intellectual property securitization as an example,after introducing the basic situation of the original owners and products of the case,the case is sorted out from three aspects: the motivation,process and operation of intellectual property securitization.Research shows that the promotion of enterprises to issue the intellectual property securitization products is mainly due to the strong national policy support,broadening financing channels,transferring asset quality risks and reducing enterprise operation risks.Then,from the perspective of basic assets,important participants and intellectual property rights,the risks of intellectual property securitization in the first phase of liberal arts lease are deeply analyzed,and its risk control measures and effects are analyzed.Finally,based on the above research,it is concluded that the successful issuance of securitization can draw lessons from the strict selection of pool-based assets,strict inspection of participants' performance ability and reasonable contractual arrangements.At the same time,four revelations are put forward: First,under the current macro background in China,there are still many risks in intellectual property securitization.The government should continuously improve the construction of laws and regulations to provide safe financing channels for intellectual property securitization in China.Second,the successful issuance of products cannot be achieved without the active participation and cooperation of various institutions,stepping up efforts to establish and improve the industry standards and service standards system,improving the risk management awareness of all participating entities,and ensuring the standardized implementation of securitization.Third,transfer the risks arising from the securitization of intellectual property rights to a third party or an insurance company,and establish a compensation and sharing mechanism for financing risks of intellectual property rights to reduce risks in all aspects of financing.Fourth,enterprises should standardize the value evaluation system,reasonably select basic assets and optimize the quality of basic assets.