ABS Case Study On Intellectual Property Rights

From the experience of developing intellectual property securitization in European and American countries and Japan,intellectual property securitization,as a product of the combination of intangible assets and finance,can effectively promote the transformation efficiency of intellectual property and accelerate the flow of capital.In the process of managing and designing a securitization product based on intellectual property,the design of the transaction structure,the prevention of risks,and the valuation of the underlying assets are all important.This article will focus on the valuation of basic assets,and apply the real option pricing theory to the practice of China 's first intellectual property ABS.While discussing the model and structure of intellectual property securitization transactions,the method of value evaluation of intangible assets is carried out.In-depth research.This article introduces real options analysis,compares the advantages and disadvantages and applicability of traditional valuation methods and real option pricing methods,and then analyzes the applicability and advantages and disadvantages of several methods in real options method.The core content of the article is to study the pricing of part of the assets of the securitization products of the first phase of the liberal arts leasing.Firstly,the relevant theory of the three-tree option pricing model is introduced,and then the standard deviation of the operating income growth rate of the lessee is used to obtain the volatility rate,and the CAPM model is used to calculate the equity financing cost,and then the discount rate WACC is calculated.After that,a path of value change is constructed by using a three-tree model,and then the price of the option is calculated by the backward and forward method,and the real price of the underlying asset is finally obtained.In addition to using the three-tree model to evaluate the underlying assets,this article also uses the same income method as the asset evaluation agency to price the underlying assets,and more intuitively compares the differences between the two valuation methods.In addition,by comparing the evaluation results with those of the asset appraisal agency,the reasons for the discrepancy in the results are analyzed.Sensitivity analysis is used to conclude that the triple-tree option method is more sensitive to changes in cash flow than the traditional method.Therefore,the real option method has obvious advantages over the income method because the real option method takes into account theuncertainty in the business operation process.And flexibility of decision-making,taking into account the value of the options of asset holders.The article also analyzes some of the risk factors in the first phase of the ABS case of the liberal arts,and proposes countermeasures.In the end,it discusses the enlightenment and possible development direction of China's future development of intellectual property securitization after the first intellectual property securitization products were successfully issued.