Legal Risks And Countermeasures Of Intellectual Property Securitization Special Purpose Entity

Intellectual property securitization is an innovative financial derivative brought by China for intellectual property financing in recent years.The emergence of this system has greatly stimulated the vitality of intellectual property assets and provided cultural and technological enterprises with market opportunities.Easy and cheap financial support.It originated from the securitization of housing loan assets in the 1970 s to solve the asset liquidity of banks.Until the 1990 s,the issuance of Bowie bonds successfully brought the asset securitization system to the field of intellectual property.In fact,my country began to try to issue intellectual property securitization products at the beginning of this century,but due to the immaturity of the financial market and the backwardness of the system at that time,the issue ended in failure.In recent years,China has vigorously promoted the innovation of technological and cultural products,developed science and education to rejuvenate the country,and gradually opened up the financial market and enriched the legal system,which has brought the intellectual property securitization system back again.Under my country’s current financial system,the securities established for the use of intellectual property rights as the underlying assets for repayment of financing funds have just landed,so there is still a long way to go to improve the system.The legal system on intellectual property securitization Research is especially important.In particular,there are a lot of gaps in our country’s laws on this system.First,there are no specific and clear detailed rules for the identification of underlying assets and the ownership of underlying assets.This situation will only lead to rights flaws in securitized assets or debt defaults.It is difficult to protect the rights and interests of qualified investors or other securitization participants;secondly,China does not have a clear standard for the principle of "true sales" of underlying assets.A large number of court cases have established a complete set of principles of real sales.In China,the principle of real sales is simply introduced in the form of departmental regulations.It can only be judged by the court when problems arise in the future.Therefore,there is no clear standard at present.Finally,regarding the “asset-backed special plan” system specially formulated for asset securitization in China,by serving as a Special Purpose Entity(SPE)for intellectual property securitization in this form,the establishment of this system can effectively avoid double taxation and reduce securities.However,it also brings a major drawback,that is,this form is not a qualified legal subject in the sense of civil law,and it cannot make any civil legal acts in its own name,and it also includes the inability to hold assets by itself.These kinds of problems undoubtedly bring about legal risks and corresponding loopholes in my country’s special-purpose institutions that are worth studying.This paper analyzes the securitization products that have been issued in China,conducts case analysis and summary,and summarizes the common forms of SPE in domestic intellectual property securitization and the current status of the holding of underlying assets,and then combines foreign intellectual property rights.A comparative analysis of securitization cases and the application of the underlying principles of securitization.The last part is the innovative part of this paper.Based on the current legal risks and gaps of SPE in intellectual property securitization in China,this paper proposes a new model with Chinese characteristics that combines asset-backed special plans and partnerships.special purpose agency.