Case Study Of Securitization Of Trademark Intellectual Property Rights

According to statistics from the National Intellectual Property Administration,as of the end of 2021,the valid registration of trademarks in China reached 24.332 million,with private enterprises and individual businesses as the main trademark holders.In addition,the China Trademark Office has established trademark cooperation relationships with 147 countries and regions,signing a total of 42 bilateral and multilateral trademark cooperation agreements.China has become the country with the fastest-growing trademark brand value globally.President Xi Jinping emphasized at the 2018 "Two Sessions" that intellectual property protection and utilization should be strengthened,knowledge property should be deeply integrated with the real economy,technology innovation and industrial upgrading should be promoted,and China’s position in the global value chain should be improved.At the same time,President Xi has also mentioned the problem of difficult financing for small and medium-sized enterprises on multiple occasions.Against this background,trademark asset securitization,as an innovative financing tool,has enormous development potential.Small and micro private enterprises can obtain financing at lower costs through this model,while providing investors with new investment channels that can diversify investment risks.Moreover,promoting the operation model of trademark asset securitization can increase the volume of business in the capital market,thereby promoting financial innovation and capital flow and pushing for high-quality development of China’s economy.Therefore,this article selects the "Changcheng-Jiaxin-Guojun Guangzhou Development Zone Science City Intellectual Property Trademark License Asset Support Special Plan," the first national pure trademark intellectual property asset securitization product issued by Guangzhou Development Zone Science City,for case study.The paper systematically analyzes the product’s issuance rationale,selection of underlying assets and asset pool construction,product cash flow stability,credit enhancement methods,and project risks.The study found that trademark asset securitization by technology-oriented small and medium-sized enterprises has been supported by the external environment of the region and government,and has reduced financing costs.The trademark ABS product has constructed a diversified underlying asset pool,scientifically designed a trading structure to stabilize cash flow,comprehensively utilized multiple credit enhancement measures to improve credit ratings,and set certain risk mitigation measures.The product has advantages in financing model construction and credit enhancement,but also has disadvantages such as higher risk,higher interest rates,too many restrictions on assets entering the pool,and insufficient market liquidity.This article believes that as the first national pure trademark asset securitization product,the trademark ABS can be used as a reference for other high-tech development zones,but policy and institutional construction related to trademark asset securitization should be improved,and guidance on trademark strategic value should also be strengthened.