Risk Management And Prevention Of Basic Assets Of Intellectual Property Securitization

Against the background of the growing demand for capital from small and medium-sized technology-based enterprises and the difficulty of financing through traditional channels,intellectual property,as the core criterion for measuring the R&D and innovation capability of enterprises,is not only an important asset for enterprises to maintain their core competitiveness,but also an effective means for enterprises to raise capital.Compared with traditional securitization financing methods,intellectual property securitization has its unique advantages.It can not only maximize the market economic value of small and medium-sized technology-based enterprises’ intellectual property rights,but also provide large-scale medium and long-term financing at lower risks and costs while retaining the autonomy of intellectual property rights,thus effectively alleviating the financing constraints of enterprises.Compared with traditional asset securitization,the underlying assets of intellectual property securitization are usually intangible assets such as patents and trademarks,which makes it heterogeneous in terms of risk management and prevention of underlying assets.Given that the research on intellectual property securitization is still in its initial stage,how to effectively manage and prevent the risks of the underlying assets in the process of intellectual property securitization is an important issue to promote the sustainable and healthy development of intellectual property securitization.Taking risk management and prevention of underlying assets in the process of intellectual property securitization as the research objective,this paper first defines the relevant concepts of intellectual property securitization and analyzes its transaction mechanism and issue situation,so as to lay the foundation for risk management and prevention of underlying assets in intellectual property securitization.Then,on the basis of sorting out relevant theories,this paper takes the case of"Zhirong 2021-1" as an example and deeply analyzes the risks of the underlying assets、the risk of the management of the underlying assets and the risk of the cash flow of the underlying assets faced in the process of intellectual property securitization.It is found that:in terms of the risk of the underlying assets,the product has the problem of excessive concentration of the industry and region of the patent right enterprises,and is therefore vulnerable to the systematic risk of the industry and region;in terms of the risk of the management of the underlying assets,the product has the problem of unclear patent rights and responsibilities,which may lead to patent-related lawsuits;in terms of the risk of the cash flow of the underlying assets,the product has a certain risk tolerance for the loss of cash inflow of the underlying assets and the increase of expected yield.Finally,based on the analysis of the case of "Zhirong 2021-1",this paper puts forward some policy recommendations on how to better manage and prevent the risks of the underlying assets of intellectual property securitization:(1)when constructing the pool of underlying assets,excessive concentration of regions or industries should be avoided as far as possible、the legal ownership relationship of the pooled assets should be clarified,and the pooled assets should be reasonably valued.(2)In terms of underlying asset management risk,the management of credit risk of the underlying asset managers,including patent clients and original equity holders,should be strengthened;(3)In respect of the cash flow of the underlying assets,in order to ensure the stability of the future cash flow of the underlying assets,reasonable analysis and forecast of the cash flow of the underlying assets shall be conducted in advance,and effective credit enhancement measures shall be set for the possible cash flow risk of the underlying assets.