Research On Risk Management Of Qiyi Century’s Intellectual Property Asset Securitization

As technology has gradually become the core productivity of today’s society,the accumulation of intellectual property assets by enterprises has gradually increased,and the financial market has developed more maturely,which has jointly promoted enterprises to generate deeper securitization financing needs.With the support and drive of relevant policies,the "Qiyi Century’s Intellectual Property Supply Chain ABS" was launched on the Shanghai Stock Exchange at the end of 2018.The success of this financing program has led to a deep integration between IP and economic development,but it has also exposed the risks of IP asset securitization as a financing model.Therefore,how to strengthen risk management in the process of IP asset securitization has become the key to ensure the smooth progress of such financing models,and the research results in this paper will help enterprises effectively avoid and manage risks under this financing model.This paper sorts out the domestic and foreign literature,based on the relevant theories of intellectual property asset securitization,and uses theoretical research methods and case analysis methods to study the risk management of intellectual property asset securitization cases of Qiyi Century.This paper first summarizes the relevant theories of IP asset securitization,laying a theoretical foundation for subsequent research.Secondly,on the basis of an in-depth introduction to the case of intellectual property asset securitization of Qiyi Century,a risk assessment index system is constructed from four dimensions: underlying asset risk,transaction structure risk,securities-related risk and macro environment risk,and then the fuzzy level is used to synthesize the analytical method evaluates the risks of the project.The results show that the risk score of Qiyi Century’s intellectual property ABS is 70.83 points,indicating that there is a slight risk in the case,and the risk mainly comes from the underlying asset risk and transaction structure risk.In view of the identified key risk points,this paper summarizes the risk prevention measures of Qiyi Century’s intellectual property asset securitization,emphasizing the risk prevention measures in the underlying assets In terms of aspects,the review process of basic assets should be strictly implemented,the cash flow coverage multiple of basic assets should be increased,and measures such as priority stratification of securities should be adopted;In terms of risk prevention measures related to transaction structure,risk prevention of bankruptcy isolation should be strengthened,the performance capacity of all parties to the transaction should be strictly reviewed,and measures such as setting up credit trigger mechanisms should be implemented.