摘要
当前,我国科技型中小企业知识产权数量较多、融资需求旺盛,发展知识产权证券化是解决中小企业融资难题的有效途径,然而科技型中小企业信用水平低,知识产权服务市场不完善使知识产权证券化发展存在较多障碍。风险分散是我国发展知识产权证券化面临的首要挑战,也是知识产权证券化的关键环节。选取我国知识产权证券化典型案例,比较分析其风险分散机制设计方案。研究发现:4个典型案例采用五层风险分散机制设计,第一层筛选入池科技型中小企业及其知识产权;第二层对基础资产设置担保机制;第三层对优/次债券结构进行分层;第四层实现现金流超额覆盖;第五层引入差额支付承诺人。五层风险分散机制设计有助于提高证券化产品市场吸引力,弥补现有知识产权证券化风险分散机制设计的不足,助力中国知识产权证券化发展。
At present,China is committed to building an innovative country,and technology-based small and medium-sized enterprises are the most innovative entities.However,they are confronted with great financing difficulties and in urgent need of financial resources to promote scientific and technological innovation.Most technology-based small and mediumsized enterprises lack tangible assets and suffer from low credit,making it difficult to get loans from financial institutions.However many technology-based small and medium-sized enterprises possess intellectual property.If they can make full use of intellectual property financing,the financing dilemmas of technology-based small and medium-sized enterprises will be largely alleviated.Intellectual property securitization can help technology-based small and medium-sized enterprises make full use of intellectual property and obtain financing at a lower cost,and enable them to continue to use intellectual property while financing,and promote the transformation of scientific and technological achievements.The large scale of intellectual property in China and the strong demand in the securitization market provide sufficient basic conditions for the implementation of intellectual property securitization.But there is still room for improvement in the intellectual property intermediary service market,policies and regulations,and thus intellectual property securitization may have potential legal risks.This paper explores the risk diversification mechanism of intellectual property securitization from the perspective of product design in the Chinese context in the hope of promoting the development of intellectual property securitization,providing theoretical support for technology-based small and medium-sized enterprises in financing,and accelerating China's innovation development.This paper selects the first serial of products as the typical cases,for each product is born in a long time of preparation with milestone significance.The cases are divided into four modes.By adopting the m
作者
刘澄
谢文静
刘畅
鲍新中
Liu Cheng;Xie Wenjing;Liu Chang;Bao Xinzhong(School of Economics and Management,University of Science and Technology Beijing Beijing 100083,China;School of Management,Beijing Union University,Beijing 100101,China)
出处
《科技进步与对策》
北大核心
2023年第11期51-59,共9页
Science & Technology Progress and Policy
基金
北京市社会科学基金重大项目(20ZDA03)。
关键词
知识产权证券化
风险控制
案例分析
信用增级
企业融资
Intellectual Property Securitization
Risk Control
Case Study
Credit Enhancement
Corporate Financing
