摘要
随着科技创新的发展,全球知识产权数量持续增长,为提升知识产权流动性,国内外开始进行知识产权证券化活动,以便实现将知识产权嵌入金融工具并据以融资的目的。在证券化过程中,底层知识产权组合的定价是核心环节,因此,本文重点基于知识产权证券化发展状况及价值评估两大问题对国内外研究成果作出综述。结果显示:第一,国内外学者一致认同该活动有助于促进中小企业融资;第二,当前我国实践难点主要在知识产权价值评估难、法律法规及信用体系不完善等方面;第三,国内学者提出“科技可转债”“信用分享型”企业集群、“信用共享型”和产业集群等知识产权证券化新模式;第四,底层知识产权的固有风险是证券化后的主要风险点;第五,证券化后的多元化风险要纳入价值评估考量范围,实物期权法在评估时考虑因素更全面,效果更好。
With the development of scientifi c and technological innovation,the number of intellectual property rights(IPRs)around the world has been growing continuously,and to enhance IPRs’liquidity,IPRs securitization activities have been carried out both at home and abroad to realize the purpose of embedding IPRs in fi nancial instruments and raising funds based on them.In the process of securitization,the pricing of the underlying intellectual property portfolio is the core,therefore,this paper focuses on the review of domestic and international research results based on two major issues,namely,the development status of IPRs securitization and value assessment.The results are as follows:fi rst,domestic and foreign scholars unanimously agree that this activity can help promote the fi nancing of small and medium-sized enterprises(SMEs);second,the diffi culties in China’s current practice mainly lie in the diffi culty of assessing the value of IPRs,and the imperfection of laws,regulations and credit systems;third,domestic scholars have proposed the new models of IPRs securitization:“scientifi c and technological convertible bonds”,“credit-sharing”enterprise clusters,and“credit-sharing”industrial clusters;fourth,the inherent risk of the underlying IPRs is the main risk after securitization;fi fthly,diversifi ed risks after securitization should be included in the scope of value assessment,and the real options method is more comprehensive and more effective in considering the factors.
作者
李舟
宋雨宸
LI Zhou;SONG Yuchen(Management,Guangxi University of Science and Liuzhou,Guangxi 545006)
出处
《中国商论》
2023年第22期120-123,共4页
China Journal of Commerce
基金
广西学位与研究生教育改革课题“新文科背景下资产评估专硕课程思政教学模式探索与实践”阶段性成果。
关键词
知识产权证券化
金融工具
价值评估
产业集群
多元化风险
securitization of intellectual property rights
fi nancial instruments
value assessment
industrial clusters
diversifi ed risks
