冯晓青 吕 莹

Feng Xiaoqing lu ying

　　近年来，理论界和实务界关于知识产权证券化这一新型融资方式的多角度探讨一直不绝于耳。中国证券监督管理委员会自2013年2月26日起公开征求意见并于2013年3月15日正式公布的《证券公司资产证券化业务管理规定》再次使知识产权证券化问题成为证券界和知识产权界所共同关注的理论热点。毋庸置疑，这部证券新规的颁布和推行，必将为我国一直以来尚在摸索渐行阶段且鲜见实际案例的知识产权证券化问题开启一个崭新的纪元。与此同时，知识产权证券化在法制层面还有很多有待解决的问题尚值得我们关注和探讨。

In recent years,Theory and practice of intellectual property securitization financing the new inquires into the way of always.The China securities regulatory commission on February 26, 2013 public comments and in 2013 officially announced on March 15[Securities company asset securitization business regulations]Once again make the securitization of intellectual property issues of common concern to become securities class and intellectual property theory.There is no doubt,The securities and the promulgation of the new rules and carry out,Will certainly to our country is still in fumble stage gradually and have been little real cases of intellectual property securitization problem open a new era.At the same time,Securitization of intellectual property rights at the legal level and there are many problems remaining to be solved is still worthy of our attention and discussion.

　　内涵及其必要性分析

Connotation and necessity analysis

　　依据学界通说，知识产权证券化是指将具有可预期现金收入流量的知识产权即基础资产，通过一定的结构安排对基础资产中风险与收益要素进行分离与重组，转移给一个特设载体（Special Purpose Vehicle，简称SPV），并由该特设载体发行一种基于该基础资产的现金流的可以出售和流通的权利凭证，并以此融资的过程。综述当前学界关于知识产权证券化的理论界定，知识产权证券化作为一种创新的知识产权运营模式，其实质是在当今知识经济时代，以专利权、商标权、著作权等知识产权权利本身为基础进行资产证券化的一种结构性融资新尝试。

On the basis of academic says,Intellectual property securitization is to point to will have predictable cash flow of the intellectual property rights is the underlying assets,Through a certain arrangement of the benefits and risks in the underlying assets elements separation and recombination,Transfer to a carrier of the AD hoc(Special Purpose Vehicle,Hereinafter referred to as the SPV),And by the special carrier to issue a cash flow based on the underlying asset can be sold and circulated document of title,And thus the financing process.Review on the current academic theory of securitization of intellectual property rights,Intellectual property securitization as an innovative operation mode of intellectual property rights,The essence of which is in today's knowledge economy era,In the patent right/Trademark rights/The copyright and other intellectual property rights itself based on a new try of structured finance asset securitization.

　　知识产权证券化的渊源是资产证券化，资产证券化则是20世纪30年代以来金融领域的一项重大创新。知识产权证券化将以前可以证券化的资产由不动产抵押债券和金融资产扩大到知识产权领域，为在知识经济环境下在更大的程度上实现知识产权的价值，促进创新成果转化，提供了崭新的渠道。知识产权证券化也是在新技术环境下知识产权制度与金融市场嫁接的有效手段，体现了金融创新和知识产权运营模式的创新，使知识产权获得了金融市场的支持。

Intellectual property securitization origin is asset securitization,Asset securitization is that since the 1930 s, a major innovation in the field of finance.Can be securitized asset securitization of intellectual property rights will be before a debt secured by real estate and financial assets to expand to the field of intellectual property rights,In knowledge economy environment in a larger extent, realize the value of intellectual property,Promote the transformation of innovative achievements,Provides a new channel.Securitization of intellectual property rights and intellectual property system in new technology environment and grafting of the effective means in financial markets,Embodies the innovation of financial innovation and intellectual property operation mode,Intellectual property rights obtained the support of financial markets.

　　知识产权证券化成为当今知识经济时代融资新趋势具有诸多客观成因。我国广大中小企业尤其是创新型企业或称高新技术企业在融资过程中基于知识产权权利本身所具有的风险性和不稳定性而很难通过银行获得充分的贷款，出于规模水平等方面的局限性又很难通过其他传统融资途径获得其生产发展所亟需的资金。此外，相关权威调查的数据表明，我国当前在将科研成果转化为现实生产力方面尚远远落后于发达国家，然而这一问题自其被正视以来又因受制于资金的短缺限制和风险的难以避免等种种因素而迟迟得不到有效解决。知识产权证券化正是基于对这些问题的解决应运而生并不断发展起来的。

Intellectual property securitization become a new trend in today's knowledge economy era the financing has many objective causes.Especially innovative companies or small and medium-sized enterprises in our country high technology and new technology enterprise in financing process based on the risk of inherent in intellectual property rights and instability and it is hard to get sufficient loans by Banks,Due to the limitations of scale level, etc and it is difficult to through other traditional financing way to obtain much-needed funds for its development.In addition,Related survey data shows that authority,The current in the scientific research achievements into realistic productivity still lags far behind the developed countries,However the problem again since it is face due to the limitation is subject to the shortage of funds and the risk of hard to avoid can not effectively solve and other factors.Intellectual property securitization is based on the solution of these problems arises at the historic moment and developed continuously.

　　知识产权证券化还能够将原属于知识产权所有人的风险通过破产隔离等机制的运作分担给整个社会中人数众多的该证券的投资者，从而能够达到降低风险的作用，最起码能够保证知识产权所有人在侵权发生的时候有能力承担诉讼的风险。与此同时，购买此知识产权证券的投资者们出于利益考量对于将科研成果转化为现实生产力也会起到一定的监督作用。从总体上看，知识产权科研成果向生产力转化的比率的提高必然能够起到激励知识产权权利人的作用，这种激励进而又会在更大范围上促进整个社会创新能力的提高。可以说，从更宏观的角度来看，知识产权证券化对于我国知识产权战略的实施、创新型国家的建设等都会起到不可小觑的重要作用。

Intellectual property securitization can also will the original belongs to intellectual property all risks through the bankruptcy isolation mechanisms such as the operation of the load to the society as a whole is large in number in the securities investors,So that they can to reduce risk,At the very least to ensure all intellectual property rights infringement occurs when have the ability to assume the risk of litigation.At the same time,Buy the intellectual property rights of securities investors out of self-interest for the scientific research achievements into realistic productivity will also play a watchdog role.On the whole,Intellectual property ratio of transformation of scientific research achievements to productivity improvement must be able to play the role of incentives are the holder of the intellectual property right,This motivation, in turn, would promote the society as a whole on a broader innovation ability enhancement.Can say,From a macro point of view,Intellectual property securitization for the implementation of the strategy of intellectual property rights in our country/The construction of innovative country, etc will play an important role to be reckoned with.

　　较传统资产证券化更复杂

More complicated than traditional asset securitization

　　从知识产权证券化本质特征的角度，可以将知识产权证券化概括为证券化载体之上的以知识产权权利信用作为担保的结构型融资方式。知识产权证券化中可预期现金收入流量的知识产权的权利主体和权利本身的范围比较难以界定和厘清，故而知识产权证券化的基础资产权利状态较之传统的金融资产证券化而言必然会复杂许多。同时，知识产权固有的不稳定性不可避免地给知识产权证券化带来比其他资产证券化更多的风险。然而，现今这种风险又因缺乏公认和明确的评估标准而难以做到足够科学的评估，尤其是商誉、商业秘密等类型的知识产权更加难以评估，将此类资产纳入证券化的操作过程实属难上加难。加之知识产权固有的无形性以及地域性限制、时间性限制使得知识产权这一特殊资产难以预计和测算其未来的收益，进而导致很难评估知识产权资产现金流的价值。现在对于国际化趋势日趋明显的证券化工具而言，各国知识产权法律制度的差异也会带来不少风险。此外，知识产权资产被侵权的风险可能性也随着科学技术的不断发展而与日俱增，例如网络技术的日趋先进化引发了一系列关于影视作品、音乐作品的复制权、传播权等版权侵权案件。显然，伴随着新技术的层出不穷，专利权、商标权等工业产权所可能遭受的各种侵权案件会更多。上述错综复杂的原因使得知识产权证券化这一基于知识产权权利本身的证券化交易过程较之传统的一般资产证券化而言更加复杂。知识产权证券化的这种特殊复杂性昭示着：知识产权证券化的顺利开展和进行必然离不开区别于一般资产证券化的较高标准的专门法律制度设计。

From the perspective of intellectual property securitization essential characteristics,Securitization of intellectual property securitization can be summarized as the carrier to intellectual property rights over structured financing credit as a guarantee.Predictable cash flow in the securitization of intellectual property rights of intellectual property rights of the subject and scope of rights itself more difficult to define and clarify,Thus the fundamental asset securitization of intellectual property rights, state than traditional financial asset securitization is bound to be many complex.At the same time,Intellectual property rights inherent instability inevitably bring intellectual property securitization asset securitization more risk than others.however,Now, this risk due to the lack of recognized and clear evaluation criteria is difficult to do enough scientific evaluation,Especially the goodwill/Trade secrets and other types of intellectual property rights are more difficult to assess,Such securitization of assets into the operation of the process is difficult.Combined with the inherent invisibility of intellectual property rights and regional restrictions/Timeliness restrictions make a special intellectual property assets is difficult to forecast and calculate its future earnings,Which makes it hard to assess the value of intellectual property assets cash flow.Now for securitization internationalization trend is increasingly obvious,National differences in intellectual property legal system may cause a lot of risk.In addition,The risk of infringement of intellectual property assets are likely to also increasing with the continuous development of science and technology,For example, the network technology increasingly advanced triggered a series of film and television works/The copy right of music works/Transmission right and copyright infringement cases.clearly,As new technologies emerge in endlessly,The patent right/Trademarks and other industrial property rights infringement cases that may be suffered by even more.The above because of the complicated intellectual property securitization the securitization transaction based on intellectual property rights itself is more complex than traditional general asset securitization.Intellectual property securitization the special complexity of scream:The intellectual property securitization smoothly and is different from general higher levels of asset securitization special legal system design standard.

　　总的来说，知识产权证券化是知识产权资本化的新形式，也是知识经济阶段资产证券化的新发展。知识产权证券化反映了随着经济社会发展，技术创新和知识产权资本功能的提升，知识产权结构性融资的新特点。知识产权证券化本身并不是单纯的资产运作行为，它需要与有形资产或其他无形资产结合，通过一定的商业运营活动才能实现。这自然与知识产权作为无形财产权的特点有关，在很多情况下实现知识产权的价值需要将其与企业的有形资产相结合。另外，基于知识产权本身价值的不稳定性和复杂性，知识产权证券化也表现为一定的不确定性。因此，知识产权证券化具有一定的投资风险，在其运转过程中应充分考虑。

On the whole,Intellectual property securitization is a new form of capitalization of intellectual property rights,And phase of the knowledge economy the new development of asset securitization.Intellectual property securitization reflects as the economic and social development,Technology innovation and intellectual property capital function,Intellectual property rights new features of structured finance.Itself is not a simple asset securitization of intellectual property rights,It needs to combine with tangible assets, or other intangible assets,Through certain business operations to achieve.Which naturally associated with the characteristics of intellectual property as intangible property rights,In many cases, to realize the value of intellectual property needs to be combined with enterprise's tangible assets.In addition,Based on the instability of the value of intellectual property and complexity,Securitization of intellectual property rights are also characterized by certain uncertainty.so,Intellectual property securitization has certain investment risk,In the process of its operation should be fully considered.

　　（第一作者为中国知识产权法学研究会副会长 中国政法大学教授、博士生导师）

(First the author for the Chinese intellectual property law institute, vice President of China university of political science and law professor/Doctoral tutor)

　　知识产权证券化是在新技术环境下知识产权制度与金融市场嫁接的有效手段

Intellectual property securitization is the intellectual property system in new technology environment and financial markets grafting effective means

　　知识产权证券化的顺利开展和进行必然离不开区别于一般资产证券化的较高标准的专门法律制度设计

The intellectual property securitization smoothly and is different from general higher levels of asset securitization special legal system design standard