【作者】 黄光辉；

【导师】 朱雪忠；

【作者基本信息】 华中科技大学 ， 技术经济及管理， 2010， 博士

【摘要】 自“鲍伊债券”推出以来,知识产权证券化就因其特有的融资优势而备受关注,世界知识产权组织(WIPO)甚至将其视为知识产权未来发展的“新趋势”。然而,知识产权证券化的发展却受到其风险因素的制约,而美国次贷危机及其引发的国际金融风暴也彰显了金融创新中风险管理的重要性。本文从知识产权的特性出发,对知识产权证券化的风险及其防范问题进行了研究。首先,本文分析了知识产权证券化风险的形成机理,指出知识产权证券化在其交易结构与运作流程上与传统的资产证券化基本相似。分析其交易架构,可以发现知识产权证券化的过程实际上就是一个风险分配和风险控制的过程,但证券化交易结构的设计不可能化解所有的风险。本文通过分析发现,识产权证券的风险实际上就是由于知识产权资产本身的特殊性质作用于证券化交易而形成的,其核心内容是对现金流量的影响。其次,本文从知识产权资产的经济特性、法律特性以及相关法律制度着手,对知识产权证券化的特殊风险进行了分析,指出知识产权价值的不确定性和商业应用上的特性、知识产权权利状态的不稳定性以及相关制度的缺陷都可能会影响到知识产权证券化中现金流量的表现。在此基础上,本文对知识产权证券化风险的评价进行了研究,认为模糊综合评价是一种较为合适的方法。在评价过程中,本文构建了相应的评价指标体系,用层次分析法确定了各项指标的权重,并将其应用到了实例中。最后,本文对知识产权证券化风险的防范和化解策略做了研究,指出防范知识产权证券化的风险应从微观和宏观两个层面着手。微观层面主要是证券化中资产池的构建问题,本文从风险控制的视角,对知识产权各类资产进行证券化的适格性、基础资产的选择策略以及资产池的构建等问题进行了探讨；宏观层面就是对知识产权证券化相关的制度进行完善,包括知识产权公示制度的构建、将来债权的转让制度以及破产制度的知识产权许可合同的处理问题等。更多还原

【Abstract】 Since the "Bowie bonds" was launched, the intellectual property securitization was focused because of its unique advantages, and WIPO regarded it as a "new trend" of the future development of the intellectual property. However, the development of the intellectual property securitization is limited by its risk factors, and sub prime crisis and the international financial turmoil also Show the importance of risk management in the financial innovation. This paper studies the risk and its prevention of intellectual property securitization on the basis of the characteristic of Intellectual property.Firstly, this paper analyzes the formation mechanism of the risks of the intellectual property rights securitization, and pointes out that the transaction structure and operational processes of the intellectual property securitization is similar to the traditional asset securitization. This paper analysis’s the trading structure of securitization, and finds that the process of the intellectual property securitization is actually a risk allocation and risk control. However, the design of the structure of securitization transactions can not resolve all the risks. Based on the analysis, the risk of intellectual property securitization is actually due to the special nature of intellectual property assets, and its core is the impact for the cash flow.Secondly, this paper analyzes the special risk of the intellectual property securitization on the basis of the economic characteristics and legal characteristics of intellectual property assets and related legal systems, and points out that the characteristics of commercial applications and the instability of the state of intellectual property rights will have a direct impact on the cash flow performance of the intellectual property securitization.On this basis, this paper studies the evaluation of risk securitization of intellectual property, and pointes out that the fuzzy comprehensive evaluation model is a suitable method. In the evaluation process, this paper constructs the corresponding evaluation index system, using AHP to determine the weight of the index, and apply it to the instance.Finally, this paper studies the strategies to prevent and resolve the risks of the intellectual property securitization, and pointes out that it includes the microscopic strategies and the macro strategies. The purpose of the microscopic strategies is preventing and resolving the risks of the building of the assets pool. Perspective from the risk Control, this paper analyzes the rightness of the intellectual property assets, the choosing tactics and the construction of the assets pool. The strategies of the macro level is perfecting the systems related to the securitization of intellectual property rights, it includes the construction of public system of intellectual property and the transfer system of the future claims and the disposal of the intellectual property licensing contracts under the bankruptcy system.更多还原