企业知识产权资产证券化的产品结构和风险剖析

Product Structure and Risk Analysis of Enterprise Intellectual Property Asset Securitization

摘要: 企业知识产权资产证券化是企业借助无形资产融资的重要渠道。在多种证券化形式中，供应链金融模式和专利许可使用授权模式的交易结构较具创新特点，前者以供应链核心企业的信用代替上下游中小企业的信用，帮助中小企业取得低成本融资，也改善了核心企业的收益状况；后者通过专利正向授权和反向二次授权，以许可使用费现金流为基础资产，在非转让的基础上获取证券化融资。但上述模式也具有底层资产估值困难且不确定性大、风险隔离不彻底以及脱离资产信用、过度依赖主体信用的弊端，由此增加了资产证券化交易的信用风险。面对估值困难，需增强持续性信息披露，适度弱化事前审查；在风险隔离方面，则需要在规范层面厘清基础资产在证券化交易中的权属问题，放宽信托制度的作用空间。

Abstract: The securitization of enterprise intellectual property assets is an important channel for enterprises to use intangible assets for financing. Among various forms of securitization, the transaction structure of supply chain finance model and patent licensing authorization model is more innovative. The former replaces the credit of upstream and downstream SMEs with the credit of core enterprises in supply chain, which helps SMEs obtain lowcost financing and improves the income of core enterprises. The latter obtains securitization financing on the basis of nontransfer through patent forward authorization and reverse secondary authorization, based on the cash flow of royalties. However, the above model also has the disadvantages of difficult and uncertain valuation of the underlying assets, incomplete risk isolation, separation from asset credit and excessive dependence on subject credit, thus increasing the credit risk of asset securitization transactions. In the face of valuation difficulties, it is necessary to strengthen continuous information disclosure and moderately weaken prior review; in terms of risk isolation, it is necessary to clarify the ownership of basic assets in securitization transactions at the normative level and relax the role space of trust system.