知识产权直接证券化的逻辑与进路——以驱动科技创新为视角
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摘要
本文从科技创新驱动的视角,探讨知识产权直接证券化的功能、可能性、可行性、演进的逻辑和途径。以往的研究,是建立在发达知识产权许可市场上的许可债权证券化,知识产权直接证券化则因缺乏偿付来源被否定。研究结果表明:信托运营可创造偿付来源;"管理人责任定价"可解发行定价之难题;政府隐性担保和金融工具可作为撬动杠杆;金融稳定的监测评价可控制风险。通过试点规范引导知识产权直接证券化,能够盘活政府财政科研体制中的知识产权,引导金融资本流入科技创新领域,引导知识产权流入实体企业,助力知识产权和金融、科技和经济的融合。
This paper discusses the function, possibility, feasibility, evolution logic and approach of direct intellectual property( hereinafter"IP") securitization from the technology innovation-driven perspective. Previous research was the securitization of IP license credits based on the developed IP licensing market,and direct IP securitization was denied due to the lack of reimbursement sources. The results show that: trust operation can create the source of repayment; manager responsibility pricing can solve the problem of issue pricing; government implicit guarantee and financial instruments can be used as seduce leverage; financial stability monitoring and evaluation can control financial risks,so it is feasibility. Through the guidance of the pilot regulation,based on the state-owned IP intangible assets,IP can be directly securitized; IP securitization can revitalize the IP generated from the long-term government's financial support scientific research system in China,bring financial capital into technology innovation,bring IP into enterprises,and then can enhance the integration of technology and economy,IP and finance.
This paper discusses the function, possibility, feasibility, evolution logic and approach of direct intellectual property( hereinafter"IP") securitization from the technology innovation-driven perspective. Previous research was the securitization of IP license credits based on the developed IP licensing market,and direct IP securitization was denied due to the lack of reimbursement sources. The results show that: trust operation can create the source of repayment; manager responsibility pricing can solve the problem of issue pricing; government implicit guarantee and financial instruments can be used as seduce leverage; financial stability monitoring and evaluation can control financial risks,so it is feasibility. Through the guidance of the pilot regulation,based on the state-owned IP intangible assets,IP can be directly securitized; IP securitization can revitalize the IP generated from the long-term government's financial support scientific research system in China,bring financial capital into technology innovation,bring IP into enterprises,and then can enhance the integration of technology and economy,IP and finance.
引文
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[14]孔令兵.知识产权证券化中可证券化资产的选择及风险防控[J].科技与法律,2017(1):71-78.
[15]朱雪忠,黄光辉.知识产权资产证券化中基础资产的选择研究[J].科技与法律,2009(77):40-45.
[16]张华松,黎明.知识产权证券化之基础资产探析[J].法律适用,2016(9):36-42.
[17]董涛.知识产权证券化制度研究[M].北京:清华大学出版社,2009:170-184,157.
[18]GARRETT Hardin. The tragedy of the commons[J].Science,new series,1968(162):1243-1248.
[19]梁艳.传统知识非专有产权保护模式研究——以中医药法为契机[J].甘肃社会科学,2017(6):148-154.
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[21]BRYAN A. Garner,black's law dictionary[M].8th ed.Thomson West,2004.
[22]STEVEN L. Schwarcz. Structured finance:the new way to securitize assets[J].Cardozo law review,1990,11(3):607-637.
[23]IMAN Anabtawi,STEVEN L Schwarcz. Regulating systemic risk:towards an analytical framework[J]. Notre dame law review,2011,86(4):1349-1412.
[24]STEVEN L. Schwarcz. Understanding the subprime financial crisis[J].South carolina law review,2009(60):549-572.
[25]许多奇.信贷资产证券化之现实冲突与法律整合[M].北京:法律出版社,2016:3.
[26]Financial Stability Board. Global Shadow Banking Monitoring Report 2017[R].FSB,2018.
[27]许凌燕.金融监管法制比较研究全球金融法制变革与中国的选择[M].北京:法律出版社,2016:142.
[28]RONALD Harry Coase. The problem of social cost[J].Journal of law and economics,1960(3):1-44.
[29]简资修.科斯经济学的法学意义[J].中外法学,2012(1):190-203.
[2]国家知识产权局关于进一步推动知识产权金融服务工作的意见[R/OL].(2017-12-27)[2018-07-20]. http://www. sipo. gov. cn/ztzl/zlzyrzybx/zlzyrzybxzcwj/1109638. htm.
[3]国务院关于新形势下加快知识产权强国建设的若干意见[R/OL].(2015-12-22)[2018-07-20]. http://www. gov. cn/zhengce/content/2015-12/22/content_10468. htm.
[4]塔玛·弗兰克.证券化:美国结构融资的法律制度[M].潘攀,译,北京:法律出版社,2009:73.
[5]吴汉东.知识产权基本问题研究[M].北京:人民大学出版社,2005:44、49.
[6]JAY Dratler,Jr.知识产权许可[M].王春燕,等译,北京:清华大学出版社,2003:30.
[7]JAY C Klear. Applicability of private equity fund structure in the furtherance of intellectual property securitizations[J].Columbia business law review,2002(3):796-822.
[8]TAHIR M. Nisar. Intellectual property securitization and growth capital in retail franchising[J]. Journal of retailing,2011(3):393-405.
[9]DOV Solomon,MIRIAM Bitton. Intellectual property securitization[J]. Cardozo arts&entertainment law journal,2015(33):125-179.
[10]王吉法.知识产权资本化研究[M].济南:山东大学出版社,2010:18,225-268.
[11]杨延超.知识产权资本化[M].北京:法律出版社,2008:6,261-313.
[12]关于2018年继续利用服务业发展专项资金开展知识产权运营服务体系建设工作的通知[EB/OL].(2018-05-18)[2018-07-20].http://www. sipo. gov. cn/gztz/1124335. htm.
[13]籍薇.可证券化知识产权资产的选择问题研究[J].哈尔滨师范大学社会科学学报,2016,7(4):114-117.
[14]孔令兵.知识产权证券化中可证券化资产的选择及风险防控[J].科技与法律,2017(1):71-78.
[15]朱雪忠,黄光辉.知识产权资产证券化中基础资产的选择研究[J].科技与法律,2009(77):40-45.
[16]张华松,黎明.知识产权证券化之基础资产探析[J].法律适用,2016(9):36-42.
[17]董涛.知识产权证券化制度研究[M].北京:清华大学出版社,2009:170-184,157.
[18]GARRETT Hardin. The tragedy of the commons[J].Science,new series,1968(162):1243-1248.
[19]梁艳.传统知识非专有产权保护模式研究——以中医药法为契机[J].甘肃社会科学,2017(6):148-154.
[20]BIS. Recent Innovations in International Banking[R].Bessel,Swiss land:BIS,1986.
[21]BRYAN A. Garner,black's law dictionary[M].8th ed.Thomson West,2004.
[22]STEVEN L. Schwarcz. Structured finance:the new way to securitize assets[J].Cardozo law review,1990,11(3):607-637.
[23]IMAN Anabtawi,STEVEN L Schwarcz. Regulating systemic risk:towards an analytical framework[J]. Notre dame law review,2011,86(4):1349-1412.
[24]STEVEN L. Schwarcz. Understanding the subprime financial crisis[J].South carolina law review,2009(60):549-572.
[25]许多奇.信贷资产证券化之现实冲突与法律整合[M].北京:法律出版社,2016:3.
[26]Financial Stability Board. Global Shadow Banking Monitoring Report 2017[R].FSB,2018.
[27]许凌燕.金融监管法制比较研究全球金融法制变革与中国的选择[M].北京:法律出版社,2016:142.
[28]RONALD Harry Coase. The problem of social cost[J].Journal of law and economics,1960(3):1-44.
[29]简资修.科斯经济学的法学意义[J].中外法学,2012(1):190-203.