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知本变资本知识产权证券化进行时
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知本变资本知识产权证券化进行时编者按:知识产权证券化是以知识产权的未来预期收益为支撑,通过结构化设计

编者按:知识产权证券化是以知识产权的未来预期收益为支撑,通过结构化设计进行信用增级,发行可以在市场上流通的证券进行融资。如何让“知本”变资本?“知识产权 金融”还有哪些玩法?近年来,我国知识产权证券化方兴未艾,为盘活知识产权资产、化解企业融资难题积极探索新方案,一起来看看。

Editor's note: securitization of intellectual property is based on the expected future benefits of intellectual property, through structured design for credit enhancement, issuing securities that can be circulated in the market to finance. How to make \"know this\" become capital? What else does \"intellectual property finance\" play? In recent years, China's intellectual property securitization is in the ascendant, in order to invigorate intellectual property assets, resolve the financing problems of enterprises to actively explore new plans, let's take a look.

如何让“知本”变资本?“知识产权 金融”还有哪些玩法?近年来,我国知识产权证券化方兴未艾,为盘活知识产权资产,化解企业融资难题积极探索新方案。

How to make \"know this\" become capital? What else does \"intellectual property finance\" play? In recent years, China's intellectual property securitization is in the ascendant, in order to invigorate intellectual property assets, solve the financing problems of enterprises to actively explore new plans.

知识产权证券化是以知识产权的未来预期收益为支撑,通过结构化设计进行信用增级,发行可以在市场上流通的证券进行融资。与传统的资产证券化相比,知识产权证券化最大区别在于基础资产不是实物资产,而是无形的知识产权。

Intellectual property securitization is based on the expected future income of intellectual property, through structured design for credit enhancement, issuing securities that can be circulated in the market to finance. Compared with the traditional asset securitization, the biggest difference of intellectual property securitization is that the underlying assets are not physical assets, but intangible intellectual property.

早在20多年前,美国摇滚歌星大卫·鲍伊(DavidBowie)通过美国金融市场,公开发行了为期10年利率为%的音乐作品版权债券。后来知识产权证券化逐渐延伸至专利、商标等领域,但一直进展缓慢,并未规模发展。作为知识产权大国,中国能否后来居上,在知识产权证券化路上更进一步?

Back more than 20 years ago, American rock star David Bowie went public with a 10-year interest rate of% on copyrighted music works through US financial markets. Later, intellectual property securitization gradually extended to patents, trademarks and other fields, but has been progressing slowly, not on a scale. As a big country of intellectual property rights, can China go further on the way of intellectual property securitization?

近年来,我国频频吹响了知识产权证券化的政策号角。习近平总书记在党的十九大报告中指出,要加强对中小企业创新的支持,促进科技成果转化,倡导创新文化,强化知识产权创造、保护、运用。深化金融体制改革,增强金融服务实体经济能力。2017年9月,国务院印发《国家技术转移体系建设方案》国发44号文鼓励开展知识产权证券化融资试点。《“十三五”国家知识产权保护和运用规划》指出,要探索开展知识产权证券化和信托业务。2019年6月,《2019年深入实施国家知识产权战略加快建设知识产权强国推进计划》印发,鼓励海南自由贸易试验区探索知识产权证券化,鼓励雄安新区开展知识产权证券化融资。

In recent years, China has frequently sounded the policy horn of intellectual property securitization. General Secretary Xi Jinping pointed out in his report to the Nineteenth National Congress of the Party that it is necessary to strengthen support for innovation in small and medium-sized enterprises, promote the transformation of scientific and technological achievements, advocate innovation culture, and strengthen the creation, protection and application of intellectual property rights. We will deepen the reform of the financial system and strengthen the real economic capacity of financial services. In September 2017, the State Council issued the National Technology Transfer System Construction Program No.44 to encourage the development of intellectual property securitization financing pilot. The 13th Five-Year Plan for the Protection and Application of Intellectual Property Rights of the People's Republic of China states that it is necessary to explore the development of intellectual property securitization and trust business. In June 2019, the Plan for the Further Implementation of the National Intellectual Property Strategy in 2019 to Accelerate the Construction of a Strong Intellectual Property Power was issued, encouraging the Hainan Free Trade Test Zone to explore intellectual property securitization and encourage the Xiong'an New District to carry out the financing of intellectual property securitization.

“个人认为,目前我国已经具备了开展知识产权证券化的相应条件:科技研发成果积累到一定程度后,知识产权大量产出亟待转化实施和商业变现,科技型中小企业融资需求旺盛,传统资产证券化融资方式(ABS)蓬勃发展,并进行了大量创新,这些为知识产权证券化提供了很好的市场和技术基础。”深圳华智券通知识产权运营有限公司)总经理李东亚在接受中国知识产权报记者采访时表示。

\"I believe that at present, China already has the corresponding conditions to carry out intellectual property securitization: after scientific and technological research and development achievements have accumulated to a certain extent, a large number of intellectual property output needs to be transformed and implemented and commercial realization, the financing needs of small and medium-sized enterprises in science and technology are exuberant, and the traditional asset securitization financing mode (ABS) has flourished, and a lot of innovation has been carried out, which provides a good market and technical basis for intellectual property securitization. Li Dongya, general manager of Shenzhen Huazhitong Intellectual Property Operations Co. Ltd., told China Intellectual Property News.

北京智慧财富集团、北京中金浩资产评估有限责任公司董事长丁坚同样认为,知识产权证券化将知识产权与金融相结合,通过独特的运作模式和结构化设计实现知识产权的市场价值,为科技型中小企业融资打开了另一扇门。他介绍,融资难、融资贵、融资慢一直是困扰科技型中小企业的难题,知识产权证券化通过知识产权,从资本市场融资,开辟了资金供求双方的直接融资渠道,不仅能够满足企业生产经营与科研的需求,还能将企业从知识产权贬值、知识产权衍生债权难以实现的风险中解救出来,变不确定性为确定性,将风险转移给愿意承担的投资者。

Ding Jian, chairman of Beijing Smart Wealth Group and Beijing-China Jinhao Asset Appraisal Co., Ltd., agrees that securitization of intellectual property combines intellectual property with finance to realize the market value of intellectual property through unique operation mode and structured design, opening another door for financing technology-based SMEs. The securitization of intellectual property rights through intellectual property rights, financing from the capital market, opened up direct financing channels for both sides of capital supply and demand, not only to meet the needs of production, operation and scientific research of enterprises, but also to rescue enterprises from the risk of intellectual property depreciation and difficult realization of intellectual property rights derived claims.

虽然业内人士对于知识产权证券化作为科技型企业新型融资方式的前景普遍乐观,但需要注意的现状是,由于知识产权估值难、变现难、确权难、现金流不明确等特性,直接影响了知识产权作为证券化基础资产的可行性,使得其在证券化时面临许多传统资产证券化未曾触及的问题。即使在美国,其知识产权证券化也多以个案呈现。

Although people in the industry are generally optimistic about the prospect of intellectual property securitization as a new type of financing for scientific and technological enterprises, it is important to pay attention to the current situation, because of the difficult valuation of intellectual property, difficult to realize, difficult to confirm the right and unclear cash flow, it directly affects the feasibility of intellectual property as the underlying asset of securitization, which makes it face many problems that have not been touched in the securitization of traditional assets. Even in the United States, its securitization of intellectual property is often presented in individual cases.

迎难而上,目前我国多地都在积极探索知识产权证券化,在基础资产、交易模式、担保方式和增信模式等方面进行了不少创新。

At present, many places in our country are actively exploring the securitization of intellectual property, and have made many innovations in basic assets, transaction mode, guarantee mode and credit enhancement mode.

奇艺世纪知识产权供应链金融资产支持专项计划获批时间2018年12月,发行时间2018年12月,发行规模亿元,发行人为天津聚量商业保理有限公司,聚量保理(AAA)增信担保,基础资产为上游内容合作方与奇艺世纪之间知识产权交易形成的应收账款。

iqiyi century intellectual property supply chain financial asset support special program was approved in december 2018, issued in december 2018, the issuance scale of 100 million yuan, the issuer is tianjin ju quantity commercial factoring co., ltd, ju quantity factoring (aaa) credit guarantee, the basic assets are the accounts receivable formed between the upstream content partner and the iqiyi century intellectual property transactions.

第一创业-文科租赁一期资产支持专项计划获批时间2018年12月,发行时间2019年3月,发行规模亿元,发行人为北京市文化科技融资租赁股份有限公司,北京市文化投资发展集团有限责任公司(AAA)作为差额支付承诺人,基础资产是以专利权、著作权的“知识产权融资租赁”应收债权,涉及发明专利、实用新型专利、著作权等知识产权。

the first venture - liberal arts lease one asset support special plan was approved in december 2018, the issue time in march 2019, the issuance scale is 100 million yuan, the issuer is beijing cultural science and technology finance leasing co., ltd., beijing cultural investment development group limited liability company (aaa) as the difference payment commitment, the basic asset is the patent right, copyright \"intellectual property financing lease\" receivable creditor's rights, involving invention patents, utility model patents, copyright and other intellectual property rights.

兴业圆融-广州开发区专利许可资产支持专项计划获批时间2019年8月,发行时间2019年9月,发行规模亿元,发行人为广州凯得融资租赁有限公司,广州开发区金融控股集团有限公司(AAA)作为差额支付承诺人,基础资产为基于专利许可费用产生的应收债权。

Societe Generale Yuanrong - Guangzhou Development Zone Patent Licensed Assets Support Program was approved in August 2019, issue time in September 2019, issue scale is 100 million yuan, the issuer is Guangzhou Kaide Financial Leasing Co., Ltd., Guangzhou Development Zone Financial Holdings Group Co., Ltd.(AAA) as the difference payment commitment person, the underlying assets are the creditor's rights receivable based on the patent license fee.

这三个已经发行较为典型的知识产权证券化案例被业内人士分别归为供应链模式、融资租赁模式和专利许可模式。李东亚介绍,供应链模式和专利许可模式,都是以权利人在正常的经营过程中因提供知识产权产品销售、知识产权许可、授权经营等,对交易方所享有的应收账款债权为基础资产的证券化。奇艺世纪的供应链模式适合有真实版权交易或版权使用收益的企业采用,而广州创新的专利二次许可模式,更适合大量专利资产处于自持状态的企业进行证券化融资。“第一创业-文科租赁一期资产支持专项计划”是以知识产权资产作为售后回租或融资租赁标的证券化形式,基础资产是被租赁的知识产权,租金是未来现金流。

These three typical securitization cases have been classified as supply chain mode, financial leasing mode and patent licensing mode respectively. Both the supply chain model and the patent licensing model are based on the securitization of the accounts receivable claims enjoyed by the dealers in the normal business process because of the supply of intellectual property products sales, intellectual property licensing, authorized operation, etc. iqiyi century's supply chain model is suitable for enterprises with real copyright transactions or copyright use benefits, while guangzhou's innovative patent secondary licensing model is more suitable for enterprises with a large number of patent assets in the self-sustaining state of securitization financing. The \"first start-up - liberal arts lease a special asset support program\" is based on intellectual property assets as after-sale lease or financial leasing under the form of securitization, the underlying assets are leased intellectual property rights, rent is the future cash flow.

除了已经发行的证券化案例,深圳、上海、南京等地证券化试点业务都在有序推进中。“这些知识产权证券化案例在知识产权证券化探索中具有不断进阶的典范意义,均可以作为知识产权证券化的范本。”丁坚认为。

In addition to the already issued securitization cases, the pilot business of securitization in Shenzhen, Shanghai, Nanjing and other places is advancing in an orderly manner. \"These intellectual property securitization cases are of exemplary significance in the exploration of intellectual property securitization and can serve as a model for intellectual property securitization.\" Ding Jian thinks.

李东亚介绍,知识产权证券化分为类股型与类债型知识产权证券化两类。目前,我国已发行的供应链模式、融资租赁模式和专利许可模式都属于类债型知识产权证券化。

Li Dongya introduces that the securitization of intellectual property is divided into two types: stock type and debt type. At present, the supply chain mode, financial leasing mode and patent license mode that have been issued in our country all belong to the kind of debt-type intellectual property securitization.

一般而言,类债型知识产权证券化基础资产主要表现为债权,而类股型的基础资产属于物权范畴;类债型知识产权证券化的投资人收益往往是预先设定的固定收益率,而类股型知识产权证券化基于该知识产权资产所获取的经济收益,与知识产权经营主体约定收益比例;类股型知识产权证券化通常期限比较长,甚至是永久性的,而类债型知识产权证券化的期限一般比较短;类债型知识产权证券化对发行主体的信用评级和基础资产的质量要求非常高,实施难度大。而类股型知识产权证券化由国家发行,虽然落地难度相对较小,但我国目前尚未放开相关政策。

Generally speaking, the basic assets of debt-type intellectual property securitization are mainly creditor's rights, while the basic assets of debt-type intellectual property securitization belong to the category of real right; the investor's return of debt-type intellectual property securitization is often the fixed rate of return set in advance, while the securitization of stock-type intellectual property is based on the economic gains of this intellectual property, which is in proportion to the agreed income of the main body of intellectual property management. But the securitization of stock-type intellectual property rights is issued by the state, although the difficulty of landing is relatively small, but our country has not yet liberalized the relevant policies.

记者从多家科技型中小企业知识产权负责人了解到,他们都关注到了国内知识产权证券化的进展,但仍处在“可望而不可及”的位置。出门问问知识产权总监何永春对记者表示,我国拥有知识产权资产的企业非常多,很多企业还是非常愿意尝试通过证券化的方式去实现知识产权价值。不过,毕竟在国内知识产权证券化还是新生事物,还需要引导、培育和得到市场认可。现在对于知识产权证券化的发行主体和基础的门槛还很高,对于真正有融资需求的中小企业还难以实现。

Reporters from a number of technology-based sme intellectual property owners understand that they are concerned about the progress of domestic securitization of intellectual property, but still in a \"cannot reach\" position. He yongchun, director of intellectual property, told reporters:'there are so many companies with intellectual property assets in our country that many companies are very willing to try to realize the value of intellectual property through securitization. However, after all, securitization in domestic intellectual property rights is still a new thing, but also need to guide, cultivate and get market recognition. Now the threshold of issuing the main body and foundation of intellectual property securitization is still very high, and it is still difficult for small and medium-sized enterprises with real financing needs to realize it.

眼下,如何顺利推进知识产权证券化,李东亚建议,对规模大、同时基础资产又比较好的企业,可以单独进行知识产权证券化融资。对于大多数科技型中小企业,建议尽量采用不同知识产权资产打包,甚至不同企业的不同知识产权资产打包的形式来进行产品设计,这种集合型产品不仅可以提高信用等级,同时也能降低基础资产灭失的风险。针对不同的知识产权类别,可考虑不同的操作模式进行分类处理。而从长远来看,他期待相关政府部门提供政策支持,鼓励交易机构大胆尝试,发展类股型知识产权证券化。

At present, how to promote securitization of intellectual property smoothly, li tiya suggested that for large-scale, while relatively good underlying assets, securitization of intellectual property financing alone. For most small and medium-sized science and technology enterprises, it is suggested to use different intellectual property assets package as far as possible, even different enterprises'different intellectual property assets package form to carry on the product design, this kind of collective product cannot only improve the credit rating, but also reduce the risk of loss of basic assets. For different categories of intellectual property, different modes of operation can be considered for classification processing. In the long run, he looks forward to policy support from relevant government departments to encourage trading institutions to boldly try to develop equity-based securitization.

“知识产权证券化市场是一片蓝海,如何不断创新和完善其基本模式,实现标准化、可复制,还有广大探索空间。”丁坚倡议发起中国知识产权证券化50人论坛,希望能为专业人士提供交流平台,为我国知识产权证券化的发展提供思想动力。(本报记者刘仁)

\"Intellectual property securitization market is a blue sea, how to constantly innovate and improve its basic model, achieve standardization, replicable, there is a wide range of exploration space.\" Ding Jian initiated the 50-person forum of intellectual property securitization in China, hoping to provide the exchange platform for professionals and provide ideological impetus for the development of intellectual property securitization in China. (Reporter: Liu Yan)


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