Research On The Prevention And Control Of Special Risks Of U.S.Film Copyright Securitization Financing

In recent years,China’s attention to the development of intellectual property value has been increasing,intellectual property securitization financing has come into public view,and the government has made numerous guidelines and policies to support the development.Film copyright securitization financing is an important type of IPR securitization financing,which is a process for film companies to use their existing or prospective film copyrights and copyright revenue rights for structured financing.For film companies,this method of financing is low cost and high-efficiency,and it can play the role of poorly liquid copyright resources,which better solves the problem of difficult financing in film production.At present,China still holds a wait-and-see attitude toward the development of film copyright securitization financing,and there are also critical institutional and practical obstacles,and risk prevention and control measures need to be improved.The United States,as a world-famous film country,has abundant film copyright resources and more comprehensive development and utilization of copyright value,and has first tried the financing method of film copyright securitization.In the long-term development,the U.S.has gradually formed risk prevention and control measures,which has a high reference value.The article uses a combination of literature research,case study and comparative research methods.The special risks and preventive and control measures of U.S.film copyright securitization financing are sorted out through research literature and cases,in an attempt to put forward informative suggestions for China to solve the realistic problems.In response to the special risks,the main preventive and control measures taken by the U.S.are:first,to prevent asset risks by strengthening copyright ownership legislation,increasing infringement protection and establishing a copyright registration system;second,to reduce transaction risks by affirming the validity of future claims assignments and expanding the scope of secured transactions in the UCC;finally,to prevent distribution risks by establishing a film insurance system,adopting a revolving transaction structure and improving the level of financing support services.Based on the actual situation in China,the development of film copyright securitization financing can start from the following aspects:for copyright ownership,the copyright registration system can be established;for the transfer of future claims system,a transition model can be constructed to affirm the validity of the transfer of rights within a specific scope and to distinguish the types of rights to clarify the specific effective point;for the lack of external credit enhancement,China’s film insurance system can be gradually developed to improve the service level of the insurance industry.In addition to the introduction,the article is divided into four main sections:The first chapter introduces the basic definition of film copyright and revenue right,the transaction process and the development status of the U.S.in the field of film copyright securitization,and provides a logical basis for the next three chapters to analyze the types,causes and consequences of special risks based on the three main links of the financing transaction process.The second chapter presents the multiple risks mainly faced by the asset selection process,the asset trading process and the securities issuance process,using the three major processes as the distinguishing nodes.The third chapter analyzes the specific risk prevention and control measures adopted in the United States in the same logical structure,starting from three major links,and arrives at specific analysis results.The last chapter proposes that the promotion of film copyright securitization financing mainly by film companies in China still faces large risks and practical obstacles,such as:the regulations related to copyright ownership need to be improved;the provisions of future debt transfer system is vague;and necessary external credit enhancement means is insufficient.And finally,combining with the U.S.experience,it puts forward targeted reference suggestions for risk resolution and obstacle overcoming.