Research On Credit Risk Of Intellectual Property Securitization Case Of "Xingye Yuanrong"

With the gradual prominence of the economic benefits of intellectual property rights,more and more business operators realize that intellectual property securitization,as an efficient and convenient financing method,also has a powerful role in resolving financing difficulties.In September 2019,the successful issuance of "Xingye Yuanrong" shows that my country’s pure patent intellectual property securitization products have achieved huge breakthroughs.But in fact,in the process of realizing intellectual property asset securitization,due to the difficulty of predicting the future cash flow of underlying assets,the complex risk assessment process,and the imperfect legal system,the risks are more prominent than traditional asset securitization.On the one hand,the securitization of intellectual property assets is also under pressure to repay the principal and interest on schedule.On the other hand,due to the instability of the underlying assets and the lack of relevant operational experience and institutional guarantees,the overall default probability is indirectly increased.Therefore,the issue of credit risk management of this Special Plan deserves attention and in-depth study.This paper firstly introduces the research background and significance of intellectual property securitization,and expounds the related theory of intellectual property securitization.Under the foreshadowing of relevant concepts and theories,the article compares the current mainstream credit risk measurement methods,summarizes the advantages and disadvantages,and selects the KMV model to measure the credit risk of the thesis case.At the same time,this article introduces in detail the industry background,main participants,project transaction structure,underlying assets and other basic information of the Xingye Yuanrong Special Plan.After analyzing the sources of Xingye Yuanrong’s credit risk,the paper calculates the default distance and default probability of Xingye Yuanrong’s asset support special plan based on the accumulated repayment amount of Xingye Yuanrong’s basic asset pool,principal and interest due and payable.The probability of default is the credit risk level of the plan,and the measurement results show that the credit risk of the security product is generally low.In addition,this paper also calculates the probability of default under different preset conditions,and finds that the risk control measures of Xingye Harmony can effectively reduce credit risk.In general,the Xingye Yuanrong Asset Support Special Plan has an excellent underlying asset pool and relatively complete and sound credit risk prevention and control measures,keeping its own credit risk at a low level.Through the analysis of the existing risk management measures in this case,this paper puts forward relevant suggestions for the future credit risk management of intellectual property securitization products in my country: building high-quality,diversified asset pools,maintaining dynamic rating and communication,improving corresponding laws and regulations,introducing Non-government regulators,improving the liquidity of intellectual property securities trading markets.