| Intellectual property rights grant exclusive usage and transfer rights through legal systems,making it a form of property right with economic benefits,and providing a new financing option for businesses.As early as the 1990 s,the American cultural industry introduced a new form of financing,in which expected copyright revenue is used as collateral to issue bonds to trust companies.This was the world’s first practice of intellectual property securitization.Since then,IP securitization has begun to emerge in developed countries such as Europe,the United States,Japan and South Korea.The securitization of IPRs in China started to sprout in 2015,and as China’s national policies continue to promote IPR financial services and develop IPR securitization,against this background,by the end of December 2022,the cumulative number of IPR securitization products issued in China had increased from 15 in 2020 to 100,achieving financing of RMB 24.543 billion.On August 18,2022,with the last patent license fee successfully arrived,the first pure patent asset securitization product in China,"Industrial Yuan Rong-Guangzhou Development Zone Patent License Asset Support Plan"(hereinafter referred to as "Xingye Yuanrong"),closed perfectly,and this product successfully explored a new securitization financing method for technology-based enterprises.This product has successfully explored a new securitization financing model for technologybased enterprises,helping to broaden financing channels for asset-light enterprises represented by technology,culture and Internet,further expanding the scale of enterprises and establishing a good capital circulation mechanism.This article,based on comprehensive research at home and abroad,will study China’s first pure patent license product,"Xingye Yuanrong," using case analysis and comparative analysis methods to analyze its financing method and financing effects in detail,and summarize relevant inspirations and experiences.The article is divided into three parts.The first part mainly introduces the case,the background of the rise of China’s intellectual property securitization,and the trading framework,credit enhancement measures,and exit mechanisms of the case product.The second part is the highlight of this article,analyzing the "Xingye Yuanrong" product in detail from the perspectives of the issuer,participants,and investors.Firstly,the reasons for the birth of the product are analyzed because of the financing needs of technology-based enterprises for intellectual property.Secondly,the stability of the product operation is analyzed,starting with the basic asset pool,analyzing its risk and cash flow stability,and finally analyzing the actual financing effects of the product from the perspectives of actual payment,financing cost,demonstration enterprise financial situation,and product risk.The successful completion of "Xingye Yuanrong" provides a reference for the development of China’s intellectual property securitization.The third part is the conclusion and inspiration of the case,summarizing the case,and proposing corresponding conclusions and suggestions.This paper concludes that the securitization of intellectual property rights in China is at the development stage,and the successful practice of "Xingye Yuanrong" has provided a new channel for financing technology-based enterprises,and the product is feasible,The reasonable transaction structure of its products,the selection of underlying asset pools and the setting of credit enhancement provide reference for the issuance of other similar products,but there are also defects in the actual application process.In order to rationalize and standardize the securitization of intellectual property rights and gradually change from a government-led model to a market-led model,we need to make more efforts to establish a sound legal and regulatory system,set up a reasonable transaction structure,build a stable asset pool,and improve credit enhancement and guarantee measures. |
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