Research On Risk Management Of Intellectual Property Securitization

With the development of our country’s small and medium-sized enterprises,the stock of intellectual property rights is expanding,and the securitization of intellectual property rights comes into being.As an innovative financing method combining intellectual property and finance,intellectual property securitization effectively promotes the industrialization transformation of intellectual property rights in our country,the release of economic value of intellectual property rights,and provides a new way to alleviate the financing difficulties and expensive financing for small and medium-sized enterprises in our country,promoting the better and faster development of our science and technology enterprises.At present,intellectual property securitization in our country is still in the stage of exploration and development.Because of the intangibility and uncertainty of intellectual property,the imperfection of intellectual property law and evaluation system,the risk prevention and control of intellectual property securitization has not formed a systematic system,so the risk management in the process of intellectual property securitization is still worth exploring.Launched in September 2019,Xing Ye Yuan Rong-Guangzhou Development Zone Patent Licensing Asset Support Program("Guang Kai Zhuan Li" ABS)further innovated the financing model of intellectual property securitization in China.And it was the first successful intellectual property securitization product to be issued in China.In this paper,the risk management of intellectual property securitization is studied with ABS as the research object.Firstly,this paper combs through the relevant literature research,and introduces the concept,model and relevant theories of intellectual property securitization.Then,taking "Guang Kai Zhuan Li" ABS as an example,this paper introduces the project profile and risk management measures of the special project,and identifies the risks of the selected cases along the main line of designing intellectual property securitization schemes,evaluates the risks of securitization from three aspects: asset support program management risk,basic asset risk and other risks by combining qualitative and quantitative methods.According to the research and analysis,"Guang Kai Zhuan Li" ABS has some problems,such as high financial risk,high concentration of basic assets and imperfect trading structure.So this paper proposes suggestions and inspirations for addressing the shortcomings of risk management.First,strengthen risk control of participating institutions,standardize risk management of participating institutions,and improve information disclosure and rating systems.Second,construct a high-quality basic asset pool,improve the quality of basic assets and construct a multi-angle basic asset pool.Third,optimize the structure of trading structure,improve credit enhancement measures and optimize risk isolation.Finally,at the macro policy level,it is necessary to further strengthen the laws,regulations and mechanisms of intellectual property securitization so as to promote the development of intellectual property securitization.