论文总字数：23381字

摘 要

高技术企业在促进科技进步和经济转型等方面成效卓著，对我国的发展至关重要。但企业的核心资产集中表现为知识产权，缺少实物资产，因此融资较为困难，发展受到限制。知识产权证券化的出现为这一问题的解决提供了帮助。但知识产权证券化过程具有特殊的风险表现，在一定程度上阻碍了其发展。研究风险的产生并提出相应的防范措施，对于高技术企业更好地利用知识产权解决融资难题具有重要意义。

本文通过分析我国高技术企业知识产权资产的特殊性质，研究知识产权证券化过程中风险的来源与形成。进而，提出高技术企业知识产权证券化的风险防范机制，并通过中航机电的案例加以分析。最后，在已有研究的基础上，对未来研究进行展望。

本文研究发现，在现金流受到影响的情况下，知识产权证券化过程便会产生风险。此外，相关法律政策等因素也会成为风险来源。出于防范风险的目的，应对基础资产严格把关，并加紧设计和完善证券化相关制度。此外，知识产权证券化服务机构的设立可以应对可能出现的风险。

关键词：高技术企业 知识产权资产 资产证券化 风险

Abstract

High-tech enterprises play an important role in scientific and technological progress, promoting employment and economic restructuring. But their core assets are often intellectual property rights such as patents. Lack of physical assets makes these enterprises’ financing difficult and their development is limited. Intellectual property securitization is the innovation of high-tech enterprise financing, and provides a solution for high-tech enterprises to solve the financing problem. But the intellectual property itself has a special nature, so the securitization of intellectual property has different risk, compared with the traditional way of financing. It is of great significance to the development of high-tech enterprises to study the and prevent the risk of intellectual property securitization.

On the basis of expounding the theory of securitization of intellectual property rights, this paper analyzes the characteristics of the intellectual property assets of high-tech enterprises in China and studies the formation mechanism of risk in the process of intellectual property securitization. Furthermore, based on the analysis of the risk of securitization of intellectual property rights, this paper deeply explores the risk prevention mechanism of intellectual property securitization of high-tech enterprises and analyzes them through the case of Zhonghang electrical machinery. Finally, it summarizes the results and existing problems of the securitization of intellectual property in high-tech enterprises, and puts forward long-term suggestions for the development of high-tech enterprises.

This paper finds that the risks in the process of securitization of intellectual property mainly arise from the shortage of cash flow or the obstacle of payment. In addition, securitization transactions are subject to intellectual property-related laws, policies and other factors. In the construction of assets pool, we should take full account of the suitability of the basic assets and follow a certain strategy. For institutional risk, the intellectual property publicity system and the transfer system of creditor’s rights in the future can be of some use. In addition, some possible risks can be addressed through the establishment of an intellectual property intermediary service institution.

Key words: High-tech enterprises Intellectual property Asset securitization Risk

目 录

摘 要 I

Abstract II

第一章 绪论 1

1.1问题的提出 1

1.2国内外研究现状评述 1

1.3研究意义和研究目标 2

1.4研究内容、方法和思路 2

第二章 知识产权证券化的风险及其形成机理 4

2.1知识产权证券化的基本理论 4

2.2知识产权证券化的风险 5

2.2.1基础资产风险 5

2.2.2交易结构风险 5

2.2.3法律风险 6

2.3知识产权证券化风险的形成机理 6

2.4高技术企业知识产权的证券化 7

第三章 高技术企业知识产权证券化风险的防范 8

3.1对基础资产的把关 8

3.1.1基础资产的适格性 8

3.1.2基础资产的品质 8

3.1.3资产池的构建策略 9

3.2法律风险的防范 9

3.2.1知识产权公示制度 9

3.2.2将来债权的转让制度 10

3.3知识产权证券化服务机构的建设 10

3.3.1知识产权证券化专门机构的设立 10

3.3.2中介机构的建设和服务的规范 11

3.4各主体的风险防范权责 11

第四章 案例分析 13

4.1中航机电知识产权证券化案例介绍 13

4.1.1参与主体 13

4.1.2证券化流程 14

4.1.3证券化成效 15

4.2中航机电知识产权证券化风险防范分析 16

4.2.1基础资产风险的防范 16

4.2.2交易结构风险的防范 16

4.2.3法律风险的防范 17

4.3案例研究结论与启示 17

第五章 研究结论与研究展望 19

参考文献 20

致谢 21

第一章 绪论

1.1问题的提出

高技术企业在国家发展规划中具有战略地位，在科技进步、结构转型、促进就业等方面成效卓著。由于高技术企业的资产往往集中表现为科学技术成果（如专利、软件版权、集成电路布图设计等），实物资产的比例不高，因此在融资上处于不利地位。2012年3月，证监会发布公告，宣布资产证券化解禁。2015年10月初，知识产权局等五个部门发布联合公告，鼓励知识产权资产证券化等新型金融产品和服务的发展。知识产权证券化在我国的发展具有了基础。这一创新有利于高技术企业利用优质知识产权资产解决融资难题，使得高技术企业得以顺利走出融资困境。

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