本文選題：知識(shí)產(chǎn)權(quán)證券化 + 真實(shí)銷(xiāo)售　； 參考：《湖南大學(xué)》2014年碩士論文

【摘要】：知識(shí)產(chǎn)權(quán)證券化在法律上可定義為：發(fā)起人采用讓與、信托等真實(shí)銷(xiāo)售的形式，將知識(shí)產(chǎn)權(quán)資產(chǎn)轉(zhuǎn)讓給特殊目的機(jī)構(gòu)SPV，由SPV發(fā)行相應(yīng)資產(chǎn)支持證券，以基礎(chǔ)資產(chǎn)所產(chǎn)生的現(xiàn)金支付給投資者證券收益的融資活動(dòng)。其核心原理就是通過(guò)真實(shí)銷(xiāo)售和風(fēng)險(xiǎn)隔離，將基礎(chǔ)資產(chǎn)未來(lái)能夠產(chǎn)生的現(xiàn)金流換取當(dāng)前的一次性收益。知識(shí)產(chǎn)權(quán)證券化的法律本質(zhì)就是一個(gè)將債權(quán)物權(quán)化，將流動(dòng)性不強(qiáng)的資產(chǎn)變?yōu)榱鲃?dòng)性更強(qiáng)的資產(chǎn)的過(guò)程。防范破產(chǎn)隔離最有效的方式是實(shí)現(xiàn)真實(shí)銷(xiāo)售制度，而實(shí)現(xiàn)知識(shí)產(chǎn)權(quán)真實(shí)銷(xiāo)售則必須具備一定的法律前提及實(shí)現(xiàn)方式。對(duì)于是否實(shí)現(xiàn)真實(shí)銷(xiāo)售的判定可分為法律和會(huì)計(jì)兩方面不同的判定標(biāo)準(zhǔn)。法律上判定主要包括真實(shí)銷(xiāo)售資產(chǎn)的意圖，資產(chǎn)的一切權(quán)利和其他權(quán)益都轉(zhuǎn)讓給SPV，確定的、公平合理的市場(chǎng)價(jià)格，賬戶(hù)的管理和控制權(quán)保留，協(xié)議中不存在追索權(quán)、回購(gòu)權(quán)和剩余權(quán)益的索取權(quán)等條款，知識(shí)產(chǎn)權(quán)資產(chǎn)不構(gòu)成發(fā)起人的“核心資產(chǎn)”幾個(gè)方面。會(huì)計(jì)上真實(shí)銷(xiāo)售的認(rèn)定主要有三個(gè)條件：一是發(fā)起人與標(biāo)的轉(zhuǎn)移資產(chǎn)的完全隔離，即在破產(chǎn)或其他形式的財(cái)務(wù)清算時(shí)，發(fā)起人及其債權(quán)人不再控制已轉(zhuǎn)讓的知識(shí)產(chǎn)權(quán)資產(chǎn)及其收益；二是發(fā)起人沒(méi)有通過(guò)采取一些方式以保留對(duì)轉(zhuǎn)讓資產(chǎn)的控制，這些方式包括但不限于在交易協(xié)議中約定出讓人在標(biāo)的資產(chǎn)到期前需要贖回或回購(gòu)標(biāo)的資產(chǎn)，這是出讓人權(quán)利也是出讓人的義務(wù)；三是SPV在需要對(duì)轉(zhuǎn)移資產(chǎn)進(jìn)行交易和質(zhì)押時(shí)無(wú)需受到他方限制，進(jìn)一步來(lái)說(shuō)，SPV發(fā)行的受益權(quán)證持有人也不受限制的享有交易和質(zhì)押權(quán)證代表的權(quán)利。然而，實(shí)現(xiàn)知識(shí)產(chǎn)權(quán)的真實(shí)銷(xiāo)售后仍然可能面臨重新定性和實(shí)體合并的風(fēng)險(xiǎn)，以及SPV自身破產(chǎn)的風(fēng)險(xiǎn)。另外，結(jié)合我國(guó)現(xiàn)實(shí)的法制環(huán)境，對(duì)未來(lái)債權(quán)轉(zhuǎn)讓的效力確認(rèn)及通知方式、知識(shí)產(chǎn)權(quán)資產(chǎn)轉(zhuǎn)讓方式、明確知識(shí)產(chǎn)權(quán)真實(shí)銷(xiāo)售的條件、完善破產(chǎn)法關(guān)于待履行合同的制度以及知識(shí)產(chǎn)權(quán)轉(zhuǎn)讓后的權(quán)利限制等方面入手提出了相關(guān)建議。
[Abstract]:Intellectual property securitization can be defined by law as: sponsors transfer intellectual property assets to SPVs by means of real sales, such as transfer, trust, and so on, and SPV issues corresponding asset-backed securities. A financing activity in which cash generated from underlying assets is paid to investors in return on securities. Its core principle is through real sales and risk isolation, the future cash flow generated by the underlying assets can be exchanged for the current one-time income. The legal essence of intellectual property securitization is the process of turning the property right of creditor's rights into the more liquid assets. The most effective way to prevent bankruptcy isolation is to realize the real sales system, and the real sale of intellectual property must have certain legal premises and ways to realize it. The determination of whether to achieve real sales can be divided into two different legal and accounting criteria. The legal judgment mainly includes the intention of true sale of assets, the transfer of all rights and other rights and interests of assets to SPV, the determination of fair and reasonable market prices, the retention of management and control of accounts, and the absence of recourse in the agreement, The right of repurchase and the claim of residual rights and interests, intellectual property assets do not constitute the "core assets" of the sponsors several aspects. In accounting, there are mainly three conditions for determining true sales: first, the sponsors are completely isolated from the underlying transferred assets, that is, in the event of bankruptcy or other forms of financial liquidation, The promoters and their creditors no longer control the transferred intellectual property assets and their proceeds; second, the promoters fail to retain control over the transferred assets by adopting some means, These methods include, but are not limited to, the agreement in the transaction agreement that the transferor needs to redeem or repurchase the underlying asset before the underlying asset expires, which is the transferee's right as well as the transferee's obligation; The third is that SPV does not have to be restricted by other parties when it is necessary to trade and pledge the transferred assets. Furthermore, the holders of beneficial warrants issued by SPV also enjoy the rights of the representatives of transaction and pledge without restriction. However, the real sale of intellectual property rights may still face the risk of recharacterization and entity merger, as well as the risk of SPV's own bankruptcy. In addition, according to the legal environment in our country, the confirmation and notification of the validity of the transfer of future creditor's rights, the transfer of intellectual property assets, and the conditions for the real sale of intellectual property are clearly defined. The author puts forward some suggestions on perfecting the system of pending contract and the limitation of intellectual property rights after the transfer of intellectual property.
【學(xué)位授予單位】：湖南大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類(lèi)號(hào)】：D922.287;D923.4

【參考文獻(xiàn)】

相關(guān)期刊論文 前6條

1 黃錫生;資產(chǎn)證券化基本法律問(wèn)題之探討[J];重慶大學(xué)學(xué)報(bào)(社會(huì)科學(xué)版);2002年01期

2 袁曉東;;日本專(zhuān)利資產(chǎn)證券化研究[J];電子知識(shí)產(chǎn)權(quán);2006年07期

3 鐘瑞棟;;知識(shí)產(chǎn)權(quán)證券化風(fēng)險(xiǎn)防范的法律對(duì)策[J];廈門(mén)大學(xué)學(xué)報(bào)(哲學(xué)社會(huì)科學(xué)版);2010年02期

4 艾毓斌,黎志成;知識(shí)產(chǎn)權(quán)證券化:知識(shí)資本與金融資本的有效融合[J];研究與發(fā)展管理;2004年03期

5 李建偉;;知識(shí)產(chǎn)權(quán)證券化:理論分析與應(yīng)用研究[J];知識(shí)產(chǎn)權(quán);2006年01期

6 肖尤丹;;知識(shí)產(chǎn)權(quán)產(chǎn)業(yè)化金融支持制度研究——技術(shù)創(chuàng)新與金融創(chuàng)新的制度性融合[J];知識(shí)產(chǎn)權(quán);2007年03期

相關(guān)博士學(xué)位論文 前1條

1 陳霞;專(zhuān)利資產(chǎn)證券化法律問(wèn)題研究[D];吉林大學(xué);2010年

，

本文編號(hào)：2084967