本文選題：知識產權證券化 + 真實銷售��； 參考：《湖南大學》2014年碩士論文

【摘要】：知識產權證券化在法律上可定義為：發(fā)起人采用讓與、信托等真實銷售的形式，將知識產權資產轉讓給特殊目的機構SPV，由SPV發(fā)行相應資產支持證券，以基礎資產所產生的現金支付給投資者證券收益的融資活動。其核心原理就是通過真實銷售和風險隔離，將基礎資產未來能夠產生的現金流換取當前的一次性收益。知識產權證券化的法律本質就是一個將債權物權化，將流動性不強的資產變?yōu)榱鲃有愿鼜姷馁Y產的過程。防范破產隔離最有效的方式是實現真實銷售制度，而實現知識產權真實銷售則必須具備一定的法律前提及實現方式。對于是否實現真實銷售的判定可分為法律和會計兩方面不同的判定標準。法律上判定主要包括真實銷售資產的意圖，資產的一切權利和其他權益都轉讓給SPV，確定的、公平合理的市場價格，賬戶的管理和控制權保留，協議中不存在追索權、回購權和剩余權益的索取權等條款，知識產權資產不構成發(fā)起人的“核心資產”幾個方面。會計上真實銷售的認定主要有三個條件：一是發(fā)起人與標的轉移資產的完全隔離，即在破產或其他形式的財務清算時，發(fā)起人及其債權人不再控制已轉讓的知識產權資產及其收益；二是發(fā)起人沒有通過采取一些方式以保留對轉讓資產的控制，這些方式包括但不限于在交易協議中約定出讓人在標的資產到期前需要贖回或回購標的資產，這是出讓人權利也是出讓人的義務；三是SPV在需要對轉移資產進行交易和質押時無需受到他方限制，進一步來說，SPV發(fā)行的受益權證持有人也不受限制的享有交易和質押權證代表的權利。然而，實現知識產權的真實銷售后仍然可能面臨重新定性和實體合并的風險，以及SPV自身破產的風險。另外，結合我國現實的法制環(huán)境，對未來債權轉讓的效力確認及通知方式、知識產權資產轉讓方式、明確知識產權真實銷售的條件、完善破產法關于待履行合同的制度以及知識產權轉讓后的權利限制等方面入手提出了相關建議。
[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.
【學位授予單位】：湖南大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：D922.287;D923.4

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