發(fā)布時間：2018-06-10 15:44

  本文選題：專利資產證券化 + 特殊目的機構��； 參考：《廣西師范大學》2017年碩士論文

【摘要】：在日益提倡創(chuàng)新科技的今天,經濟的發(fā)展離不開創(chuàng)新的投入,而作為創(chuàng)新的結果,專利一直被企業(yè)視為制勝的利器,越來越多的企業(yè)選擇了專利發(fā)展的道路,由此產生的結果是專利數量的急劇增加,以及優(yōu)質專利的急需轉化。專利優(yōu)勢要轉化為生產優(yōu)勢,必須有資金的支持。然而,時下不少企業(yè),特別是中小型企業(yè)資金嚴重缺乏。因此,通過專利資產融資方式解決企業(yè)資金短缺意義重大。而與傳統(tǒng)的融資方式相比,資產證券化作為新興的融資手段具有融資風險小,所融資金數額大等傳統(tǒng)融資手段所不具備的優(yōu)點,因此,從誕生之日起資產證券化就深受企業(yè)關注。專利資產證券化作為證券化的獨特形式在國外已經有過大量實踐,而在我國,專利資產證券化還在摸索階段。本文著重對于我國專利資產證券化的發(fā)展狀況以及專利資產證券化法律制度所面臨的實際問題進行分析,并在此基礎上借鑒域外專利資產證券化發(fā)展的經驗以及法律規(guī)定,對我國專利資產證券化法律制度的完善貢獻進行探討。本文共分成五個部分:第一部分是對專利資產證券化以及相關概念進行闡述,其中主要介紹了資產證券化的概念、專利資產證券化的概念以及專利基礎資產的概念。資產證券化與專利資產證券化是一般與特殊的關系,對于專利資產證券化的理解需要從資產證券化的角度出發(fā),而在專利資產證券化的實際運作過程中也是借鑒資產證券化的基本制度。專利資產證券化源于美國,其產生是美國資本市場成熟的表現(xiàn),也是資產證券化發(fā)展到一定過程的產物。本部分除了闡述基本概念之外,還對專利資產證券化的參與主體以及基本流程做了相應介紹,專利資產證券化的參與主體包括專利資產發(fā)起人、特殊目的機構等。第二部分是對我國專利資產證券化的現(xiàn)狀進行簡單分析,本部分從兩個角度出發(fā),首先是談到我國專利資產證券化發(fā)展的基礎,所謂的發(fā)展基礎也即我國專利資產證券化所面臨的實際社會狀況,發(fā)展基礎可以看出我國專利資產證券化發(fā)展前景廣闊,這些基礎有多方面,有資本市場的成熟,有專利本身的發(fā)展,有法律制度的逐漸規(guī)范,還有政策的扶持,這些都是我國專利資產證券化的發(fā)展基礎,更反應了我國專利資產證券化所面臨的實際狀況。其次是談到我國專利資產證券化法律制度的現(xiàn)狀,本文的中心點是對于我國專利資產證券化法律制度進行研究,而我國目前對于專利資產證券化并未采取專門的法律規(guī)定,而是通過不同的法律規(guī)范,例如《公司法》、《證券法》等進行調整,而對于現(xiàn)有專利資產證券化法律制度狀況的分析中主要涉及的是關于特殊目的機構的法律規(guī)定、專利資產轉移過程中的法律規(guī)定、破產法律規(guī)定等。第三部分是對我國專利資產證券化法律制度所存在的問題進行分析,本部分分為五大點,第一點是關于特殊目的機構的法律制度所存在的問題,其中主要涉及特殊目的機構的設立存在的障礙、特殊目的機構的破產存在的漏洞;第二點是專利基礎資產轉移過程中所存在的問題,其中主要包括“真實銷售”標準的缺失、基礎資產轉移中的通知難、未來債權的轉讓尚未確認、以及禁止轉讓條款尚未打破,“真實銷售”最為專利資產證券化的核心步驟,是實現(xiàn)破產風險隔絕的前提,也是保護投資安全的重要措施,其標準的確定意義重大;第三點是專利資產評估體系所存在的問題,專利資產需要收到價值評估,而現(xiàn)有的評估體系所采用的評估方法主要是市場法、成本法、收益法,這三種方法各有特點但是不足以對專利資產價值進行客觀正確的判斷;第四點是我國專利資產證券化在證券發(fā)行過程中所存在的問題;第五點是我國專利資產證券化在稅務制度上存在的問題。第四部門是對域外的專利資產證券化的法律制度進行梳理與借鑒,其是對第三部分中所提到的問題針對性地尋找域外規(guī)定,通過對于域外法律規(guī)定的了解來為我國專利資產證券化法律制度的完善提出相應的意見。本部分也分為五點,分別對應的是第三部分中做提到的問題,其中包括特殊目的機構的域外法律規(guī)定、專利資產轉移的法律規(guī)定、信用體系的法律規(guī)定、證券發(fā)行的法律規(guī)定、稅務的法律規(guī)定。第五部分是對我國專利資產證券化法律制度的完善,也是本文的重點內容。本部分首先是對我國專利資產證券化的立法模式選擇提出了建議,建議選擇分散式立法模式,分散式立法模式難度較小與現(xiàn)有的法律體系沖突較小因此較為適宜;在立法模式的談論后是對我國特殊目的機構的完善,其中包括了特殊目的機構的設立門檻的降低、特殊目的機構的獨立性的要求、以及對于特殊目的機構破產要進行必要的限制,完善意見主要針對于現(xiàn)有公司法、破產法中所存在的問題;在專利資產轉移的法律制度完善中,首先是對于“真實銷售”標準的確定,本文建議要制定明確的標準來規(guī)范資產轉移,其次是對于專利資產轉移過程中的通知難問題本文提出要對現(xiàn)有通知規(guī)定作出一定調整,提出登記通知的構想,除此之外第五部分還就專利資產轉移過程中所存在的禁止轉讓條款做了變通規(guī)定,不建議一味地進行限制;在對于專利資產價值評估的完善中本文提出了新的評估方法實物期權法,與之前的評估方法一起形成完善的評估體系;在對于證券發(fā)行的法律制度完善,本文建議要修改現(xiàn)有證券法的發(fā)行條件,為專利資產證券化作特殊規(guī)定,形成多元化的發(fā)行體系;在對于稅務問題,本文建議繼續(xù)推出對于專利資產證券化的稅務優(yōu)惠,減少專利企業(yè)的負擔,對于不必要征稅環(huán)節(jié)進行免征或者退稅。
[Abstract]:In today's increasingly advocating innovation and technology, economic development can not be separated from innovation, and as the result of innovation, patents have been regarded by the enterprise as a winning weapon. More and more enterprises have chosen the road of patent development. The result is the sharp increase in the number of patents and the urgent need for transformation of high quality patents. Patent advantage needs to be made. However, many enterprises, especially small and medium enterprises, have a serious shortage of funds. Therefore, it is of great significance to solve the shortage of funds through the financing of patent assets. And compared with the traditional financing methods, the asset securitization is a new financing means with small financing risk and financing. Because of the advantages of the traditional financing means such as the large amount of gold, the asset securitization is deeply concerned from the day of its birth. As a unique form of securitization, the patent asset securitization has already had a great deal of practice abroad. In our country, the patent asset securitization is still in the stage of touch. This article focuses on the patent asset securities of China. The present situation of the development and the actual problems faced by the legal system of patent asset securitization are analyzed, and on this basis, we can draw lessons from the experience of the development of the patent asset securitization and the legal provisions, and discuss the perfect contribution of the legal system of the patent asset securitization in China. This article is divided into five parts: the first part is the special purpose. The concept of asset securitization and the concept of asset securitization, the concept of patent asset securitization and the concept of patent base assets are mainly introduced. The general and special relationship between asset securitization and patent asset securitization is the general and special relationship. The understanding of patent securitization needs to be from the angle of asset securitization. In the actual operation of the patent asset securitization, it is also the basic system for reference to asset securitization. The patent asset securitization is derived from the United States, which is the result of the maturity of the American capital market and the product of the development of asset securitization to a certain process. In addition to the basic concepts, the patent asset securitization is also the securitization of patent assets. The participation subject and the basic process are introduced accordingly. The participants of the patent asset securitization include the sponsor of patent assets and the special purpose institution. The second part is a simple analysis of the status of the patent asset securitization in China. From the two angles, the first part is about the foundation of the development of China's patent asset securitization. The basis of the so-called development is also the actual social situation of China's patent asset securitization, and the development foundation can see that China's patent asset securitization has a wide development prospect. There are many aspects, such as the maturity of the capital market, the development of the patent itself, the gradual standardization of the legal system, and the support of the policy. These are all of me The development foundation of national patent asset securitization is more responsive to the actual situation of patent asset securitization in China. Secondly, it talks about the status of the legal system of patent asset securitization in China. The central point of this article is to study the legal system of patent asset securitization in our country, while China has not adopted the patent asset securitization at present. Take special legal provisions, but through different legal norms, such as "Company Law >", "Securities Law >" and other adjustments, and the analysis of the existing legal system of the existing patent asset securitization is mainly related to the legal provisions of special purpose institutions, the legal provisions in the process of the transfer of patent assets, the provisions of the bankruptcy law, and so on. Third Part of the analysis of the problems existing in the legal system of China's patent asset securitization, this part is divided into five major points, the first is the problems existing in the legal system of special purpose institutions, which mainly involve the obstacles to the establishment of special purpose institutions, the loopholes in the bankruptcy of special organizations, and the second is the patent. The problems existing in the process of basic asset transfer include the lack of the standard of "real sale", the difficulty of the notice in the transfer of basic assets, the unconfirmation of the transfer of the future creditor's right, and the prohibition of the transfer clause, the core step of the "real sale" the most patent asset securitization, which is the front of the realization of the isolation of the bankruptcy risk. It is also an important measure to protect the security of investment, and its standard is of great significance. The third point is the problems existing in the patent asset evaluation system. The patent assets need to be evaluated, and the existing evaluation methods are mainly the market law, the cost method, the income method, and these three methods have their own characteristics but not sufficient. The value of patent assets is judged objectively and correctly; the fourth point is the problems existing in the process of China's patent asset securitization in the process of securities issuance; the fifth point is the problem of the existence of China's patent asset securitization in the tax system. The fourth department is the legal system of the patent assets securitization outside the region. The questions mentioned in the three part are aimed at finding out the foreign regulations and the relevant opinions on the perfection of the legal system of Chinese patent asset securitization through the understanding of the foreign laws. This part is also divided into five points, respectively, corresponding to the questions mentioned in the third parts, including the extraterritorial laws of the special purpose institutions. The provisions, the legal provisions of the transfer of patent assets, the legal provisions of the credit system, the legal provisions of the issuance of securities, the legal provisions of the tax, the fifth part is the perfection of the legal system for the securitization of patent assets in China, and also the key content of this article. It is suggested that the decentralized legislative model should be chosen, and the difficulty of the decentralized legislative model is less difficult to conflict with the existing legal system, so the discussion of the legislative model is the perfection of the special purpose institution in China, including the reduction of the threshold for the establishment of special purpose institutions, the requirement of the independence of special purpose institutions, and the The insolvency of special purpose institutions should be restricted. The improvement of the opinions is mainly aimed at the existing problems in the existing company law and the bankruptcy law. In the perfection of the legal system of the transfer of patent assets, the first is the determination of the "real sales" standard. This article suggests that a clear standard should be formulated to regulate the transfer of assets, and the second is the patent. In the course of the transfer of assets, this paper proposes to make some adjustments to the existing notice regulations and put forward the concept of registration notice. In addition, the fifth part also makes a variable provision on the prohibition of transfer clause in the process of the transfer of patent assets, and does not suggest that the limit be made blindly, and the evaluation of the value of patent assets is finished. In this paper, a new method of real option is proposed, and a perfect evaluation system is formed with the previous evaluation method. In the case of the perfection of the legal system of securities issuance, this paper proposes to modify the conditions of the existing securities law, make a special provision for the patent asset securitization, and form a diversified distribution system. In this paper, we suggest that the tax incentives for patent assets securitization continue to be introduced, the burden of patent enterprises are reduced, and exemptions or tax rebates for unnecessary taxing are made.
【學位授予單位】：廣西師范大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：D922.287

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