本文關鍵詞：知識產(chǎn)權證券化過程中的信息不對稱研究　出處：《西南財經(jīng)大學》2013年碩士論文　論文類型：學位論文

  更多相關文章： 知識產(chǎn)權 證券化 信息不對稱 資產(chǎn)價值 資產(chǎn)質(zhì)量 信號 檸檬市場

【摘要】：自20世紀70年代以來,各國金融市場逐步呈現(xiàn)出全球化、自由化和證券化的趨勢。隨著科技信息技術的迅速發(fā)展,金融產(chǎn)品推陳出新的速度與日俱增,資產(chǎn)證券化作為金融產(chǎn)品的創(chuàng)新形式從天而降,并逐漸成為主流資本融資工具之一。知識產(chǎn)權證券化作為資產(chǎn)證券化的一股支流，，在“鮑依債券”發(fā)行之后,成為一種新型的融資方式為企業(yè)與投資者所推崇,世界知識產(chǎn)權組織(WIPO)甚至認為知識產(chǎn)權證券化就是知識產(chǎn)權未來發(fā)展的新趨勢。 雖然知識產(chǎn)權證券化自誕生以來在短短的十數(shù)年時間已取得了巨大發(fā)展,但與整個知識產(chǎn)權的市場比較,其比重仍然很小,更逞論在整個巨大的資產(chǎn)證券化市場中它所占的微小份額。但無可避免的是,知識產(chǎn)權證券化已顯示出巨大的發(fā)展?jié)摿?但由于現(xiàn)階段知識產(chǎn)權價值評估技術不成熟、證券化的成本高、擔保法制不完善、次級交易市場欠缺以及證券化過程的風險高等因素制約了知識產(chǎn)權證券化的長遠發(fā)展。 作為資產(chǎn)證券化的新基礎標的的證券化模式,知識產(chǎn)權證券化與一般資產(chǎn)證券化有著相同的基礎,但也因其自身的特殊性質(zhì)具有獨特特點。知識產(chǎn)權證券化這一金融創(chuàng)新工具在知識產(chǎn)權領域的使用滿足了企業(yè)以其擁有的知識產(chǎn)權資產(chǎn)進行融資的需求,但其與企業(yè)之間的關系有待我們進行研究。有鑒于此,本文主旨是分析企業(yè)從事知識產(chǎn)權證券化的經(jīng)濟動機。在國際金融市場的大環(huán)境與發(fā)展下,研究企業(yè)進行知識產(chǎn)權證券化的經(jīng)濟動機對我國發(fā)展知識產(chǎn)權證券化這項新型金融手段而言,具有理論與實踐的雙重重要意義。 從知識產(chǎn)權證券化從資產(chǎn)證券化懷抱中脫穎而出,以“鮑依債券”為載體誕生以來,引起了全世界的廣泛關注與應用。國內(nèi)外學者紛紛對其進行不同角度的研究,研究方向主要集中在知識產(chǎn)權證券化的基礎理論(包括概念、交易結構以及發(fā)展前景等)、法律規(guī)制(以美、歐、日等各國法律為框架,分析本國知識產(chǎn)權證券化過程中的法律問題)、案例分析和實證經(jīng)驗(對世界范圍內(nèi)知識產(chǎn)權證券化的典型案例進行分析,并從實證中得出結論)、發(fā)展前景(結合美、歐等發(fā)達國家發(fā)展知識產(chǎn)權證券化的成功經(jīng)驗,探討本國知識產(chǎn)權證券化的發(fā)展模式與路徑)以及風險問題研究(對知識產(chǎn)權過程中的相關風險進行系統(tǒng)性研究,但缺乏全面探討,也缺乏理論支持)。因此,本文將從企業(yè)從事知識產(chǎn)權證券化的經(jīng)濟動機出發(fā),對企業(yè)與知識產(chǎn)權證券化的關系進行研究,并對其中存在的信息不對稱引致的相關風險問題用建立模型的角度進行理論分析,進而形成知識產(chǎn)權證券化的模型研究結論。 知識產(chǎn)權證券化的實質(zhì)是以知識產(chǎn)權為基礎進行融資,知識產(chǎn)權的原始權益人或發(fā)起人通過將知識產(chǎn)權出售給特殊目的機構,通過特殊目的機構以知識產(chǎn)權所產(chǎn)生的現(xiàn)金流為基礎資產(chǎn)發(fā)行證券而實現(xiàn)的投資者購買其證券的融資目的。而購買證券的投資者則憑借其認購的證券而獲得知識產(chǎn)權未來現(xiàn)金流的收益權來獲取投資回報。對于知識產(chǎn)權證券化的發(fā)起人(即知識產(chǎn)權原始權益人)而言,知識產(chǎn)權證券化使企業(yè)以一筆未來的現(xiàn)金流收入換取一筆即時的現(xiàn)金流收入,大大改善了知識產(chǎn)權資產(chǎn)的流動性不足的特點,實現(xiàn)企業(yè)的融資要求。對于投資者(即認購證券的人)而言,知識產(chǎn)權證券化為其閑置資金提供了新的投資渠道,并使其風險相對其他證券更小,因此獲得心理與金錢雙重的回報。 知識產(chǎn)權證券化是新型融資工具,它突破了傳統(tǒng)知識產(chǎn)權融資方式的限制而成為全世界企業(yè)與金融業(yè)的寵兒,但知識產(chǎn)權證券化的發(fā)展盡管在美國等先進國家快速而有序地進行著,在世界資本市場上所占份額還遠遠不足。為了推進這種新型融資方式,首先要從理論的角度對其發(fā)展提供一個系統(tǒng)而全面的論證分析,并在實踐中能夠使理論與實踐相結合,為知識產(chǎn)權證券化的道路鋪磚添瓦,搭建一座堅固不摧的碉堡供其躲避世界的流言蜚語。因此,研究企業(yè)從事知識產(chǎn)權證券化經(jīng)濟動機與優(yōu)勢,從而厘清企業(yè)與知識產(chǎn)權證券化之間的關系,應該是學者與業(yè)界研究的焦點問題,對知識產(chǎn)權證券化的未來發(fā)展有著極其深遠的重要意義。 一家企業(yè)進行知識產(chǎn)權證券化,代表著這家企業(yè)組織性質(zhì)的改變,這很自然可以以信息不對稱為基礎進行分析。本文將在資產(chǎn)證券化的基礎理論之上進一步探討知識產(chǎn)權證券化理論,并將其在基本的信息不對稱理論框架下分成兩類進行討論。第一類是從證券發(fā)行日起至證券到期日之間的那一段期間內(nèi),高級管理層可能發(fā)生的經(jīng)營行動與影響投資者證券報酬的不確定因素之間的關系(這就是“隱藏的行動”或著名的“委托代理問題”)。第二類是從有價證券發(fā)行的那一刻開始,各個不同的投資者之間所能掌握的關于基礎資產(chǎn)與有價證券的信息量就不同(這在現(xiàn)代經(jīng)濟學理論用語中被稱為“隱藏的信息”)�！半[藏的行動”與“隱藏的信息”之間的區(qū)別已取代了之前信息不對稱問題中關于道德風險和逆向選擇的分類,成為了新的討論熱點問題。 本文以一家企業(yè)發(fā)起知識產(chǎn)權證券化的經(jīng)濟動機為研究中心,進而討論知識產(chǎn)權證券化與企業(yè)之間的關系。因此本文所研究的知識產(chǎn)權權利人主體是指企業(yè),其他自然人或非盈利性機構發(fā)起的知識產(chǎn)權證券化不在本文的研究范圍之內(nèi)。本文是以信息經(jīng)濟學的不對稱信息理論為研究基礎,將知識產(chǎn)權證券化系統(tǒng)性進行建模分析,因此不特別討論知識產(chǎn)權所特有的風險問題。資產(chǎn)證券化的風險分為系統(tǒng)性風險和非系統(tǒng)性風險,本文僅研究知識產(chǎn)權證券化中的非系統(tǒng)性風險中的與信息不對稱有關的風險問題,例如委托代理問題,其他風險不在本文的研究內(nèi)容之列。由于我國對于知識產(chǎn)權證券化的法律規(guī)范相對還不完善,因此本文大多參照美歐等發(fā)達國家對于知識產(chǎn)權證券化的相關法律規(guī)范。 本文針對企業(yè)進行知識產(chǎn)權證券化的經(jīng)濟動機,運用法律經(jīng)濟學的成本-效益分析方法對企業(yè)與知識產(chǎn)權證券化之間的關系建立信息不對稱理論模型進行分析,豐富現(xiàn)今國內(nèi)外對知識產(chǎn)權證券化研究方法貧乏的缺陷,同時為本文的論點提供清晰有力的理論依據(jù)。法律經(jīng)濟學的成本-效益分析方法與不對稱理論模型的結合即是本文的兩大創(chuàng)新結合,為本文對企業(yè)進行知識產(chǎn)權證券化的經(jīng)濟動機提供了新鮮而堅固的理論支持。 本文的內(nèi)容大體上分為七個部分：第一部分是導論,主要對知識產(chǎn)權證券化在全球的發(fā)展歷程以及研究成果從理論與實踐兩個角度進行總結與闡述；在接下來的第二部分中,本文將回顧知識產(chǎn)權證券化的過程原理以及證券化的范圍和程度,第三部分將從委托代理問題及“隱藏的行動”角度闡述知識產(chǎn)權證券化,以此得出將企業(yè)的現(xiàn)金流分離能有效監(jiān)控高級管理層的工作,從而解決委托代理問題。第四部分將從“隱藏的信息”角度詮釋知識產(chǎn)權證券化,表明投資者對于企業(yè)內(nèi)部資產(chǎn)由市場力量強迫所有權分離而產(chǎn)生的不同價值分類的信息是在哪里發(fā)生了不同。這是證券化所實現(xiàn)的真正價值所在。第五部分將把知識產(chǎn)權證券化的收益與成本進行比較分析,說明企業(yè)進行知識產(chǎn)權證券化,不僅在收益方面有所得益,在成本方面亦實現(xiàn)節(jié)約成本的優(yōu)勢。第六部分以我國現(xiàn)行知識產(chǎn)權證券化發(fā)展的缺陷與障礙為參考,對我國發(fā)展知識產(chǎn)權證券化的前景進行立法、市場以及機構三方面的建議。第七部分總結部分將再次回顧概述整篇論文的主要內(nèi)容,并對我國知識產(chǎn)權證券化的發(fā)展提出展望。 總而言之,知識產(chǎn)權證券化的獨特性與其信息不對稱問題是本文進行研究的重點,也說明了企業(yè)進行知識產(chǎn)權證券化的經(jīng)濟動機。我國發(fā)展知識產(chǎn)權證券化的道路僅僅短短十幾年,其后的發(fā)展的各種不確定性與障礙可能使我國的知識產(chǎn)權證券化市場崎嶇坎坷,但筆者仍然希望我國能夠借鑒各發(fā)達國家知識產(chǎn)權證券化的發(fā)展經(jīng)歷與成功經(jīng)驗,將知識產(chǎn)權證券化這種新型融資工具在我國企業(yè)尤其是高新技術產(chǎn)業(yè)的運用得到推廣和實現(xiàn),最終能夠有助于我國企業(yè)的發(fā)展。
[Abstract]:Since 1970s, the financial market gradually showing the globalization, liberalization and the trend of securitization. With the rapid development of information technology, financial product innovation speed grow with each passing day, asset securitization as a financial product innovation has become one of the mainstream drop from the clouds, and the capital financing tool. The securitization of intellectual property rights as asset securitization a tributary, after the "Bowie bond issue, has become a new way of financing is respected by enterprises and investors, the World Intellectual Property Organization (WIPO) even believe that the new trend of the future development of the intellectual property securitization of intellectual property right.
Although the securitization of intellectual property since its birth in a short period of ten years has achieved great development, but with the entire intellectual property market, the proportion is still small, let alone a small share of it in the whole huge asset securitization market. But inevitably, the securitization of intellectual property has shown great potential, but because the current valuation of intellectual property securitization is not mature, high cost, guarantee the legal system is not perfect, the risk factors of higher secondary market as well as the lack of the securitization process restricts the long-term development of the securitization of intellectual property rights.
As a new foundation for the subject of asset securitization securitization mode, the securitization of intellectual property rights have the same basic and general asset securitization, but also because of its special nature has unique characteristics. Intellectual property securitization as a financial innovation tool in the field of intellectual property to meet the financing needs of enterprises with its own intellectual property assets, but the relationship with the enterprise needs to be studied. In view of this, the purpose of this paper is the analysis of enterprises engaged in the securitization of intellectual property rights and economic motives. In the international financial market environment and the development of enterprises, intellectual property securitization economic motivation of the new financial instruments the development of China's intellectual property rights, both has important significance in theory and practice.
From the securitization of intellectual property talent shows itself from asset securitization arms, "Bowie bonds" as the carrier has attracted worldwide attention and application. The domestic and foreign scholars have conducted research from different angles on the research direction mainly focuses on the basic theory of intellectual property securitization (including concept, transaction structure as well as the development prospect), legal regulation (law to the United States, Europe, Japan and other countries as the framework, analysis of legal problems in their process of intellectual property securitization), case analysis and empirical experience (analysis of typical cases of intellectual property securitization in the world and draw conclusions from the empirical study), development prospect (a combination of beauty, the successful experience of intellectual property securitization in developed countries such as Europe to explore the development model and path of their own intellectual property securitization) and risk (Research on intellectual property in the process of phase Risk for a systematic study, but also the lack of a comprehensive study, the lack of theoretical support). Therefore, this paper will be engaged in the securitization of intellectual property from the enterprise's economic motivation, the study on the relationship between the enterprise and the securitization of intellectual property rights, and the risk caused by information asymmetry exists with the model perspective the theoretical analysis, thus forming the conclusion model of intellectual property securitization.
The essence of intellectual property securitization is based on intellectual property financing, the original rights of intellectual property rights or sponsors through intellectual property would be sold to the SPV, asset based securities issued for investors to buy securities for the purpose of financing through the SPV to intellectual property rights arising from cash flow and the purchase. Stock investors to subscribe for the securities obtained by virtue of its intellectual property rights of the future cash flow of income right to obtain investment returns. For the promoters of intellectual property securitization (intellectual property originator), intellectual property securitization enables enterprises to a future cash flow of income in exchange for an immediate cash flow income the characteristics, greatly improve the liquidity shortage of intellectual property assets, realize the enterprise's financing requirements. For investors (or subscribe for securities, intellectual property person) Securitisation provides a new investment channel for its unused funds and makes its risk smaller than other securities, thus obtaining both psychological and monetary returns.
Intellectual property securitization is a new financing tool, it breaks through the traditional intellectual property financing constraints has become the world's enterprises and the financial sector's pet, but the development of the securitization of intellectual property rights in the United States and other advanced countries despite the rapid and orderly manner in the world capital market, the proportion is far from enough to. To promote the new financing means, first of all to provide a system of the theory from the point of view and comprehensive analysis, and in practice can make the combination of theory and practice, for the intellectual property securitization road paving brick to add tile, build a strong "bunker for the escape of the world tattle and prate. Therefore, the research enterprise engaged in intellectual property securitization economic motives and advantages, so as to clarify the relationship between the enterprise and the securitization of intellectual property rights, should be the focus of research and industry, intellectual property The future development of warrant coupon is of great significance.
An enterprise of intellectual property securitization, represents the enterprise organizational nature of the changes, it is natural to information asymmetry is analyzed. This paper will further explore the securitization of intellectual property rights theory based on the theory of asset securitization, and the information asymmetry in the theoretical framework of the next divided into two categories the first category is discussed. From the date of the issuance of Securities for a period of time to maturity of the securities, the relationship between senior management and business operations may influence the investors in the stock returns of uncertain factors (this is the "hidden action" or the famous "principal-agent problem") is second. From the securities issue at the moment, between different investors can grasp the basic information about the assets and amount of securities (which is different in the modern economic theory with language Known as "hidden information". The difference between "hidden action" and "hidden information" has replaced the classification of moral hazard and adverse selection before asymmetric information. It has become a new hot topic of discussion.
In this paper an enterprise launched the securitization of intellectual property rights economic motives for the research center, and then discussed the relationship between the securitization of intellectual property rights and enterprise. So the subject of intellectual property rights in this paper refers to the enterprise, initiated by other individuals or non-profit agencies of intellectual property securitization is not within the scope of this study this article is based on the information asymmetry theory of information economics as the research foundation, the securitization of intellectual property system modeling and analysis, so it is not particularly discuss the risks peculiar problems of intellectual property rights. Asset securitization risk is divided into systematic risk and non systematic risk, this article only studies related to information asymmetry risk problem non system risk of intellectual property securitization in, such as principal-agent problem, other risks in the research content of this paper is listed as a result of China's intellectual property. The legal norms of warrant coupon are relatively imperfect, so this article is mostly referred to the relevant legal norms of the developed countries such as the United States and Europe for the securitization of intellectual property.
According to the enterprise intellectual property securitization economic motives, the use of legal economics cost benefit analysis method to establish the model of asymmetric information on the relationship between the enterprise and the securitization of intellectual property rights at home and abroad, many defects of intellectual property securitization research method of poor, and provide theoretical basis for this article clearly according to the legal argument. The economic cost - benefit analysis method and theory of asymmetric model is the two innovation of this combination provides support for fresh and strong theory of the securitization of intellectual property rights of the enterprise's economic motives.
The content of this paper is divided into seven parts: the first part is the introduction, mainly on the securitization of intellectual property rights of two from the view of theory and practice in the course of development of the world and the research results summarized and elaborated; in the second part, this paper will review the securitization of intellectual property securitization process principle and scope and, the third part discusses the securitization of intellectual property from the principal-agent problem and the "hidden action" point of view, so as to get the company's cash flow separation can effectively monitor the senior management work, so as to solve the principal-agent problem. The fourth part from the "hidden information" interpretation of intellectual property securitization, show different the classification of value investors for enterprise assets by market forces forced the separation of ownership of the information is where different. This is the real Securitization Now the true value. The fifth part will bring benefits and costs of the securitization of intellectual property rights through the comparison and analysis of enterprise intellectual property securitization, not only benefit in terms of income, but also realize the advantage of cost savings in cost. The sixth part of the defects and obstacles to the development of the existing intellectual property securitization in China for reference and carry on the legislation to the development of intellectual property securitization in China future market and institutional recommendations in three areas. The seventh part summarizes the main content part will again review and overview of the whole thesis, and put forward the prospects for the development of intellectual property securitization in China.
In short, the securitization of intellectual property and the uniqueness of the problem of asymmetric information is the focus of this study, also shows that the enterprise intellectual property securitization in our country. The economic motivation of the development of the intellectual property securitization road just over a decade, all subsequent development uncertainty and obstacles may make China's intellectual property securitization the market bumpy, but I still hope that our country can learn from the developed countries the development of intellectual property securitization experience and the successful experience of the securitization of intellectual property of this new financing tool in Chinese enterprises especially the use of high-tech industry promotion and implementation, development can ultimately contribute to China's enterprises.

【學位授予單位】：西南財經(jīng)大學
【學位級別】：碩士
【學位授予年份】：2013
【分類號】：D923.4;D922.287

【參考文獻】

相關期刊論文 前10條

1 張超英;關于資產(chǎn)證券化動因的理論探析[J];財貿(mào)經(jīng)濟;2003年06期

2 肖海;朱靜;;尋找知識產(chǎn)權證券化的路徑[J];法人雜志;2009年06期

3 杜娟;;知識產(chǎn)權證券化的風險防范[J];法制與社會;2008年17期

4 李健男;;次貸危機與資產(chǎn)證券化信息披露制度的重構[J];時代法學;2011年06期

5 楊其靜;財富、企業(yè)家才能與最優(yōu)融資契約安排[J];經(jīng)濟研究;2003年04期

6 姜占華;;企業(yè)融資的一種新途徑——知識產(chǎn)權證券化[J];今日南國(理論創(chuàng)新版);2009年08期

7 潘敏,金巖;信息不對稱、股權制度安排與上市企業(yè)過度投資[J];金融研究;2003年01期

8 張維迎，吳有昌;公司融資結構的契約理論：一個綜述[J];改革;1995年04期

9 楊亞西;;知識產(chǎn)權證券化：知識產(chǎn)權融資的有效途徑[J];上海金融;2006年10期

10 秦菲;陳劍平;;知識產(chǎn)權證券化融資研究[J];社科縱橫(新理論版);2008年02期

本文編號：1434826