我国知识产权证券化真实销售问题的法律研究

发布时间：2018-06-30 04:48

本文选题：知识产权证券化 + 真实销售　；参考：《湖南大学》2014年硕士论文

【摘要】：知识产权证券化在法律上可定义为：发起人采用让与、信托等真实销售的形式，将知识产权资产转让给特殊目的机构SPV，由SPV发行相应资产支持证券，以基础资产所产生的现金支付给投资者证券收益的融资活动。其核心原理就是通过真实销售和风险隔离，将基础资产未来能够产生的现金流换取当前的一次性收益。知识产权证券化的法律本质就是一个将债权物权化，将流动性不强的资产变为流动性更强的资产的过程。防范破产隔离最有效的方式是实现真实销售制度，而实现知识产权真实销售则必须具备一定的法律前提及实现方式。对于是否实现真实销售的判定可分为法律和会计两方面不同的判定标准。法律上判定主要包括真实销售资产的意图，资产的一切权利和其他权益都转让给SPV，确定的、公平合理的市场价格，账户的管理和控制权保留，协议中不存在追索权、回购权和剩余权益的索取权等条款，知识产权资产不构成发起人的“核心资产”几个方面。会计上真实销售的认定主要有三个条件：一是发起人与标的转移资产的完全隔离，即在破产或其他形式的财务清算时，发起人及其债权人不再控制已转让的知识产权资产及其收益；二是发起人没有通过采取一些方式以保留对转让资产的控制，这些方式包括但不限于在交易协议中约定出让人在标的资产到期前需要赎回或回购标的资产，这是出让人权利也是出让人的义务；三是SPV在需要对转移资产进行交易和质押时无需受到他方限制，进一步来说，SPV发行的受益权证持有人也不受限制的享有交易和质押权证代表的权利。然而，实现知识产权的真实销售后仍然可能面临重新定性和实体合并的风险，以及SPV自身破产的风险。另外，结合我国现实的法制环境，对未来债权转让的效力确认及通知方式、知识产权资产转让方式、明确知识产权真实销售的条件、完善破产法关于待履行合同的制度以及知识产权转让后的权利限制等方面入手提出了相关建议。
[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.
【学位授予单位】：湖南大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：D922.287;D923.4

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