知识产权证券化过程中的信息不对称研究

发布时间：2018-01-16 21:12

本文关键词：知识产权证券化过程中的信息不对称研究　出处：《西南财经大学》2013年硕士论文　论文类型：学位论文

【摘要】：自20世纪70年代以来,各国金融市场逐步呈现出全球化、自由化和证券化的趋势。随着科技信息技术的迅速发展,金融产品推陈出新的速度与日俱增,资产证券化作为金融产品的创新形式从天而降,并逐渐成为主流资本融资工具之一。知识产权证券化作为资产证券化的一股支流，，在“鲍依债券”发行之后,成为一种新型的融资方式为企业与投资者所推崇,世界知识产权组织(WIPO)甚至认为知识产权证券化就是知识产权未来发展的新趋势。虽然知识产权证券化自诞生以来在短短的十数年时间已取得了巨大发展,但与整个知识产权的市场比较,其比重仍然很小,更逞论在整个巨大的资产证券化市场中它所占的微小份额。但无可避免的是,知识产权证券化已显示出巨大的发展潜力,但由于现阶段知识产权价值评估技术不成熟、证券化的成本高、担保法制不完善、次级交易市场欠缺以及证券化过程的风险高等因素制约了知识产权证券化的长远发展。作为资产证券化的新基础标的的证券化模式,知识产权证券化与一般资产证券化有着相同的基础,但也因其自身的特殊性质具有独特特点。知识产权证券化这一金融创新工具在知识产权领域的使用满足了企业以其拥有的知识产权资产进行融资的需求,但其与企业之间的关系有待我们进行研究。有鉴于此,本文主旨是分析企业从事知识产权证券化的经济动机。在国际金融市场的大环境与发展下,研究企业进行知识产权证券化的经济动机对我国发展知识产权证券化这项新型金融手段而言,具有理论与实践的双重重要意义。从知识产权证券化从资产证券化怀抱中脱颖而出,以“鲍依债券”为载体诞生以来,引起了全世界的广泛关注与应用。国内外学者纷纷对其进行不同角度的研究,研究方向主要集中在知识产权证券化的基础理论(包括概念、交易结构以及发展前景等)、法律规制(以美、欧、日等各国法律为框架,分析本国知识产权证券化过程中的法律问题)、案例分析和实证经验(对世界范围内知识产权证券化的典型案例进行分析,并从实证中得出结论)、发展前景(结合美、欧等发达国家发展知识产权证券化的成功经验,探讨本国知识产权证券化的发展模式与路径)以及风险问题研究(对知识产权过程中的相关风险进行系统性研究,但缺乏全面探讨,也缺乏理论支持)。因此,本文将从企业从事知识产权证券化的经济动机出发,对企业与知识产权证券化的关系进行研究,并对其中存在的信息不对称引致的相关风险问题用建立模型的角度进行理论分析,进而形成知识产权证券化的模型研究结论。知识产权证券化的实质是以知识产权为基础进行融资,知识产权的原始权益人或发起人通过将知识产权出售给特殊目的机构,通过特殊目的机构以知识产权所产生的现金流为基础资产发行证券而实现的投资者购买其证券的融资目的。而购买证券的投资者则凭借其认购的证券而获得知识产权未来现金流的收益权来获取投资回报。对于知识产权证券化的发起人(即知识产权原始权益人)而言,知识产权证券化使企业以一笔未来的现金流收入换取一笔即时的现金流收入,大大改善了知识产权资产的流动性不足的特点,实现企业的融资要求。对于投资者(即认购证券的人)而言,知识产权证券化为其闲置资金提供了新的投资渠道,并使其风险相对其他证券更小,因此获得心理与金钱双重的回报。知识产权证券化是新型融资工具,它突破了传统知识产权融资方式的限制而成为全世界企业与金融业的宠儿,但知识产权证券化的发展尽管在美国等先进国家快速而有序地进行着,在世界资本市场上所占份额还远远不足。为了推进这种新型融资方式,首先要从理论的角度对其发展提供一个系统而全面的论证分析,并在实践中能够使理论与实践相结合,为知识产权证券化的道路铺砖添瓦,搭建一座坚固不摧的碉堡供其躲避世界的流言蜚语。因此,研究企业从事知识产权证券化经济动机与优势,从而厘清企业与知识产权证券化之间的关系,应该是学者与业界研究的焦点问题,对知识产权证券化的未来发展有着极其深远的重要意义。一家企业进行知识产权证券化,代表着这家企业组织性质的改变,这很自然可以以信息不对称为基础进行分析。本文将在资产证券化的基础理论之上进一步探讨知识产权证券化理论,并将其在基本的信息不对称理论框架下分成两类进行讨论。第一类是从证券发行日起至证券到期日之间的那一段期间内,高级管理层可能发生的经营行动与影响投资者证券报酬的不确定因素之间的关系(这就是“隐藏的行动”或著名的“委托代理问题”)。第二类是从有价证券发行的那一刻开始,各个不同的投资者之间所能掌握的关于基础资产与有价证券的信息量就不同(这在现代经济学理论用语中被称为“隐藏的信息”)。“隐藏的行动”与“隐藏的信息”之间的区别已取代了之前信息不对称问题中关于道德风险和逆向选择的分类,成为了新的讨论热点问题。本文以一家企业发起知识产权证券化的经济动机为研究中心,进而讨论知识产权证券化与企业之间的关系。因此本文所研究的知识产权权利人主体是指企业,其他自然人或非盈利性机构发起的知识产权证券化不在本文的研究范围之内。本文是以信息经济学的不对称信息理论为研究基础,将知识产权证券化系统性进行建模分析,因此不特别讨论知识产权所特有的风险问题。资产证券化的风险分为系统性风险和非系统性风险,本文仅研究知识产权证券化中的非系统性风险中的与信息不对称有关的风险问题,例如委托代理问题,其他风险不在本文的研究内容之列。由于我国对于知识产权证券化的法律规范相对还不完善,因此本文大多参照美欧等发达国家对于知识产权证券化的相关法律规范。本文针对企业进行知识产权证券化的经济动机,运用法律经济学的成本-效益分析方法对企业与知识产权证券化之间的关系建立信息不对称理论模型进行分析,丰富现今国内外对知识产权证券化研究方法贫乏的缺陷,同时为本文的论点提供清晰有力的理论依据。法律经济学的成本-效益分析方法与不对称理论模型的结合即是本文的两大创新结合,为本文对企业进行知识产权证券化的经济动机提供了新鲜而坚固的理论支持。本文的内容大体上分为七个部分：第一部分是导论,主要对知识产权证券化在全球的发展历程以及研究成果从理论与实践两个角度进行总结与阐述；在接下来的第二部分中,本文将回顾知识产权证券化的过程原理以及证券化的范围和程度,第三部分将从委托代理问题及“隐藏的行动”角度阐述知识产权证券化,以此得出将企业的现金流分离能有效监控高级管理层的工作,从而解决委托代理问题。第四部分将从“隐藏的信息”角度诠释知识产权证券化,表明投资者对于企业内部资产由市场力量强迫所有权分离而产生的不同价值分类的信息是在哪里发生了不同。这是证券化所实现的真正价值所在。第五部分将把知识产权证券化的收益与成本进行比较分析,说明企业进行知识产权证券化,不仅在收益方面有所得益,在成本方面亦实现节约成本的优势。第六部分以我国现行知识产权证券化发展的缺陷与障碍为参考,对我国发展知识产权证券化的前景进行立法、市场以及机构三方面的建议。第七部分总结部分将再次回顾概述整篇论文的主要内容,并对我国知识产权证券化的发展提出展望。总而言之,知识产权证券化的独特性与其信息不对称问题是本文进行研究的重点,也说明了企业进行知识产权证券化的经济动机。我国发展知识产权证券化的道路仅仅短短十几年,其后的发展的各种不确定性与障碍可能使我国的知识产权证券化市场崎岖坎坷,但笔者仍然希望我国能够借鉴各发达国家知识产权证券化的发展经历与成功经验,将知识产权证券化这种新型融资工具在我国企业尤其是高新技术产业的运用得到推广和实现,最终能够有助于我国企业的发展。
[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.

【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：D923.4;D922.287

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