Intellectual Property Rights Securitization Models Selection and Policies Development in China: Based on a Multi-Case Comparison

  • 11 20, 2022
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  • Author:Hefa Song, Anqi Liu


Intellectual property rights securitization (IPRS) is a fundamental approach to monetizing intellectual property rights to resolve financing difficulties for scientific and technological enterprises. It is also a necessary way to realize the value of intellectual property rights. Existing researches in China only introduce foreign IPRS models but rarely discusses reasons behind the IPRS successes and lessons drawn from its failures. There are also rare IPRS policy researches and recommendations for IPRS development in China. This article cards the IPRS policies in China first, and then conducts a comparison research of intellectual property rights owners, obligees, originators, credit rating agencies, issuing scale, and so on as main information and data from the IPRS cases at home and abroad. Furthermore, this article constructs a three-dimensional policy model of “subject-element-process” and identifies the main problems from the laws and policies, operational models, valuation methods, investment objectives, tax and service rates, etc. of the IPRS. The results indicate that the model we construct is suitable for the Chinese market in that it describes the objectives and processes of IPRS as well as specific activities and capital flows. In the end, this article puts forward five policy recommendations for China’s IPRS development. The first is to add the intellectual property rights future implementation cash flow as the IPRS object. The second is to improve the existing evaluation methods. The third is to combine SPT and SPE models, establish in-house intellectual property rights service teams of security companies, set up government risk fund pools to lead IPRS, and reduce the investment threshold. The fourth is to explore the equity-debt convertible IPRS products and the intellectual property rights auction mechanism to make up for the losses of IPRS failure. The fifth is to formulate IPRS tax preferential policies, and lower the local government subsidy proportion for loan interests, service fee and loss compensation for IPRS.

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