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| The Risk Diversification Mechanism of Intellectual Property Securitization in the Chinese Context: A Comparative Analysis Based on Multiple Cases |
| Liu Cheng1,Xie Wenjing1,Liu Chang2,Bao Xinzhong2 |
| (1.School of Economics and Management,University of Science and Technology Beijing Beijing 100083, China;2.School of Management, Beijing Union University, Beijing 100101, China) |
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Abstract At present, China is committed to building an innovative country, and technology-based small and medium-sized enterprises are the most innovative entities. However, they are confronted with great financing difficulties and in urgent need of financial resources to promote scientific and technological innovation. Most technology-based small and medium-sized enterprises lack tangible assets and suffer from low credit, making it difficult to get loans from financial institutions. However many technology-based small and medium-sized enterprises possess intellectual property. If they can make full use of intellectual property financing, the financing dilemmas of technology-based small and medium-sized enterprises will be largely alleviated. Intellectual property securitization can help technology-based small and medium-sized enterprises make full use of intellectual property and obtain financing at a lower cost, and enable them to continue to use intellectual property while financing, and promote the transformation of scientific and technological achievements. The large scale of intellectual property in China and the strong demand in the securitization market provide sufficient basic conditions for the implementation of intellectual property securitization. But there is still room for improvement in the intellectual property intermediary service market, policies and regulations, and thus intellectual property securitization may have potential legal risks. This paper explores the risk diversification mechanism of intellectual property securitization from the perspective of product design in the Chinese context in the hope of promoting the development of intellectual property securitization, providing theoretical support for technology-based small and medium-sized enterprises in financing, and accelerating China's innovation development. #br#This paper selects the first serial of products as the typical cases, for each product is born in a long time of preparation with milestone significance. The cases are divided into four modes. By adopting the method of multi-case study, it compares and analyzes the design schemes of risk diversification mechanism in typical cases. The results show that the intellectual property securitization products for small and medium-sized technology enterprises should not only bear the risks of traditional asset securitization products, but also bear the risks brought by the characteristics of intellectual property. Therefore, it is necessary to adopt a multi-layered risk diversification mechanism design for effective risk management. The four typical cases adopt a five-layer risk diversification mechanism design. The first layer selects the technology-based small and medium-sized enterprises and their intellectual property; the second layer sets up a guarantee mechanism for the underlying assets; the third layer classifies securities into senior and junior types；the fourth layer achieves excess cash flow coverage; the fifth layer introduces the difference payment promiser. The five-layer risk diversification mechanism is well designed to improve the market attractiveness of securitized products.#br#There are four suggestions accordingly. The first is to improve the intellectual property licensing market and reduce intellectual property risks. China should strengthen the protection of intellectual property rights, improve the licensing market of intellectual property rights, disperse the risks of intellectual property rights as basic assets, and promote the development of intellectual property securitization. The second is to establish and improve the legal system for intellectual property securitization and disperse the risks of securitization. The third is to improve the credit investigation system and the credit level of technology-based small and medium-sized enterprises. China needs to use key technologies such as big data to improve the credit reporting system of science and technology SMEs, design reasonable indicators to evaluate the credit level of science and technology small and medium-sized enterprises, and increase their credit level, so as to better carry out intellectual property securitization activities. Lastly it is necessary to formulate the operation documents of intellectual property securitization, organize relevant training, and popularize the knowledge of intellectual property securitization. This paper enriches the related papers on the design of the risk diversification mechanism of intellectual property securitization; moreover,it can help the practice of intellectual property securitization in China by analyzing the risk diversification mechanism of intellectual property securitization.#br#
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Received: 22 April 2022
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