基于“可转债”的知识产权证券化模式设计――武汉知识产权交易所的实践探索与困惑  

Model Design of Intellectual Property Securitization Based on Convertible Bond: Practical Exploration and Perplexity of Wuhan Intellectual Property Exchange

作　　者：焦洪涛[1] 陈琪 王乐 JIAO Hongtao1, CHEN Qi2 ,WANG Le3(1 Institute of Law for Science and Technology, Huazhong University of Science and Technology, Wuhan 430074, China; 2 Institute of Law for Science and Technology, Taiwan Tsing Hua University, Hsinchu 30013, China;3 Department of Science and Technology Finance Services, Wuhan Intellectual Property Exchange, Wuhan 430074, China)

机构地区：[1]华中科技大学科技法研究所,武汉430074 [2]台湾清华大学科技法律研究所,新竹30013 [3]武汉知识产权交易所科技金融服务部,武汉430074

出　　处：《中国科学院院刊》2018年第3期249-255,共7页Bulletin of Chinese Academy of Sciences

基　　金：湖北省社会科学基金项目(2014016)

摘　　要：在知识产权对经济增长贡献度不断提高的背景下,挖掘知识产权资本潜力成为新趋势。探索知识产权证券化不仅符合国家政策导向,更是符合中国(湖北)自由贸易试验区战略定位的宗旨。目前国内已出现不同的知识产权证券化模式,尚未形成统一标准。武汉知识产权交易所作为国家平台,针对科技型中小企业融资难的现状探索知识产权证券化路径,将其设计成"科技可转债",这是基于我国当下并没有能使欧美模式成功移植的市场环境与法律制度的考量。"科技可转债"符合证券化的本质特征,亦在中国证券市场实践中有迹可循。然而,"科技可转债"的落地遇到了法律与其他规范性文件层面的若干障碍。这些障碍如何破除,迫切需要学术界和实务界的关注,以促进我国知识产权证券化的开展。In the context of the increasing contribution of intellectual property to economic growth, excavating its capital potential is becoming a new trend. Factually exploring intellectual property securitization not only accords with the direction of national policy but also conforms to the aim of strategic positioning of China（Hubei） Pilot Free Trade Zone which has recently been established. At present, different models of intellectual property securitization have appeared in China, and no agreement has been reached. As a national platform, Wuhan Intellectual Property Exchange researches the model of intellectual property securitization, considering the current situation of financing difficulties for small technology-based firms. Specifically, Wuhan Intellectual Property Exchange designs ＂technology convertible bond＂ for the model of intellectual property securitization. And the reason lies in the fact that China has no corresponding market environment and legal system which are necessary for the successful transplantation of European and American model. As a matter of fact, ＂technology convertible bond＂ satisfies the essential characteristics of securitization. Furthermore, securities that are similar to ＂technology convertible bond＂ can be found in Chinese security market. However, the implementation of ＂technology convertible bond＂ encounters several obstacles in laws and other normative documents. There is an urgent need to draw the attention of academic and practical circles to the question of how to eliminate these barriers. Therefore, the development of intellectual property securitization in China is able to be promoted.

关 键 词：知识产权证券化 欧美模式 可转换债券 科技可转债 

分 类 号：F204[经济管理—国民经济] F832.51