【作者】 于华伟；

【导师】 杨为国；

【作者基本信息】 华中科技大学 ， 经济法学， 2007， 硕士

【摘要】 资产证券化起源于上个世纪七十年代美国的住宅抵押贷款证券化。它以有别于银行信用、企业商业信用的资产信用,将既存的静态债权转换为担保证券发行的流动的信用资产而获得了巨大的发展。专利证券化作为资产证券化技术的纵深发展,在国外已成为一种日益受到重视的融资方式。它以专利许可收益为基础发行资产担保证券为企业融通资金提供了切实可行的途径。本文介绍了专利证券化在国外发展情况及其内涵,设计了国内专利证券化的基本交易结构,重点研究了专利证券化资产转移方面的一些问题。资产转移是资产证券化的起始阶段。资产转移的基本目标是实现基础资产与发起人破产风险相隔离,以确保基础资产权利的合法性和证券化操作的安全进行。在资产转移方式上实现真实销售,是达成这一目标的重要手段;拟证券化资产的法律要求及资产选择,资产转移的方式及法律效果,资产转移过程中的基础权利关系等,是实现这一目标必须认真探讨和研究的重要内容。发起人可以采用让与和信托等方式转移资产,不同的转移方式所产生的法律效力不同。资产转移可以被定性为真实销售或担保融资,为确保证券化操作的安全性,必须实现真实销售。法院判断一项资产的转移是构成真实销售还是担保融资,可以从追索权、赎回权、价格因素、资产管理控制权等方面考察。资产转移过程中,基础权利在不同的当事人之间转换,资产证券化立法必须对抵消权、抗辩权、所有权转移进行明确规定才能确保基础资产的合法性。更多还原

【Abstract】 Asset securitization originated from the United States mortgage backed securities in the 1970s.Cash flow generated by the securitized assets is assigned to the payment of principal and interest due under the financial instruments. It has great difference from the bank credit and the commercial credit. So far, securitization has gotten great development all around the world. Patent securitization is a new kind of asset securitization. Patent securitization is desirable and should be attached more importance. It issues asset—backed securities based on patent license revenue, so provides a practical way for enterprises to circulate necessary funds. This article introduces the practical situation and concept of patent securitization, also designs a basic trading structure about the patent securitization used in our country. In this article, I have paid attention to the issues in the aspect of asset transferring. Asset transferring is the beginning of the asset securitization. Assignment and trust are the ways of asset transferring, which can be distinguished true sale or guarantee finance. True sale is the aim for the sake of the risk remoteness. And it can protect both the buyer and the seller. The court can judge whether a transferring consists of true sale or guarantee finance on the base of the market value, buyback option, intention expression, right of recourse and whether the asset is far from risk despite the originator is bankruptcy or not. The basic rights change in the different subjects during the asset securitization procedure and the law should be enacted about offsetting right and contradicing right. Although the civil law clearly stated that any security interest attached to the credit was automatically transferred to the new creditor, issues should be raised in practice as to the transfer of certain types of security interests.更多还原