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| 文章编号：1672-3104(2020)04-0058-13 |
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专利融资租赁证券化的法律风险控制 |
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马忠法，谢迪扬 |
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（复旦大学法学院，上海，200438） |
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| 摘 要： 专利融资租赁证券化是指以专利融资租赁债权为基础资产，以资产支持证券的形式向投资机构发行受益证券，并以该财产所产生的现金支付证券收益的结构性融资活动。我国已成功发行专利融资租赁证券化产品，但其中仍存在法律风险，如专利融资租赁的合法性模糊、证券化架构的稳定性欠佳、专利软信息披露规则的缺失、售后回租模式下专利价值评估的忽视、专利蟑螂的异化风险等。借鉴国外相关经验，可提出以下完善措施：明确专利融资租赁的合法性；通过设置配套保险制度、专利年费预先扣留制度、反向许可实质性审查制度来提高证券化架构的稳定性；完善专利软信息披露制度，构建软信息披露安全港；设立科技信用保证基金会作为专利评估主体，并完善其与国家知识产权局的信息对接；制定专利蟑螂的防范机制。 |
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| 关键词： 专利；资产证券化；融资租赁；专利保险 |
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Legal risk control of patent financing lease asset-backed securitization |
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MA Zhongfa, XIE Diyang |
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（School of Law, Fudan University, Shanghai 200438, China） |
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| Abstract: Patent financing lease securitization refers to structured financing activities that use patent financing lease as the basic asset, issue beneficiary securities to investment institutions in the form of asset-backed securities, and pay the beneficiary with cash generated from the property. China has successfully issued securitization products for patent financing leases, but there are still legal risks, such as the fuzzy legitimacy of patent financing leases, the instability of the securitization structure, the lack of patent soft information disclosure rules, neglect of patent value assessment under the sale-leaseback model, alienation risk of patent trolls, etc. Drawing on relevant foreign experience, the present study proposes the following measures, including clarifying the legitimacy of patent financing leases, improving the stability of the securitization structure through the establishment of supporting insurance systems, the annual detention of patent fees, and the substantive examination system of reverse licensing, bettering an information disclosure system with a safe harbor for soft information disclosure, constructing a science and technology credit guarantee fund as the subject of patent evaluation, perfecting its information docking with the State Intellectual Property Office, and finally formulating a prevention mechanism for patent trolls. |
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Key words: patent; asset-backed securitization; financial lease; patent insurance |
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