Bulletin of Chinese Academy of Sciences (Chinese Version)


intellectual property securitization; European and American model; convertible bond; technology convertible bond

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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.

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Bulletin of Chinese Academy of Sciences


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