版权证券化的模式与风险分析∗

摘要

知识经济时代的到来，使得以版权、专利权等知识产权为代表的无形资产要素在整个社会资产构成中的地位不断提升。版权证券化是一个极为复杂的金融操作，但有着普遍性的运作模式。合同法中的待履行契约理论与版权法为其提供了法理基础。但是，版权作为无形资产，其证券化不仅具有一般资产证券化的共同风险，还具有收益不稳定、价值波动大、法律适用依据缺失等特殊性风险。因而，在版权证券化的过程中，除了要严格选择基础资产、让参与方一起共担风险外，还需要立法予以特别关注，以确保和提升版权的信用，有效防范经济风险与法律风险。%The advent of knowledge economy era keeps raising the status of intangible assets element represented by intellectual property such as copyright,patent and so on,in the whole social assets compo-sition.Though a very complicated financial operation,the copyright backed securitization has a universal operation mode.The theory of executive contracts in contract law and copyright law serves as its legal principle basis.However,as intangible assets,the copyright's securitization has not only common risks of securitization of general assets,but also has specific risks such as instable earnings rate,large value fluctu-ation,lack of reference for law application.Therefore,special attention in terms of legislation is required apart from rigorous selection of basic assets and bearing risk together with participants,in an effort to en-sure and improve copyright credit,effectively prevent economic risk and law risk.