版权基础资产证券化的法律困境与进路

摘 要：【目的】分析版权基础证券化的法律路径与困境，为我国版权基础资产证券化之进路提出建议。【方法】通过文献研究，梳理版权基础资产证券化的直接路径与间接路径，总结目前版权基础资产证券化的实践困境与学术争议，探究不同法律困境之中的发展进路。【结果】基础资产问题视角下，版权证券化过程中，往往会出现权利人关系错综复杂、可重复授权性、权项多元、基础资产池维持等困境。【结论】有必要从版权证券化路径、基础资产有效性审查、资产集中安排、基础资产价值池维持上探寻法律进路，有效防范证券化过程中的经济风险与法律风险。

关键词：版权；版权证券化；基础资产；直接证券化；间接证券化

中图分类号：D923.41        文献标志码：A        文章编号：1003-5168（2023）10-0128-06

DOI：10.19968/j.cnki.hnkj.1003-5168.2023.010.027

Abstract： [Purposes] By analyzing the legal path and dilemma of copyright base securitization， this paper puts forward some suggestions on the approach of copyright base securitization. [Methods] Through literature research， the direct and indirect paths of copyright-based asset securitization were sorted out， the current practical dilemma and academic controversy of copyright-based asset securitization were summarized， and the development path in different legal dilemmas was explored. [Findings]  From the perspective of underlying assets in the process of copyright securitization， there are often difficult situations such as intricate relationship between right holders， repeatable authorization， multiple rights， and maintenance of underlying asset pool. [Conclusions] It is necessary to explore legal approaches from the path of copyright securitization， validity review of underlying assets， centralized arrangement of assets， and maintenance of underlying asset value pool to effectively prevent the economic risk and legal risk in the process of securitization.

Keywords： copyright; copyright securitization; underlying assets; direct securitization; indirect securitization

1 版權作为基础资产的法律路径

版权要成为证券化的基础资产，需要一定的法律路径才可实现，立法中统一称之为“应收账款”。根据中国人民银行令（〔2019〕第4号）《应收账款质押登记办法》第二条规定，知识产权的许可使用是应收账款的类型之一，进而根据基础资产自身的不同类型，把版权证券化主要分为版权资产直接证券化与版权资产间接证券化两种路径［1］。

1.1 版权资产直接证券化

版权资产直接证券化即以版权所有权自身为基础资产展开的证券化交易。在该模式下，特殊目的机构受让发起人持有的版权，并以此为背景支撑对外发行证券。既有版权和未来版权，都可以成为版权资产直接证券化的基础资产［2］。……