CAJ | 학술논문

在专利资产证券化中，“真实销售”是指发起人将专利许可的未来收益和风险一并转让给特定目的机构。美国、韩国和我国台湾地区对“真实销售”的认定均有一定的标准。在我国大陆地区，专利资产证券化适用于企业资产证券化途径。在该途径下，资产转让是“准真实销售”，且没有明确的认定标准。因此，建议对专利资产证券化“真实销售”认定标准予以明确。同时，在制度设计上，建议将“特定目的信托”纳入《证券公司资产证券化业务管理规定》，并针对“真实销售”制定相应的会计处理规则依据。
재전리자산증권화중，“진실소수”시지발기인장전리허가적미래수익화풍험일병전양급특정목적궤구。미국、한국화아국태만지구대“진실소수”적인정균유일정적표준。재아국대륙지구，전리자산증권화괄용우기업자산증권화도경。재해도경하，자산전양시“준진실소수”，차몰유명학적인정표준。인차，건의대전리자산증권화“진실소수”인정표준여이명학。동시，재제도설계상，건의장“특정목적신탁”납입《증권공사자산증권화업무관리규정》，병침대“진실소수”제정상응적회계처리규칙의거。
In patent asset securitization, “true sale” refers to that the originator transfers the future payments and risk of patent licensing to the SPV. There are certain standards on “true sale” in the USA, South Korea and China Taiwan. In China, patent asset securitization applies to the approach of enterprise asset securitization. In the approach, asset transfer is “quasi-true sale”, without clear standards. Therefore, it is proposed to make “true sale” standards clear in patent asset securitization. Meanwhile, in the institutional design, it is proposed that “special purpose trust” should be included in “security company asset securitization management regulations”, and that appropriate accounting rules for “true sale” should be made.