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跨界创新与无形资产-知识产权证券化的新突破

2018-12-19

跨界创新与无形资产——知识产权证券化的新突破

一)学术:区块链数学科学会议-科学思潮,跨界创新

Author:魏然,八维资本

人类历史上最近的至暗时刻莫过于第二次世界大战,但科学的光芒和思想的碰撞在战争中并未停止闪耀。1941年4月6日,德军进攻巴尔干半岛,12月7日日军偷袭珍珠港,全世界都笼罩在战争的阴霾之下,也正是在这一年的五月,一场革命性的科学会议Macy Conference中召开。

跨界创新与无形资产-知识产权证券化的新突破

Macy会议的发起人Frank Fremont-Smith是一位脑科医生,也对精神病和哲学有过研究,开战后还琢磨过导弹的控制系统,是典型的文艺复兴式的斜杠科学家。

即便在战争期间,Macy会议也并没有“恪守本分”的研究那些迫在眉睫的实际问题,比如如何应对或研制炮弹、细菌、核武器和毒气。正是靠着这种超越时代局限和学科边界的格局,Macy会议吸引了全世界的数学家、物理学家、社会学家、语义学家聚在一起,不同学科的科学家从不同视角探索身份、目的和自治的现象,解释个体(人或机器)怎样做选择,个体在集体中如何行事。

柏拉图认为,“知识”是通过对话使真理自行显现的过程,即认识论(epistemology)。通过对话,各个从不同的局部体验提出的“意见”自行显现出秩序“logos”。专业学科作为一门专业化的知识,一方面它追求研究范式的自然科学化和确定性,这是它具备科学性的一面;另一方面,它在不确定性面前表现的苍白无力,通过严格划定研究的边界,在一定程度上刻意忽略了人类生活的其他方面,这引致了其局限性。因此,我们有理由把现存的学科和理论当做一种“意见”,在与各学科的对话中洞见更高层次的真理。

在Macy会议这个思想解放和跨界融合的大会上,控制论(Cybernetics)——这个涵盖了存在理论、科学哲学、物理学、计算机科学、生物学、工程学、社会学、政治学、心理治疗和经济学等学科的新学科,就此诞生。它奠定了信息论、人工智能、系统论和复杂科学的研究框架,在以信息技术革命领导的第三次科技革命中起到了中流砥柱的作用。

跨界创新与无形资产-知识产权证券化的新突破

毋庸置疑,我们正在经历一个动荡和变化的时期,随着科技的发展,新事物、新概念和新技术不断涌现,“技术奇点”正在临近;同时,经济形势正在发生变化,改革红利逐步褪去,逆全球化思潮魅影再现,不同价值观和文明的冲突日增,有人提出,19年将是40年未有之大变局。

有人认为,区块链只是经济下行和金融去杠杆周期时人们恶意炒作的一场末路狂花,但实际上,区块链,不仅是一门工具性的技术,而是一种制度创新,它和互联网一样,是以技术为表象的思潮。

在漫长的人类发展史中,我们曾依靠血缘和宗族、宗教和道德、市场和法律等正式或非正式,具象或抽象的工具来规范和约束彼此的行为,以便建立信任从而达成合作与交易。而当交易的复杂程度提升,交易范围更广时,银行、公司等有形的组织形式诞生。诺贝尔经济经济学奖得主道格拉斯·诺斯(Douglass North)作为“新制度经济学”的奠基者,指出法律、规章等正式规则或习俗、伦理等非正式规则,本质上都是降低交易的风险和不确定性的工具。到了网络时代,这些工具被搬到网上,亚马逊和阿里巴巴这样的网络平台成为促成经济活动的中介。而如今,随着信息科技的发展,第三方网络平台的弊病出现,比如侵犯个人隐私、数据无法确权、中心化服务器难以适应物联网时代的交易的量级和频次等。

由于网络空间和现代社会的基于“中心化”他者的信任的失灵,由于互动的主体从人类扩展到人机,人们试图将对“他者”的信任转至符号或系统。与人际信任不同,数字信任所面向的不是具体、丰富的他者,而是抽象化的原则、符号或程序。信任不再是人与人之间的交付,而是人们各自基于对系统的认同和共识做出的理性选择。系统中的个体可以保持匿名,不需要互相了解、建立基于人品的信任,而可以将信任托管给系统的理性机制。

换言之,信任成为个体博弈生成的自发秩序,工具理性、程序认同得以彰显,人格、德性、伦理在信任上的功能弱化。

区块链技术便是在这样一个时代背景下诞生的。人们希望集成博弈论、加密学等技术,构造一种新的技术治理机制,在网络空间达成一种基于数学的信任,即对确定性、同一性和合法性的认同。

2018年12月17日-18日,一个旨在学习梅西会议的区块链数学科学会议在北京召开。会议专注于探索和区块链技术相关的数学领域,组合可以引入区块链技术的数学工具,通过类比、分析、归纳等方式,提出“区块链数学猜想”。

跨界创新与无形资产-知识产权证券化的新突破

张钹(计算科学家,中科院院士)在《Towards A Robust & Explainable AI》的演讲中提出,“当前人工智能方法存在局限性,不可解释性和鲁棒性很差是最大的两个缺点,只能在具有充分知识或数据、稳定性、完全信息、静态、特定领域与单任务的场景下适用。因此,后深度学习时代将知识驱动与数据驱动结合,走向真正的人工智能。”

跨界创新与无形资产-知识产权证券化的新突破

王飞跃(中科院自动化研究所复杂系统管理与控制国家重点实验室主任)在演讲《The Generalized Godel Theorem and Blockchain Intelligence: In Math We Can't Trust》中介绍了人工智能的诞生和演化。他提出图灵机为计算的机械化提供了途径,而数据是填充鸿沟的原料,平行系统是跨越认知鸿沟的端到端的桥梁。而区块链为平行智能奠定可信可靠可用和高效的基础。

跨界创新与无形资产-知识产权证券化的新突破

爱因斯坦曾说过,“当数学论及现实的时候,它们不确定;当数学确定的时候,它们不涉及现实。”经济学家朱嘉明教授借此延展,提出“数学”和“现实”世界的概念类似于“具象”和“抽象”世界:一个是物质世界、物理世界、实体经济、实证科学主宰的具象世界,另外一个是观念世界、非物理世界、虚拟经济、纯科学、社会科学、艺术主宰的抽象世界。

而区块链的根本功能在于:首先,它是非物质世界和非物理世界的“基础结构”。其次,它是物质世界和非物质世界两个世界的“桥梁”。

跨界创新与无形资产-知识产权证券化的新突破

二)实例:我国首支知识产权证券化产品在深交所成功获批

跨界创新与无形资产-知识产权证券化的新突破

2018年12月14日,我国首支知识产权证券化标准化产品“第一创业-文科租赁一期资产支持专项计划”在深圳证券交易所成功获批。该产品以北京市文化科技融资租赁股份有限公司为原始权益人,底层资产租赁标的物全部为专利权、著作权等知识产权,涉及发明专利、实用新型专利、著作权等知识产权共计51项,覆盖艺术表演、影视制作发行、信息技术、数字出版等文化创意领域的多个细分行业。总规模达7.33亿元。

该产品的获批实现了我国知识产权证券化零的突破,知识产权证券化是指以知识产权未来预期收益为支撑,通过发行市场流通证券进行融资的融资方式。和传统的资产证券化相比,底层资产不再需要是有形资产,也可以是无形资产,比如知识产权。这将大大加快知识产权的资本价值转化速度,标志着我国知识产权运营水平迈上了一个新台阶。以下是八维研究院基于新华社新闻:我国首支知识产权证券化产品在深交所成功获批 编译的英文版,以飨读者:

China’s Securitization of Intellectual Property Takes a New Step Forward

Translator: Zoe Qian

Editors: Kadeem Clarke, Brian Hough

The securitization of intellectual property refers to the issuance of market-traded securities, valued based on the expected future earnings of that intellectual property. Compared to the traditional process of securitization, the underlying assets are not tangible assets, but intangible intellectual property. The Chinese government is taking this process very seriously. Since 2017, the State Council has issued the “National Technology Transfer System Construction Plan” and proposed to pilot Intellectual Property Rights (IPR) securitization financing.

With the active promotion from the State Intellectual Property Office in recent years, the construction of China’s intellectual property rights system has continued to accelerate. The intellectual property asset-backed securities (ABS) and insurance businesses have developed steadily as a result.

What’s Being Securitized This Time?

The name of the IP ABS issued this time will be “The First Phase of the Liberal Arts ABS” (文科一期ABS). The underlying assets for this security are all intellectual property rights such as invention patents, utility model patents, copyrights, as well as other such property rights.

The underlying assets of the first phase of IP ABS are the “intellectual property financing lease” for businesses with patents and copyrights. There are in total 51 intellectual property rights, such as patents and copyrights, covering a number of sub-sectors in the fields of cultural and creative fields such as art performance, film and television production and distribution, information technology, and digital publishing.

The future operating cash flows of these intellectual property rights will be used to price its underlying assets. This not only meets the requirements of asset securitization for these assets, but also meets the need of the intellectual property rights owners. It has the unique advantages of diversified assets, mature risk control system, and high credit rating of issuing entities.

The Issuer — Cultural Technology Leasing

According to the release article, the main body of the issuance, the Cultural Technology Leasing(文化科技租赁), was established in 2014. It is a subsidiary of Beiwentou Investment Co., Ltd. (北文投), which provides comprehensive financing services such as financial leasing for enterprises.

In September 2015, the Cultural Technology Leasing pioneered and started the “IP financing lease” process in the country in order to solve the problems enterprises were facing. In the past, it was hard for enterprises to obtain bank financing through traditional means, such as real estate mortgages, since the properties are often light assets and smaller in scale. The IP financing lease fully revitalizes the intellectual property rights of enterprises and opens up a brand new intellectual property opportunity in addition to the banks’ Intangible Asset Mortgage.

Over the past three years, Cultural Technology Leasing has provided more than 8 billion Yuan of financing support to more than 400 cultural and technological enterprises through intellectual property financing leasing. This business accounted for nearly 40% of the company’s investment, much higher than the current commercial banks. However, these loans account for less than 0.1% of those issued by banks, of which Small and Medium Enterprise (SME) projects account for more than 75%, and private enterprises account for 92%.

Implement an Effective Assessment of Intellectual Property Values and Strict Risk Control

To deal with the problem of value assessment and risk control in IP securitization, Cultural Technology Leasing has established an expert team of 120 people to explore a relatively mature IPR assessment method and risk control system in years of business practice. The intellectual property rights of ABS have undergone strict risk review. The value of each right has been professionally evaluated and strictly demonstrated by independent third-party asset appraisal agencies.

The Promiser of the Differential Payment: State-Owned Sole Proprietorship Company: Beiwentou

The first phase of the liberal arts ABS had Beiwentou as the promiser. Beiwentou is a state-owned sole proprietorship company in Beijing. It is an important investment and financing platform for the development of IP ABS. It has now formed six major businesses of finance, with a total value of more than 44 billion yuan in assets, which are the first investment enterprises in the country to receive the AAA credit rating.

The Future:

Since 2008, intellectual property protection has risen to a national level. With the continuous strengthening of China’s intellectual property protection and the gradual improvement of the intellectual property operation system, various types of intellectual property rights have developed rapidly, showing an increasing trend year-by-year.

Taking patent rights as an example, as of October 2018, China’s 2018 patent applications has led to more than 3.51 million listings, and the number of valid patent applications has exceeded 11.5 million. The demand for intellectual property conversion of small and medium-sized enterprises has been increasing as well. Intellectual property financing is becoming an important financing means for SMEs, and intellectual property financing leasing potential is quite large.

Reference:

史上最穷且最不靠谱的会,却创造了人类历史上最多的财富 by 石榴区块链

朱嘉明:“技术奇点”逼近,建构区块链数学基础 by 巴比特

区块链源起与信任机制重构 by 魏然

我国首支知识产权证券化产品在深交所成功获批 by 新华社

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