知识产权资产证券化是自上世纪末出现于美国文化产业的一种新型融资模式，随着 中国内容生产行业的发展，企业资金紧缺和知识产权资产流通性差的矛盾日益凸显，许 多企业也开始尝试利用资产证券化的方式解决自己的融资难题。本文的研究对象——奇 艺世纪知识产权资产证券化案例便在这种背景下应运而生。奇艺世纪知识产权资产证券 化项目是国内知识产权资产证券化的第一单项目，有较高的创新示范效应。 本文对奇艺世纪知识产权证券化的运作模式以及运作流程和结果等要素进行了详 细的研究与分析。采用文献研究方法和案例分析方法，从产品发行动因、发行的关键环 节、运行的效果以及爱奇艺推动知识产权资产证券化项目成功发行的决定性因素等进行 了全方位剖析。 奇艺世纪知识产权资产证券化项目以爱奇艺知识产权交易所形成的应收账款为基 础组建的资产池，具有入池资产池的质量较高、内外部信用管理和增级控制措施灵活有 力、发行产品的定价合理、市场化的程度高以及风险控制针对性较好等特点和优势。作 为国内第一单知识产权资产证券化的项目，奇艺世纪知识产权资产证券化项目把流动性 差的知识产权资产变成了现金流，有效支持了整个内容生产产业链的发展，并且发行模 式具备可复制性，奇艺世纪知识产权资产证券化项目的成功发行，有效解决了知识产权 资产变现问题，对企业自身和整个知识产权行业来说，都具有重大的推动作用。 本文在案例研究的基础上，总结了此次知识产权证券化交易中的成功经验。奇艺世 纪知识产权资产证券化项目的发行模式可以为其他企业在进行类似实践时提供参考，为 相关企业开展知识产权证券化项目提供了有益的启示，希望能够为其他知识产权经营企 业在面临类似的资产证券化问题提供借鉴。 关键词：知识产权 资产池 风险控制 供应链金融 资产证券化 II ABSTRACT Securitization of intellectual property assets is a new type of financing model that has appeared in the US cultural industry since the end of the last century. With the development of China's content production industry, the contradiction between the shortage of corporate funds and the poor circulation of intellectual property assets has become increasingly prominent, and many companies have begun to try to use The way of asset securitization solves its own financing problems. The research object of this article, the case of Qiyi Century Intellectual Property Asset Securitization, came into being in this context. The Qiyi Century Intellectual Property Asset Securitization Project is the first single project of domestic intellectual property asset securitization, and has a high innovation demonstration effect. This article makes a detailed study and analysis on the operation mode, operation process and results of Qiyi Century Intellectual Property Securitization. Using literature research methods and case analysis methods, a comprehensive analysis was conducted from the factors of product development, the key links of issuance, the effectiveness of operations, and the decisive factors for iQiyi to promote the successful issuance of intellectual property asset securitization projects. The Qiyi Century Intellectual Property Asset Securitization Project is an asset pool formed on the basis of the accounts receivable formed by the iQiyi Intellectual Property Exchange. It has a high quality pooled asset pool, flexible internal and external credit management and enhanced control measures Powerful, reasonable pricing of issued products, high degree of marketization, and better targeted risk control. As the first intellectual property asset securitization project in China, Qiyi Century's intellectual property asset securitization project turned poorly liquid intellectual property assets into cash flow, effectively supporting the development of the entire content production industry chain, and the distribution model has Reproducibility, the successful issuance of the Qiyi Century Intellectual Property Asset Securitization Project, which effectively solves the problem of the realization of intellectual property assets, has a major role in promoting the enterprise itself and the entire intellectual property industry. This article summarizes the successful experience of this intellectual property securitization transaction on the basis of a case study. The issuing model of Qiyi Century Intellectual Property Asset Securitization Project can provide a reference for other companies to carry out similar practices, and provide useful inspiration for related companies to carry out intellectual property securitization projects. To provide a reference for the issue of asset securitization. Keyword： Intellectual Property; Asset Pool; Risk Control; Supply Chain Finance; Asset Securitization III 目 录 摘要 ......................................................................................................................................... I Abstract ..................................................................................................................................... II 图表目录 .................................................................................................................................. VI 第一章 绪论 .............................................................................................................................. 1 1.1 研究背景 ......................................................................................................................... 1 1.2 研究意义和目的 ............................................................................................................. 2 1.2.1 研究意义 .................................................................................................................. 2 1.2.2 研究目的 .................................................................................................................. 2 1.3 文献综述 ......................................................................................................................... 3 1.3.1 概念研究 .................................................................................................................. 3 1.3.2 国内外研究现状 ...................................................................................................... 3 1.3.3 文献评述 .................................................................................................................. 5 1.4 论文结构和研究方法 ..................................................................................................... 6 1.4.1 论文结构 .................................................................................................................. 6 1.4.2 研究方法 .................................................................................................................. 7 1.5 创新点 ............................................................................................................................. 8 第二章 奇艺世纪知识产权证券化案例介绍 .......................................................................... 9 2.1 爱奇艺概况 ..................................................................................................................... 9 2.1.1 爱奇艺简介 .............................................................................................................. 9 2.1.2 公司发展历程 .......................................................................................................... 9 2.2 爱奇艺经营情况 ........................................................................................................... 10 2.2.1 公司主营收入增速 ................................................................................................ 10 2.2.2 公司内容版权情况 ................................................................................................ 10 2.3 奇艺世纪知识产权资产证券化案例介绍 ................................................................... 13 2.3.1 产品简介 ................................................................................................................ 13 2.3.2 项目参与方介绍 .................................................................................................... 14 2.3.4 专项计划交易流程 ................................................................................................ 16 2.4 资产证券化发行结果 ........................