关键词: 专利, 证券化, 资产支持证券, 定价

Abstract: To meet the needs of financiers with different repayment abilities and to enrich the market structure of patent securitization products which could provide investors with more options, a fixed proportion partial prepayment clause is introduced. This clause stipulates that the amount of prepayment for each period is a fixed proportion of the amount payable for each period of the remaining term. To effectively measure the risks, a pricing model for patent securitization products is developed. Based on the discounted cash flow method, the model uses a  Markov process to describe the prepayment risk and the Creditrisk+ model to account for default risk. This allows for the determination of the issuing cost of patent-backed securities. The pricing model is then applied to a sample patent-backed security. The results show that the pricing model developed in this paper is more sufficient, and the fixed proportion partial prepayment clause designed in this paper can effectively limit the early repayment behavior, helping to manage the risk relatively effectively under the premise of meeting the issuance conditions.

Key words: patent, securitization, asset-backed securities, pricing