Abstract

Security system based on assets has expanded from tangible assets to intangible property rights.As a finance device，secured transactions based on intellectual property have grown increasingly importance in knowledge-based economy era.From the point view of economics，secured finance of intellectual property reduces credit risks，enhances the circle of capital and encourages science technology and culture innovation.From the point view of jurisprudence，security interests in intellectual property reflect the legal value of safe，efficiency and equity.However，the existing security system that founded on tangible assets cannot adjust well to secured transactions of intellectual property.As a result，many new problems emerge when intellectual property is used as collateral.

These new issues firstly embody in the creation and registration of security right.As for the scope of collateral，including traditional intellectual property，such as copyright，patent，trademark and non-traditional intellectual property，for example，trade secret，integrated circuit，plant variety right.With the development of economy and technology，more and more new types of intellectual property will be used as collateral.On the other hand，future intellectual property and licenses are also important security resources.In respect to the relation between creation and registration of security rights in intellectual property，some legislations provid that security rights become effective upon signature.some legislations rule that security right come into force by registration.Others stipulate that security rights tale effect against third party by registration.Among these different patterns，the third pattern may be better than the others.With regard to registration system，there are three categories：central registration system，local registration system，mixed registration system.By comparison，mixed registration system is more flexible and practical.it is a realism choice.As to content and procedure of registration system，facilitate relevant parties，enhance efficiency，reduce costs and establish electronic database are focus of registration system reform.

Security rights in intellectual property is also concerning the issue of conflict of rights.it includes Priority of security rights in intellectual property that are registered in an intellectual property registry；Priority of security rights in intellectual property that are not registered in an intellectual property registry；Priority of right of transferees against a security right in intellectual property，Priority of a security right in intellectual property granted by a licensor as against a security right granted by a licensee.Besides，the question of Law applicable to a security right in intellectual property can also causes conflict of rights.Conflict of rights as mentioned above shows conflict of interests among different parties，reasonable priority rule will be beneficial to balance of interests and to facilitate secured transactions.

Enforcement of a security right is the final process during secured transactions based on intellectual property，it is also the last approach for the protection of the secured creditor.Auction，sale.transfer to creditor，collect license fees are major approaches of enforcement.In the case of floating charge，appointing a receiver to manage the debtor’s company ia a common practice.There are two ways for enforcement of a security right in intellectual property：enforcement by public authority or by self-help.Enforcement by public authority focus on equity of result，enforcement by self-help place emphasize on efficiency.No matter what way is employed，reasonable procedure rule is essential.to equity and efficiency of enforcement.In addition，insolvency of a licensor or licensee has important impact on enforcement of a security right under a license agreement.

There exist many problems in China’s security system relating to intellectual property.These issues include：influence of moral rights on copyright pledge，dilemma of the position of intellectual property pledge in legal system，imperfection of the substantive rules.In order to overcome these obstacles，accelerate the development of secured transactions based on intellectual property，realize the transform from “knowledge asset” to “knowledge capital”，the solutions are as follows：appropriately weaken protection of moral rights，establish new protection pattern；rebuild pledge system dealing with intellectual property by hypothecate concept，change existing legislative model；perfect substantive rules and resolve conflict of rights and legal loopholes；improve economic environment to operate smoothly security system dealing with intellectual property.

Key words：Security rights in intellectual property；Financing；Registration；Conflict of rights