近年来，我国政府高度关注知识产权发展，大力推进知识产权保护以及知识产权 证券化发展，知识产权在社会发展中发挥重要作用。目前，对日本、美国等国家已有 的案例探究，充分表明知识产权证券化具有极大发展潜力，它将无形资产和金融资源 有效结合，可以加速促进知识产权转化，加强资本流动性。本文的研究对象——奇艺 世纪知识产权资产证券化案例，便是依据该背景而生成的产物。奇艺世纪知识产权资 产证券化项目是国内首个供应链模式的知识产权资产证券化案例，对其他企业创新证 券化起到示范作用。

在知识产权证券化项目的发展过程中，交易结构的合理性、风险识别的完整性和 价值评估的准确性都非常重要。本文在分析奇艺世纪融资模式的基础上，着重探究项 目的融资模式以及基础资产的价值评估。融资模式将会围绕案例背景、产品概要、交 易结构、增信方式、风险识别等角度展开分析。在目前的知识产权证券化实践中，偏 向将项目推进过程中的风险规避，默认风险会带来损失，多采用收益法对价值进行评 估，往往就会低估资产项目的价值，一定程度上会放缓我国知识产权证券化的发展速 度。因此，为了我国知识产权产业的发展，当务之急便是探寻更优的价值评估方法。

本文引入了实物期权定价模型，介绍了传统评估方法和实物期权法，并列举了几 种常用的实物期权法的特点和适用场景。接着，对知识产权证券化的实物期权特征进 行了分析，并基于对三叉树等实物期权模型的对比分析，认为基于三叉树模型对知识 产权证券化价值评估是一种较优的选择。首先，介绍三叉树定价模型的相关理论、假 设，然后求得波动率、无风险利率等数据，编写 MATLAB 程序，将已知参数代入公 式中，计算出三叉树模型中表示概率参数的值，并形成能表示各节点价值的变化路径。 假设路径变化中共有上涨、下跌和不变三种可能，利用变化概率参数，采用向前倒推 的方法求出期权的价格，能得出基础资产的期权价值，是真实价格的一部分。最后将 三叉树的结果与传统收益法的结果比较，并有敏感性分析的加持，表明了实物期权法 对现金流波动更加敏感，其评估的价值能更准确地反映知识产权的真实价值。

最后，通过对奇艺世纪专项计划的分析，为面临融资困境的中小企业提供新思路， 并在价值评估、信用评级、政策制度、法律完善等方面提出相关改善建议。

In recent years, our government has paid great attention to the development of intellectual property rights (IPR) and vigorously promoted the protection of IPR as well as the development of IPR securitization, which plays an important role in social development. At present, the exploration of existing cases in Japan, the United States and other countries fully demonstrates that IPR securitization has great development potential, and it effectively combines intangible assets and financial resources, which can accelerate the promotion of IPR transformation and strengthen capital liquidity. The case of Qiyi Century's IP asset securitization, the subject of this paper, is a product of this background. The Qiyi Century IP asset securitization project is the first domestic supply chain model IP asset securitization case, which serves as a model for other enterprises' innovative securitization. In the development of IP securitization projects, the reasonableness of the transaction structure, the integrity of risk identification and the accuracy of value assessment are all very important. Based on the analysis of the financing model of Qiyi Century, this paper focuses on exploring the financing model of the project and the value assessment of the underlying assets. The financing model will be analyzed from the perspective of case background, product outline, transaction structure, credit enhancement methods, and risk identification. In the current IPR securitization practice, the preference is to avoid the risks in the process of project promotion, and the default risks will bring losses, and mostly adopt the income method to assess the value, which will often underestimate the value of the asset projects and slow down the development of China's IPR securitization to a certain extent. Therefore, for the development of China's intellectual property industry, it is imperative to explore a better value assessment method. This paper introduces the real option pricing model, introduces traditional valuation methods and real option methods, and lists the characteristics and application scenarios of several commonly used real option methods. Then, the real option characteristics of IP securitization are analyzed, and based on the comparative analysis of real option models such as the trinomial tree, it is concluded that the value assessment of IP securitization based on the trinomial tree model is a better choice. First, the theory and assumptions related to the trinomial tree pricing model are introduced, and then data such as volatility and risk-free rate are obtained, and a MATLAB program is written to substitute known parameters into the formula to calculate the values of the probability parameters represented in the trinomial tree model and form a path of change that can represent the value of each node. Assuming a total of three possibilities of up, down and inconvenience in the path change, using the change probability parameter, the option price is derived using a backward-looking method that can yield the option value of the underlying asset as part of the true price. Finally, comparing the results of the trinomial tree with those of the traditional income method, with the addition of sensitivity analysis, shows that the real option method is more sensitive to cash flow fluctuations, and its appraised value can more accurately reflect the true value of intellectual property. Finally, the analysis of the QiYi Century Special Program provides new ideas for SMEs facing financing difficulties and suggests relevant improvements in terms of value assessment, credit rating, policy system, and legal improvement.  

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