公司上市的知识产权风险袁真富.ppt

1、公司上市前后的知识产权风险,演讲人：袁真富 Speaker: Lawrence Yuan 上海大学知识产权学院 Shanghai University Intellectual Property School 2013.11.29,Intellectual Property Risks Before and After a Company Goes to Public,2,演讲人简介 Introduction,袁真富 博士 Dr. Lawrence Yuan 上海大学知识产权学院副院长 Vice Director of Shanghai University Intellectual Prop

2、erty School 上海知识产权研究所常务副所长 Executive Director of Shanghai Intellectual Property Academe 中国知识产权杂志专栏作家 Columnist for China Intellectual Property 东方知识产权俱乐部（OIPC）创始发起人、副理事长 Founder and Vice President of OIPC,3,? 如果上市公司的知识产权掌握 在母公司或大股东手中， 会遇到什么情况？,If intellectual property rights of a listed company belon

3、g to its parent company or a big shareholder, what will happen?,4,1.1 上市公司知识产权的结构安排风险 Risks of IP Structure Arrangements,知识产权由谁掌握？大股东or上市公司 Who holds IP rights? Big shareholders or the listed companies themselves? 无知识产权控制权，可能影响公司上市！,2007年江西天施康中药股份有限公司上市被否： “康恩贝”商标属于股东康恩贝集团间接控股公司所有。 The proposal of J

4、iangxi Tianshikang Chinese Medicine Co., Ltd going to public. was turned down in 2007: The trademark of “Conba” is directly owned by the company which is indirectly controlled by the shareholder of Tianshikang, Conba Group. 2010年吉林永大集团股份有限公司上市被否： 借用伊顿公司的“EATON”商标进行销售。 The proposal of Jilin Yongda Gr

5、oup Co., Ltd going to public. was turned down in 2010: The company sold their products with the trademark” Eaton” which was licensed to them by Eaton Electrical Group.,Without the control of IP rights, companies will face troubles in going to public.,5,1、上市公司利润被转移风险 Profits of listed companies are a

6、t risk of being transferred 案例：上市后关联许可：五粮液集团的后续商标许可 Case: Related license after going to public Subsequent trademark licenses of Wuliangye Group 结论：知识产权成为转移上市公司利润的重要杠杆 Conclusion: Intellectual Property has become an important leverage of transferring profits of listed companies.,1.1 上市公司知识产权的结构安排风险

7、Risks of IP Structure Arrangements,6,1.1 上市公司知识产权的结构安排风险 Risks of IP Structure Arrangements,2、大股东现金套现风险 Risks of Big Shareholders Cashing out 案例：上市后的关联交易：三九胃泰的商标转让 Case: Related license after going to public A trademark transfer of Sanjiu Enterprise Group 结论：知识产权成为上市公司大股东套现的重要工具 Conclusion: Intellec

8、tual property has become an important tool for big shareholders of listed companies to cash out.,7,1.1 上市公司知识产权的结构安排风险 Risks of IP Structure Arrangements,3、大股东退出的遗留问题 Leftover Problems arising from withdrawal of shareholders 案例1：承德露露的两次交易 Case 1: Two transactions of Hebei Chengde Lolo Co., Ltd. 案例2：

9、国美之争可能产生的商标问题 Case 2: Trademark issues resulting from the GOME disputes 结论：控制股权未必就能控制上市公司 Conclusion: Controlling the share does not mean controlling the listed company.,8,1.1 上市公司知识产权的结构安排风险 Risks of IP Structure Arrangements,4、股权发生变动但知识产权未动 Changes happen in shares while intellectual property righ

10、ts remain unchanged. 案例：三联商社的商标转让条款无效 Case: The clause of trademark transfer of Sanlian Shop was invalid. 结论：知识产权的产权结构安排须预见到股权变动的问题 Conclusion: Changes in shares should be foreseen when making IP structure arrangements.,9,1.2 上市公司知识产权的信息披露问题Information Disclosure about Intellectual Property Rights i

11、n Listed Companies,1、我国上市公司知识产权信息披露的总体情况 Overall situation of information disclosure about IP rights in listed companies in China （1）披露知识产权信息的上市公司近年来日渐增多 There is an increasing number of listed companies that disclose information about their intellectual property rights. 表1：历年披露知识产权信息的沪市A股上市公司数量 Num

12、ber of A-share listed companies in SSE disclosing information about IP rights in the past 9 years,10,（2）创新型中小上市公司更重视知识产权信息披露 Innovative SME place more emphasis on disclosing information about intellectual property rights. （3）上市公司披露的知识产权信息日益丰富 Information disclosed by listed companies has become incr

13、easingly abundant.,1.2 上市公司知识产权的信息披露问题Information Disclosure of Intellectual Property Rights in Listed Companies,11,（4）知识产权在上市公司信息披露中日渐突出 Intellectual Property Rights has been more and more outstanding among the information disclosed by listed companies. 朗科科技2009年年报： “专利”一词更是出现了358次。 “Patent” was me

14、ntioned 358 times in the annual report of Netac Technology Co. Ltd in 2009.,1.2 上市公司知识产权的信息披露问题Information Disclosure of Intellectual Property Rights in Listed Companies,12,1）知识产权相关词汇的词频统计 Word frequency count of IP-related vocabulary,1.2 上市公司知识产权的信息披露问题Information Disclosure of Intellectual Propert

15、y Rights in Listed Companies,copyright,trademark,patent,Intellectual property right,13,（2）创业板公司知识产权拥有量情况 Ownership of intellectual property rights of listed companies in growth enterprise market,1.2 上市公司知识产权的信息披露问题Information Disclosure of Intellectual Property Rights in Listed Companies,copyright,t

16、rademark,proprietary technology,patent,14,1.2 上市公司知识产权的信息披露问题Information Disclosure of Intellectual Property Rights in Listed Companies,15,2、上市公司知识产权信息披露的主要问题 Major problems in disclosed information about IP rights in listed companies （1）知识产权信息披露不真实 The information disclosed is not true. （2）知识产权信息披露

17、不准确 The information disclosed is not correct.,1.2 上市公司知识产权的信息披露问题Information Disclosure of Intellectual Property Rights in Listed Companies,16,（3）知识产权信息披露不完整 The information disclosed is not complete. （4）知识产权信息披露不及时 The information is not disclosed in time. （5）知识产权信息披露不全面 The information disclosed i

18、s not all-rounded. （6）知识产权信息披露程度不相同 The information disclosed differs.,1.2 上市公司知识产权的信息披露问题Information Disclosure of Intellectual Property Rights in Listed Companies,17,（7）知识产权信息披露内容不明晰 The information disclosed is not clear. （8）知识产权信息披露细节不一致 The details of the information disclosed are not the same.

19、 （9）知识产权信息披露用语不规范 Expressions used in information disclosure are not standard.,1.2 上市公司知识产权的信息披露问题Information Disclosure of Intellectual Property Rights in Listed Companies,18,3、上市公司知识产权信息披露问题的成因 Reasons for the above problems （1）缺乏制度上的系统规范 Lack of systematic and standard mechanism 没有统一的知识产权信息披露标准指导

20、 Without uniform and standard guidance on information disclosure about intellectual property rights,1.2 上市公司知识产权的信息披露问题Information Disclosure of Intellectual Property Rights in Listed Companies,19,（2）出于利益考虑披露失当 Inappropriate disclosure in consideration of interests （3）对于知识产权不太了解 Not have a full unde

21、rstanding of intellectual property （4）不认为属于重要的信息 Regarding intellectual property as unimportant information （5）相关机构尽职调查不当 Improper due diligence of related institutions,1.2 上市公司知识产权的信息披露问题Information Disclosure of Intellectual Property Rights in Listed Companies,20,4、上市公司知识产权信息披露不当的后果 Outcomes of inappropriate information disclosure about intellectual property rights in listed companies （1）受到监管机构的监督处罚 Be supervised and punished by regulator （2）影响上市公司的发行交易 Affect the issue of stocks and transactions