智慧財產證券化初探

智慧財產證券化架構可分為二：一是透過金融資產證券化條例，將智慧財產權利金收益進行「債權證券化」。二是以智慧財產權本身作為基礎資產的「資產證券化」，需透過立法始得為之。然而，現行法對於真實買賣之判斷標準不明、著作權與權利金債權等不需公示之權利並未提供權利歸屬狀態的公示方法、傳統民法之權利瑕疵擔保責任無法發揮其風險分配之功能，再加上目前專利與商標權權利質權之設定採取登記對抗主義，對於投資人保護是否充足容有疑義，本文爰以比較法的角度，建議可能的解決模式，包括將來債權移轉時點必須提前、設立「資產證券化公開資訊觀測站」、智慧財產權利設定採取登記生效要件主義等等。智慧財產權證券化成功關鍵在於現金流量之估算，不過智慧財產權與一般資產相較，尚有移轉後發生無效爭議、專利侵權訴訟、強制授權等特殊風險，除建立具有公信力的智慧財產權鑑價機制外，本文認為重點在於外部信用增強機制，以加強投資人對商品的信心。

關鍵字

智慧財產；證券化；智慧財產證券化；智慧財產融資；資產證券化

並列摘要

IPR securitization can be fulfilled by borrowing the channel of debt securitization under the current Financial Assets Securitization Act. However, the securitization of IPR itself may not be permitted. This paper also detects some possible legal barrier to IPR securitization and tries to introduce the practices of other countries for our future reference. It is suggested that the effective date of future debt transfer shall be the contract date. For investors' protection, registration shall be an effective condition for the pledge of IPR. It is also suggested that an open information system shall be established for the distribution of the material information of intellectual property securitization. The highly frequent rates of IPR infringement suits and the possible compulsory licensing cases are distinct feature and risks of intellect property. Credit enhancement mechanism may be essential to establish investors' confidence in such product.