智慧財產證券化之研究

目前智慧財產占國際企業總體財產比重已超過80%，顯示其已躍身一變成為企業最重要資本之一，世界各國無不致力推動無形資產融資，協助呈現其真實價值。臺灣於2017年修正產業創新條例時，特別涉及無形資產評價之人員、評價基礎、資料庫建立等規定，其中第13條第1項第4款明示無形資產證券化交易之推行，應由經濟部會商金融主管機關及其他相關機關辦理，顯見我國對智慧財產證券化推動之決心。現今智慧財產之相關融資方式及工具，包含自行經營與投資、權利移轉、擔保工具、群眾募資、公司法特殊籌資方式及創投事業資助等，惟鑒於擔保市場向來以有形資產為主，為避免過度受市場波動性影響，考量智慧財產權人仍得保留權利，盡其最大效用之目的，智慧財產證券化仍有其實益。本文藉由概述比較法智慧財產證券化之規範，分析相關案例實務運作所遭遇之挑戰及經驗，且探究臺灣智慧財產證券化制度法典化之可能性。又基於智慧財產證券化源於資產證券化相關制度，除針對現有金融資產證券化法制進行調整外，亦建議增訂智慧財產相關法律之專章規定。對金融資產證券化規範之修正，主要係針對金融資產標的範圍之明確化、破產隔離法制建構議題，及特殊目的公司現行法制等爭議，而於專章規定，包含一般性之總則規定、智慧財產證券化之適用範圍、證券化標的之考量因素、證券化架構之設計、資訊公開之要求、信用增強之補足、現行鑑價制度概況及智慧財產擔保法制配套等事項，以期本文對臺灣智慧財產證券化立法、制度化，以及其在學理及實務應用有所助益及參考價值。

關鍵字

智慧財產；智慧財產證券化；智慧財產融資；金融資產證券化；不動產證券化；無形資產鑑價；估價

並列摘要

Nowadays, intellectual property accounts for more than 80% of the total assets of international enterprises, indicating that it has become one of the most important capitals of enterprises. Countries of the world are committed to promoting intangible asset financing and assisting in presenting its true value. When Taiwan revised the Statute for Industrial Innovation revision in 2017, it particularly involved the personnel, evaluation basis, and database establishment of intangible asset evaluation. Article 13, paragraph 1, and paragraph 4 clearly state that the implementation of intangible asset securitization transactions should be carried out by the Ministry of Economic Affairs and other relevant agencies, which show the determination of promoting the securitization of intellectual property in Taiwan. The current financing methods and tools for intellectual properties include self-management and investment, transfer of rights, guarantee tools, crowdfunding, special financing methods under company law, and venture capital funding, etc. However, since the guarantee market has always been dominated by tangible assets, to avoid being excessively affected by market volatility, considering that intellectual property rights holders can retain their rights, and maximize their effectiveness, the securitization of intellectual property still has its benefits. This article outlines the norms of comparative intellectual property securitization, analyzes the challenges and experiences encountered in the practical operation of relevant cases, and explores the possibility of codification of Taiwan's intellectual property securitization system. Also, intellectual property securitization is derived from asset securitization, so this text suggests adjusting the existing financial asset securitization legal system and add a special chapter related to intellectual property. The amendments to the financial asset securitization regulations are mainly aimed at clarifying the scope of financial assets, the issue of the establishment of the legal system for bankruptcy remote, and the current legal system of special purpose companies. The special chapter for intellectual property securitization includes general provisions, the scope of intellectual property securitization, the consideration factors of the securitization target, the design of the securitization structure, the requirements of information disclosure, the supplement of credit enhancement, the current appraisal system, and the intellectual property guarantee legal system, etc. I hope this thesis can benefit Taiwan Intellectual Property Securities Legislation and institutionalization, being helpful for academic theory and practice.

並列關鍵字

Intellectual Property ； Intellectual Property Securitization ； Financial Asset Securitization ； Real Estate Securitization ； Intangible Assets Appraisement ； Estimate