- 學位論文
專利權擔保融資評價方法之研究-以懷特公司為例
A Study of the Intellectual Property Financing Evaluation Method – Taking PhytoHealth as an Example
摘要
在知識經濟的時代，企業所憑藉的已不是過去的土地、勞力、資本，而是無形的智慧資本才能創造高報酬。因此，將智慧資本做適當的衡量與評價，並予以量化為資產價值，可以使企業獲得資本市場的認同而取得資金的挹注。 台灣在政府積極參與下，於2010年由金管會鼓勵銀行增加對中小企業、新興產業放款，例如，文創產業的無形資產鑑價，而政府會協助排除放款障礙。目前交給銀行公會評估共同的考量標準，推動銀行可透過無形資產鑑價，協助新興產業取得融資。由於台灣尚無量化的市場交易價格，因此，如何建立銀行及企業均能接受的客觀鑑價方法，使企業靈活運用智慧財產權設定抵押以籌措資金，實有深入研究的必要，則為本文研究動機。 綜上所言，本文之研究從實務觀點以個案分析加入使用風險調整後淨現值法(rNPV)和實質選擇權法新興鑑價理論，鑑估生技製藥產業的新藥專利價值，分析的過程中定性與定量分析並重。研究結果風險調整後淨現值法產生的收益價值，較符合產業所推估之價值，而實質選擇權法則適用在研發時期成功機率不高階段，個案實作期望能提供作為銀行承作智慧財產權融資業務時內部鑑估之參考依據。
並列摘要
In the times of knowledge economy, what enterprises depend on to create a higher return is not only land, labor and capital, but intangible intellectual property as well. Therefore, by creating a model to evaluate intellectual property fairly and evaluate it as financial assets, enterprises with intangible assets will be able to reveal their true values to investors and hence gain capital funding from the market more effectively. Whereas the Taiwan government has conducted positively since 2010 on the matters through the Financial Supervisory Commission, R.O.C. (the “FSC”), it encouraged banks to grant loans to small and medium enterprises or emerging industries in Taiwan. In order to help some industries to overcome obstacles, like the culture and creative industryies, with intangible assets which are difficult to appraise them, the Banker Association of the Republic of China has been authorized by the FSC to establish common standards for evaluating these intangible assets, so that banks are capable of appraisal of intangible assets and grant loans to emerging industries. Given that the concept of quantified market fair value of intangible assets remains vague in Taiwan, this dissertation is aimed at studying how to establish an objective evaluating method accepted by both banks and enterprises and facilitates enterprises to pledge intellectual property as a way of finance. This research is conducted through a practicable view to valuate the economic value of new drug patent in biopharma industries by applying newly appraisal theories, risk-adjusted net present value approach (rNPV) and real option method. Qualitative analysis and quantitative analysis will be evenly considered during the process of this study. The results show the values from rNPV fit the industry estimated values more than real option method, and the real option method, however, is suitable for intellectual property on the prior stage that the probability of success is not so high. It is hoped that this research can provide banks for their reference when they conduct internal appraisal regarding intellectual property financing business.