智慧財產證券化—以資產移轉過程中相關法律爭議為中心

Intellectual Property Securitization — A Study on Assets Transferring

曾瓊儀(Chiung-Yi Tseng)

指導教授 ： 黃銘傑

中原大學/商學院/財經法律研究所/碩士(2009年)

https://doi.org/10.6840/cycu200900081

摘要

論文摘要
隨著知識經濟時代的來臨，專利權、著作權、商標權等智慧財產或其他無形資產，已成為個人或企業核心競爭力的關鍵。在此同時，以智慧財產為核心的個人或新創企業，卻因為智慧財產所具有之無體性、價值不易認定等特性，使其在常態融資市場籌集所需資金時遭逢諸多障礙。因此，如何創新籌資管道，成為目前政府及智慧財產權人當務之急所需解決的問題。
關於智慧財產籌資，我國可參考國外近幾年興起並蓬勃發展的「智慧財產證券化」。研究結果顯示，智慧財產證券化的籌資方式，縱然能為智慧財產擁有者與投資人帶來諸多優點，但正如硬幣的一體兩面，相對的也有風險及缺點存在。因此，本文希冀藉由探討國外智慧財產證券化實施經驗與理論，分析歸納智慧財產證券化成、敗因素；並進而審視我國將來發展智慧財產證券化，可能遭遇之諸如法制基礎、適格資產、將來債權移轉及資產移轉是否真實等等的法律問題與瓶頸，同時嘗試提出具體解決之道，作為我國未來制定相關法規和實務配套措施之參考。
本論文之架構共分為五章：
第一章說明本論文研究動機、目的、方法、範圍與限制。
第二章針對國內現行可能採行的智慧財產籌資方式為介紹與分析。並從創新籌資管道觀點，思考我國引進智慧財產證券化籌資方法可能性。
第三章將先對一般資產證券化為基本概述，俾利對資產證券化有基本認識；其次則是論述智慧財產證券化相關議題，包括意義、架構、運作過程中可能面臨相關風險，並進而分析與說明，智慧財產證券化運作過程中相關機制係如何對該等風險為控管與移轉；最後，在介紹完智慧財產證券化所具有之功效後，則嘗試以美國實務相關案例對前述理論為實證分析。
第四章主要探討我國未來實施智慧財產證券化可能面臨相關法律問題。包括證券化適格資產之分析與論述、我國推動智慧財產證券化法制基礎之探討；其次，將針對「資產移轉」過程所會面臨相關法律議題為論述，包括資產移轉機制之特殊目的機構的介紹、另外則依所移轉資產種類不同，對於國內現行法制下相關移轉之公示制度加以評述；最後，對於資產之移轉是否真實，茲以美國法上所發展出之「真實買賣」檢驗標準為參考依據，探討我國固有法制相關規定之妥適性。
第五章則是總結前面四個章節之內容，希冀能藉由本文之探討，對我國將來實施智慧財產證券化有些許助益及幫助。

關鍵字

智慧財產證券化 ； 融資 ； 資產移轉

並列摘要

Abstract
Patent, copyright, Trademark, trade secret and other intellectual property right had become the key to competition among man or corporation. However, Intellectual property right had suffered many blocks in raising fund in finance market for its character of invisible and difficulty in value determination. Therefore, how to create a new method for raising fund in finance market had become an urgent issue for government and property owner of the intellectual property.
To solve the problems above mentioned, Taiwan may refer to “intellectual property securitization”, which developed and rapidly expanded in recent years in other countries. According to the researches abroad, “intellectual property securitization” in raising fund in finance market may bring many benefits, and at the same time, there are also many risks and deficiencies. This essay will discuss the theory and experience of intellectual property securitization in other countries, analyze and generalize the factor and cause of its success or failure, discuss the issue of legal system of Taiwan, and what problems we might encounter in the future when our country try to apply this intellectual property securitization into practice, such as adequate asset, transfer of credit right and alteration of asset of intellectual property. At the same time, this essay tries to address the solutions of the problems abovementioned, as the reference to the constitution of legal system and other applications in practice for Taiwan in the coming future.
This essay has five chapters,
Chapter 1 conveys the motive, purpose, method, scope and restrictions
Chapter 2 introduces and analyses the methods Taiwan might apply for raise fund toward intellectual property, and discuss the possibility to apply the legal system of intellectual property securitization in raising fund in finance market in Taiwan.
Chapter 3 will fist provide a general and basic description on the subject of asset securitization. Then will discuss other related subjects, such as denotation, theory, framework, risks might encounter when operate, how to control the risks, and at last, illustrate and analyze with cases of U.S.A.
Chapter 4 will discuss the legal problems Taiwan might encounter when Taiwan operate intellectual property securitization, including analyses on asset securitization, discuss the legal system of Taiwan when operate intellectual property securitization, then will discuss the related legal issues of asset transfer, including the institution of asset transfer, the public-exhibit doctrine in the legal system of Taiwan, and at last, discuss Taiwan’s legal system by reference with the “actual bargain doctrine” in the legal system of U.S.A..
Chapter 5, Conclusion, summarize of the 4 chapters above.
This essay may provide some benefits and ideas to the intellectual property securitization in Taiwan in the future.

並列關鍵字

IP securitization ； financing ； assets transferring

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