摘要
以無形資產作為資金融通的擔保獲取創業與經營的資本，是目前政府和企業經營者們共同的期盼，特別是近年代表企業研發創新能力的專利權。本文探討1990年至2018年美國專利及商標局提供的專利轉讓資料，找出以專利權取得抵押貸款的公司特性。實證結果發現積極投入研發創新活動、企業設立期間較短、資產規模相對較小的高科技產業比較需要藉由專利權抵押取得債務融資，緩解短期資金不足的問題。其次，一旦成功取得貸款後，公司未來五年在資產規模、獲利性、信用評等和股利發放都有良好的績效表現，證明無形資產抵押貸款不只是貸款市場的創新，同時能夠緩解企業的融資需求，提供新的籌資管道。此外，本研究也進一步檢視在美國曾經辦理專利權抵押貸款的企業，作為未來台灣發展此市場之參考。綜上所述，無形資產抵押貸款對台灣未來產業發展具有正面的意涵，能夠協助台灣中小企業升級、強化產業競爭力，並提升台灣整體知識經濟發展水平。
並列摘要
At present, both the government and enterprises are looking forward to using intangible assets as collateral to obtain funds to help start businesses and run companies, especially patent rights, which represent the R D capabilities of enterprises in recent years. This paper discusses the patent assignment data set provided by the United States Patent and Trademark Office from 1990 to 2018, and finds out the characteristics of companies that obtain mortgage loans with patent rights. The empirical results show that the high-tech industries with active innovation activities, short duration and relatively small asset size need to obtain debt financing through patent mortgage to alleviate the problem of short-term capital shortage. Secondly, once the patent mortgage loan is successfully obtained, the company will have good performance in asset scale, profitability, credit rating and dividends in the next five years, which proves that the intangible asset mortgage loan is not only an innovation in the loan market, but also can alleviate the financing demand of enterprises and provide new financing channels. In addition, this study also examines the companies that have applied for patent mortgage loans in the United States, as a reference for the future Taiwan market. To sum up, the intangible assets mortgage loan has positive implications for Taiwan's future industrial development, which can help Taiwan's small and medium enterprise upgrade, strengthen industrial competitiveness, and improve the overall level of Taiwan's knowledge-based economy.
參考文獻
延伸閱讀
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