科專研發成果運用證券化模式之法制實踐

Intellectual Property Securitization in Taiwan-A Study Relating to New Utilization Pattern of R&D Outcomes

陳郁庭

《科技法律透析》 19卷5期 (2007/05) Pp. 30-61

https://doi.org/10.7062/STLR.200705.0030

摘要

在新經濟時代之中，科技儼然成爲引領潮流的樞紐，能夠帶來不同以往的全新生活。然而，經濟學家席勒(Robert J. Shiller)及席格(Jeremy J, Siegel)曾經表示，科技進步未必能夠同步帶來企業獲利，重要的是如何善加運用。在此種思潮帶動之下，各國企業嘗試跳脫技術授權或技術交換等傳統方式的框架，積極尋覓嶄新的運用方式，而1970年「資產證券化」概念正式出現後，智慧財產權的運用更是邁入全新階段。
事實上，活絡研發成果多元運用的需求，不僅存於民間企業，亦存在於各國政府推動科技研發的情形當中。就我國而言，經濟部自60年代起挹注龐大經費投入科專計畫，其後更著手研擬研發成果效益提升之再造工程，企求發揮科專研發成果之最大綜效。然而，科專研發成果證券化在我國是否具有可行性及必要性？在法制面向上容易引發哪些重要議題？又，在我國政經環境之下，此項運用模式之優勢、劣勢、可能威脅及發展機會何在？有必要詳加評估。爲此，本文將針對上述各項重點予以深入介紹並分析之。

關鍵字

智慧財產 ； 證券化 ； 特殊目的機構 ； 研發成果 ； 法人研究機構

並列摘要

Bowie Bonds broke a new frontier in financing by using a form of intellectual property (IP) securitization in 1997. This paper purposes to address the practical development of this pattern, to indicate the benefits and risks, and to analyze the underlying legal structure by conducting a research in area of Asset Securitization Law, Intellectual Property Law, Civil Law, Contract Law, Bankruptcy Law and so on. Particularly, it distinguishes this new pattern from traditional utilization like IP licensing and IP exchange. In Taiwan, asset backed securitization is budding, and IP securitization is expected to be a promising direction. Moreover, the government has allocated huge amount of resource to implement TDP (Technology Development Program) since 1970s, and has attained abundant outcomes (including a lot of IP) with respect to the technology research in various domains. How to create a brilliant performance of these outcomes by using an efficient method is an vital issue for improving the performance of TDP. This paper not only addresses this new utilization pattern at length, but also explains several important legal arguments surrounding this subject. Finally, it clarifies the factors which have implications on the success of this pattern as an overall assessment to this study.

並列關鍵字

asset backed securitization ； intellectual property ； originator ； SPV ； asset pool ； structured financing ； Bowie ； Dunkin' Donuts