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  • 學位論文

企業併購之智慧財產盡職調查與風險分析-以專利權及營業秘密為中心

Intellectual Property Due Diligence and Risk Analysis in Merger Acquisition: Focusing on Patent and Trade Secret

指導教授 : 謝銘洋
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摘要


知識經濟時代,智慧財產是企業強化競爭力的關鍵,善用智慧財產創造自身產品、服務與其他競爭者之差異性,以獲取更高的毛利及更廣大的市場。企業欲取得智慧財產的方式眾多,但由於智慧財產權往往需依賴特殊人才或文化,自行開發成本可能相當高昂,再加上智慧財產權往往具有獨占性,因此,以尋求技術為導向的併購,遂成為企業取得既有智慧財產權的重要方法。併購交易之協商過程中,交易當事人難免為了謀求各自利益而隱惡揚善,尤其當併購標的複雜程度高或跨領域併購時,理論上資訊不對稱程度更高。為協助交易當事人弭平資訊落差並掌握交易風險,以發見智慧財產風險為主要目的之智慧財產盡職調查因運而生,並且重要性與日俱增。 智慧財產盡職調查複雜程度高,然而企業投入併購的時間、成本及資源均有限,如何有系統性地對標的進行重點調查,是最為核心且務實的課題。本研究從風險管理觀點思考企業於盡職調查前後如何應對科技併購之風險後,回首檢視智慧財產盡職調查之應然,並自歷史事件、實際存在之併購契約、國內外律師從事盡職調查的經驗,歸納出智慧財產盡職調查之重點面向,將作為科技併購首要標的之專利權分為專利權有效性、專利權歸屬、專利權負擔與專利侵權風險四大調查重點。與專利權共同為企業交互運用以保護技術內容的營業秘密,則分為營業秘密盤點、保密措施與侵害他人營業秘密風險等三大調查重點。 此外,營業秘密有別於其他智慧財產權,具有非必要否則不輕易公開的秘密性,與目的為挖掘目標公司資訊的盡職調查之間,存在本質意義的衝撞,且實務上屢有因盡職調查而衍生營業秘密侵害之事件,因而本研究亦針對營業秘密保護在盡職調查過程中之困境進行討論。 綜合以上主題,本研究盼能提供擬為科技併購之主併公司進行盡職調查時的參考,以及以申請上市(櫃)或尋求被併購為目標之新創公司未來從事智慧財產交易與內部智慧財產管理的方向。

並列摘要


Every day, businesses large and small are seeking to be acquired, in whole or in part. While such efforts are often described broadly as “M A activity”, IP-oriented M A activity is much more commonly aimed at “Acquisitions” than “Mergers”. There are multiple ways to acquire high-end technology for enterprises. Given that there will be significant costs to develop cross-domain technology internally and that licensees should prepare to sacrifice their freedom of use of licensed technology, technology acquisition could be the most accountable and efficient way in seeking high-end technology. In case target companies may not reveal or discover all potential risks, and may exaggerate the advantages of their IP, intellectual property due diligence must be conducted by acquirers in the business decision-making process. There is no doubt that the prosperity of IP-oriented M A has grown progressively as well as the importance of IP due diligence. Considering the extreme complexity of IP due diligence and the limited time and cost on due diligence, it’s the heart of the matter for acquire to systematically investigate the points of the target companies’ IP. From the perspective of risk management theory, this study has attempted to suggest some approaches to identify and address the risk involved with IP-oriented M A. By reference to numerous historical disputes, M A agreements, and articles written by lawyers practicing due diligence, this study generalizes some considerations worth emphasizing in the process of IP due diligence, primarily for patent diligence and trade secret diligence. The patent diligence should focus on (a) validity (b) ownership (c) encumbrance (d) risk of infringement. On the other hand, it requires considerations of (a) inventory management of trade secrets, (b) reasonable maintenance measures (c) risk of infringement when conducting trade secret diligence. Different from trademark, copyright, and patent right, “secrecy” keep trade secret from disclosure which is exactly what the acquirers ask for in the process of IP due diligence. In fact, some cases have shown that misappropriation of trade secrets did happen because of due diligence. By now, it should be urged to recognize the importance of trade-secret protection in the process of due diligence. It is hoped that this study could make a modest contribution toward the IP due diligence in M A activities, and assist the start-ups looking for IPO or being acquired in making long-term business decisions on intellectual property transactions.

參考文獻


一、 中文部分
(一) 專書
1. 王志誠、李書孝主編(2020),《企業併購法實戰守則》,第二版,臺北:新學林。
2. 王精偉等著(2011),《企業併購策略與最佳實務》,臺北:資誠教育基金會。
3. 劉連煜(2016),《證券交易法實例研習》,第十四版,臺北:元照。

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