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    Please use this identifier to cite or link to this item: http://nccur.lib.nccu.edu.tw/handle/140.119/36652

    Title: 智慧財產權融資可行性之分析
    The feasibility analysis on financing intellectual property right
    Authors: 顏瑞全
    Yen, Jui-Chuan
    Contributors: 劉江彬
    Liu, C.B. Paul
    Yen, Jui-Chuan
    Keywords: 智慧財產權融資
    Financing IPR
    High-tech start-ups
    Venture capitalists
    Domestic banks
    Valuation mechanism
    Technology marketplace
    Credit guarantee fund
    Key factors
    Date: 2001
    Issue Date: 2009-09-18 19:06:06 (UTC+8)
    Abstract: 新經濟體系的來臨,以技術為基礎的新創科技公司如雨後春筍般的出現,這些新創科技公司的價值已非過去龐大的有形資產,取而代之的是無形資產,如專利權、商標權、著作權、授權契約或公司的研發團隊等,然而傳統的財務報表係儘反映公司過去的財務狀況和經營成果,對於自行研發而非外購的智慧財產權,卻無法認列在財務報表上,使得公司的價值被嚴重低估,有潛力的公司無法獲得所需資金而功敗垂成,十分可惜。
    By the coming of the new economy, high-tech start-ups are mushrooming like bamboo shoots after a spring rain. The value of high-tech start-ups does not base on hard assets, but of their principal assets. The principal assets contain both the intangible assets and intellectual property right (IPR), such as patent, trademark, copyright, license contract as well as R&D team. However, traditional financial statements record only the past financial profile and operating results of companies. They've invested large amount of money on R&D, and therefore, to obtain the IPR. But the right obtained can not be shown on the financial statements. As a result, a large number of high-tech start-ups are underestimated, and unfortunately, most of the potential high-tech start-ups were not able to survive due to the inability to find the fund needed.
    From the view of the practical operating management, this study discusses problems that should be confronted when operating the financing IPR. Moreover, according to the problems found, the study anticipates by offering the operating mechanism and feasible business models for financing IPR.
    As we know, the majority of risk lies in the fund suppliers when financing IPR, so mostly the feasibility of financing IPR depends on fund suppliers that will receive IPR as collateral under a certain number requirements possessed. Thus, the study will then offer suggestions mainly in terms of fund suppliers, and the focus will be on domestic banks and venture capitalists.
    Based on the literature review, group focus interview, individuall interview, posted survey and so on are conducted for the study.
    Some of insights are derived as bellow:
    1. For overseas countries, the financing IPR is just at the beginning period. There are differences in the business models of financing IPR between western countries and eastern countries.
    2. There are few real cases about financing IPR in Taiwan although there are some basic laws to apply for financing IPR. Nevertheless, more related regulations are needed.
    3. Most of the venture capitalists evaluate high-tech start-ups in an overall way. Hence, excluding a small numbers of high-tech start-ups such as bio-tech companies, IPR is not the only key evaluation factor.
    4. The model of financing IPR has an indirect influence to venture capitalists. They emphasize more on the valuation mechanism and the technology marketplace.
    5. The profit of traditional banks in Taiwan comes from the interest. From the conservative operating system, these banks are hard to accept the financing IPR that is with high risk.
    6. The domestic banks are in short of the IPR valuation and IPR management capabilities. Thus, these problems should first be solved, and then the financing IPR will be able to be taken into action.
    7. The domestic banks are in favor of reducing risk by getting guarantee from the government.
    8. In terms of the whole financial environment in Taiwan, there are lots of difficulties in the concepts of IPR, valuation mechanism, management capability, technology marketplace, laws and decrees and so forth to be confronted.
    Above all, financing IPR has high risk in Taiwan at the moment. Therefore, this paper recommends that feasible business models of financing IPR should be divided as follow:
    1. Short-run business model:
    (1) Diversify the risk of the fund suppliers from the guarantee fund offered by the government.
    (2) Finance IPR by foreign valuation mechanism and technology marketplace.
    2. Long-run business model:
    First, more efforts should be put to set up our own international valuation institutions and technology marketplace. Second, the financing IPR should be taken by contract liberalization principle in compliance with the mechanism of the free market. When both sides agree to the contract, then the deal will be done. By doing so,the IPR financing will be highly promoted at the same time.
    Key words:
    Financing IPR, High-tech Start-ups, Venture Capitalists, Domestic Banks, Valuation Mechanism, Technology Marketplace, Credit Guarantee Fund, Key factors.
    第壹章 緒論-----1
    第一節 研究背景-----1
    第二節 研究動機-----3
    第三節 研究問題-----5
    第四節 研究範圍-----5
    第五節 研究流程-----6

    第貳章 文獻探討-----7
    第一節 新創科技公司融資行為之探討-----7
    第二節 國外智慧財產權融資擔保概述-----14
    第三節 國內智慧財產權融資擔保概述-----22
    第四節 智慧財產權融資的特性-----29

    第參章 研究架構與方法-----36
    第一節 本文架構-----36
    第二節 研究方法-----37
    第三節 研究設計-----41

    第肆章 研究結果與發現-----66
    第一節 焦點團體與個別訪談結果分析-----66
    第二節 問卷調查結果-----832
    第三節 研究發現-----93
    第四節 研究限制-----99

    第伍章 結論與建議 -----101
    第一節 結論-----101
    第二節 建議-----104

    附錄一 第一次焦點團體訪談記錄-----110
    附錄二 第二次焦點團體訪談記錄-----118
    附錄三 「中小企業信用保證基金」訪談記錄-----128
    附錄四 「理律法律事務所」訪談記錄-----131
    附錄五 「富鑫創業投資集團」訪談記錄-----134
    附錄六 「中華開發工業銀行」訪談記錄-----140
    附錄七 智慧財產權融資之可行性分析問卷-----144

    圖1-5-1 研究流程-----6
    圖2-1-1 新創科技公司創新機制示意圖-----11
    圖2-2-1 美國智慧財產權融資運作模式圖示-----14
    圖2-2-2 日本住友銀行智慧財產權融資運作模式-----174
    圖2-2-3 韓國技術擔保事業程序圖-----21
    圖2-3-1 國貿局「自創品牌貸款專案」申請流程-----27
    圖2-4-1 交易商品、交易頻次與統治形式的關係-----3
    圖3-1-1 研究架構-----36
    圖3-2-1 資料蒐集方法-----39
    圖4-1-1 技術商品化機制示意圖-----80
    圖4-1-2 智慧財產權融資之營運模式-----82

    表2-1-1 投資事業各階段之事業特性、目標、與風險-----9
    表2-1-2 新創科技公司資金募集之關鍵要素-----12
    表2-4-1 交易成本因素分析-----30
    表3-2-1 探索性研究和結論性研究的區別-----37
    表3-2-2 本研究之研究方法與研究對象-----38
    表3-3-1 焦點團體訪談出席人員-----46
    表3-3-2 中華開發工業銀行之評等-----52
    表3-3-3 富鑫創業投資公司集團基金一覽表-----56
    表3-3-4 銀行問卷之發放結構-----65
    表4-2-1 受訪銀行目前對智慧財產權之認識程度量表-----85
    表4-2-2 受訪銀行對智慧財產權融資擔保之困難程度量表-----87
    表4-2-3 受訪銀行對智慧財產權融資擔保所需機制之贊同量表-----90
    表4-2-4 受訪銀行對智慧財產權融資營運模式之贊同量表-----91
    表4-3-1 智慧財產權融資困難處-----97
    表5-2-1 智慧財產權融資機制建議-----102
    Description: 碩士
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G91NCCU3262012
    Data Type: thesis
    Appears in Collections:[Graduate Institute of Technology and Innovation Management] Theses

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