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    Title: 自然人未來收入權益憑證交易所之創新經營模式研究
    An Innovative Business Model for Security Exchange Market of Personal Future Income
    Authors: 李慶楠
    LI, Qing Nan
    Contributors: 許牧彥
    Hsu, Mu Yen
    李慶楠
    LI, Qing Nan
    Keywords: 人力資本證券化
    自然人
    未來收入權益憑證
    未來收入權益憑證交易所
    社交網絡
    Human Capital Securitization
    Individuals
    Individual Future Income Ownership Share
    Human Capital Share Exchange Market
    Social Networks
    Date: 2014
    Issue Date: 2015-02-03 10:34:38 (UTC+8)
    Abstract: 中國出國留學人數與日俱增，在這一大背景下潛藏著兩個問題：低收入家庭子女或者弱勢學生儘管有留學意願，但在現有金融體系下面臨留學資金難獲得的問題；部分有財力自費出國的學生花費巨資進行教育投資，但留學畢業後獲得的實際薪資與原本的預期薪資存在較大差距，留學投資難以在畢業後較快收回，自身教育投資的風險無法分散。
    透過相關鑽研探討，本研究發現以往文獻中有提到的兩個重要概念：自然人收入權——一個自然人對於未來收入的所有權，這一所有權可以被等分、定價、出售、轉讓、贖回；自然人收入權益交易市場——一個可以發行與自然人未來收入權益憑證的交易市場。可是為什麼歷史上沒有出現這樣的收入權益交易所呢？本研究認為在歷史上實現一個這樣交易市場的交易成本太高了，這一交易成本包括：搜尋成本、協議成本、定約成本、監督成本與違約成本，本研究發現近期相關文獻指出互聯網的出現尤其是社交網絡的發明極大地降低了商業活動的交易成本，由於交易成本可以被現有互聯網科技工具降低，本研究認為自然人收入權益交易所有望在我們這一世代實現，而它的實現形式要依托社交網絡。
    因此，本研究透過研究自然人未來收入證券化的方式解決上述問題：自然人可以在一種社交網絡形態的證券交易所—也就是自然人未來收入權益憑證交易所內出售其未來收入所有權憑證份額的方式籌集資金，扶住弱勢學生以及使得自費出國人群的教育投資風險得以分散；弱勢學生好比是輕資產的新創公司，弱勢學生在抵押授信無法獲得資金的情況下可以向投資人發行股份（未來收入權益憑證）募集資金，而擔心自己教育投資風險的人則可以以發行股份的方式把未來職業生涯發展的風險分擔給投資人，同時投資人亦能分享到募資人的未來收益；另外本文透過量化和質性之混合研究方法對於使用者意願進行了深入調研，對於商業模式的可行性進行了充分驗證。本研究中的交易所商業模式創新可以用較低的成本實現人力資本證券化，不僅適用於自然人教育募資，而且未來也可以延伸到自然人創業募資、藝人球員募資等領域。
    本研究也發現了自然人在發行股份情境下以及投資人投資自然人未來收入權益憑證（人力資本股份）情境下一些新的現象和行為特性，而這些都值得社會科學領域在未來進行進一步的深入探討。
    As more and more Chinese students go abroad for education, there exits two main tough problems: firstly, the students from low-income families almost cannot get enough fund for abroad studying although they do have strong intention to go abroad under the present financial system in China ;secondly ,part of the students ,who invest their own human capital so much for receiving higher education ,face the dilemma that the actual salary after graduation may be under their previous expectation ,which means that the risk of investing their own education cannot be diversified and the investment may not get paid back as expectation.

    Through literature discussion, this research found two important concepts: individual future income ownership, which can be divided ,priced ,sold ,transferred ,and redeemed ;individual future income ownership share exchange market ,which can help the individuals issue and trade future income shares .But we have to ask that why there did not emerge such exchange market in history ?This research suggests that it`s because the transaction cost ,which contains searching cost ,negotiating cost ,contracting cost, supervising cost and defaulting cost ,is too high in history .According to the recent paper published ,this research found that as the emergency of internet ,especially the social networks can cut down the transaction cost greatly in commercial activities .As the internet technological tools can reduce the transaction cost, this research suppose that the individual future income share (human capital share exchange) can come true in our generation and the exchange market needs to rely on the social networks.

    This research proposed business solutions ,which suggests that the individuals can issue future income shares to investors through a social network-style stock exchange market, to such problems so that it can enable the disadvantaged students go abroad and diversify part of the students` human capital investment risk ;the disadvantaged students are quite similar to the start-up companies ,which usually do not have too much assets and unlikely to get loan from bank ,so the disadvantaged students can issue future income shares (human capital shares) to investors to get fund and also the students who worry about their future career development risk can share both the risk and income with the investors by issuing shares to them ;moreover ,this research had verified the business model adequately through mixed research method ,which contains qualitative and quantitative methods .The business model that this research proposed can achieve human capital securitization low costly and it can be not only applied in individual education funding but also can extend to start up funding ,athlete training funding and actor funding.

    This research also found some new phenomenon and human behaviors under the context the individuals issue shares to investors and investors invest the shares .These new findings worth further deep researching in the social science discipline in the future.
    Reference: 英文文獻
    Li, Qingnan. (2012). A mechanism of financial innovation that can alleviate human poverty: A designed concept about stock of human income rights and income rights trading market mechanisms. 全國金融學研究生學術論壇. 上海: 復旦大學.
    Cheung, S. N. (1969). The Theory of Share Tenancy. The University of Chicago Press.
    Dutta, S., Kwan, S., & Segev, A. (1998). Business transformation in electronic commerce: A study of sectoral and regional trends. European Management Journal, 540-551.
    Fleuriet, M. (2008). Investment Banking explained: An insider`s guide to the industry. McGraw-Hill.
    Lampe, C., Ellison, N., & Steinfield, C. (2007). A familiar face (book): profile elements as signals in an online social network. Proceedings of the SIGCHI conference on Human factors in computing systems (pp. 435-444). ACM.
    O`Conor, G., & O`Keefe, B. (1997). Viewing the Web as a marketplace: the case of small companies. Decision Support Systems, 171-183.
    Tapscott, D. (1997). Strategy in the new economy. Strategy & leadership, 8-14.

    中文文獻
    Leonard-Barton, D. (1998). 知識創新之泉. 台北市: 遠流出版社.
    許牧彥. (2010). 創新螺旋——Innovation SCREW. 國立政治大學, 科技管理研究所, 台北市.
    溫肇東, & 許牧彥. (2004). 創新機制在政府部門之應用. 國立政治大學, 科技管理研究所, 台北市.

    網絡資料部分
    1.拍拍貸官方網站。取自：http://www.ppdai.com/
    2.中國《證券法》。取自：
    http://www.gov.cn/flfg/2005-10/28/content_85556.htm
    3.中國《非法金融機構和非法金融業務活動取締辦法》。取自：
    http://big5.gov.cn/gate/big5/www.gov.cn/gongbao/content/2011/content_1860858.htm
    4.中國國家知識產權局專利檢索與查詢系統。取自：http://www.sipo.gov.cn/zljsfl/
    5.人人貸官方網站。取自：http://www.renrendai.com/
    Description: 碩士
    國立政治大學
    科技管理與智慧財產研究所
    101359043
    103
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0101359043
    Data Type: thesis
    Appears in Collections:[Graduate Institute of TIPM] Theses

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