論智慧財產權證券化的法律問題―以證券化法、擔保設定及破產問題為核心 Legal Issue in IP Securitization: Securitization Law, Guarantee Setting and Bankruptcy

Abstract

智慧財產權證券化係承襲資產證券化之基本架構，肇始於1960 年代美國房地產市場，一直到1997 年始首度運用至智慧財產權領域。若從資產證券化市場過去榮景觀之，智慧財產權證券或可成為重要的金融商品及成為中小企業有力融資之管道。然因基礎資產特性所限（智慧財產價值不易確定、不易管理等因素），智慧財產權證券化至今仍有某些困難尚待克服。主要原因之一乃在於智慧財產權證券化現金流量之可預測性及穩定性較不易掌控，導致投資人寧可選擇其他商品。因此，從商業面及法律面強化現金流量之訂定 性與增加其可預測性為推動智慧財產權證券化之重要條件。本文以此觀點探討智慧財產權證券化的幾個法律問題，包括是否制定專法、目前智慧財產權設定擔保及登記制度有無改進空間，以及權利人破產時破產管理人之處置對於證券化之影響等，以比較法的方式探討智慧財產權證券化較成熟的美國市場之相關規定，以為臺灣的相關法規提出建議，希冀對於臺灣智慧財產權證券化的推動有所助益，並改善國內企業之籌資管道。 The word “Intellectual property (IP) securitization” was originated from asset securitization, which started being used in the U.S. real estate market from 1960s, and introduced to the IP field initially first in 1997. In accordance with the prosperous market of asset securitization in the past, it is reasonable to deduce that IP securitization will play an important role as a financial instrument as well as a powerful financing tool for small and medium enterprises. However, due to different characteristics of tangible and intangible assets, IP is hard to manage and it has relatively unstable value, thus creating obstacles in IP securitization. The main obstacle may come from lesser stability and predictability of cash flow in IP securitization, which result in investors’ preference in other financial instruments. Therefore, increasing the stability and predictability of cash flow from legal and business aspect, shall be critical to the motivation of IP securitization. This study is to investigate several legal issues in IP securitization, such as specialized legislation, improvement on IP rights registration and guarantee filing system, influences on securitization by bankruptcy trustee’s decision upon originator’s bankruptcy, etc. The discussion will explore relevant regulations in the mature market of U.S. IP securitization, and make comparison and give advices to relevant domestic regulations, providing a greater motivation of IP securitization in Taiwan and improve domestic enterprises’ funding pipeline.

Keywords

• 資產證券化
• 真實買賣原則
• 智慧財產權證券化
• 破產隔離
• 尚待履行之雙務契約
• Asset Securitization
• True Sale
• Securitization of Intellectual Property
• Bankruptcy Remote
• Executory Contract