Feasibility Analysis of Patent Backed Securitization

資產證券化（Asset Securitization）是自1970年代以來的一種新興融資方式，其特點在於以特定資產之預期未來現金流量，做為日後償還本息的基礎（或擔保），來發行證券，而非傳統授信時著眼於借款人之整體獲利能力。專利權證券化即是以專利權未來所產生的現金流量（專利授權權利金）為擔保基礎，發行證券向投資人募資，以提前獲得一筆資金的過程。2000年耶魯大學（Yale University）將一種可抑制HIV病毒繁衍的愛滋藥物「滋利特（Zerit）」未來權利金收益證券化，為第一宗專利權證券化的案例，開啟了資產證券化市場的新頁。 本篇論文首先整理出實務界常用的數種專利鑑價方法和專利授權權利金的影響因素，接著提出三種專利權證券化的基本概念，分別是專利權擔保貸款債權證券化、含有授權契約之專利權證券化與尚無授權契約之專利權證券化，進而分析專利權證券化所面臨的風險，針對不同產業之生命週期特性給予建議，並提供兩種可能之信用增強方式以供參考，最後也將介紹耶魯大學之專利權證券化個案。 鑑於國內已於民國91年6月通過金融資產證券化條例，相關產品已陸續於市場上推出，證券化技巧可望逐漸成熟，倘若未來能搭配更完善的法律規範和配套機制，例如建立專利鑑價機制、建置專利交易平台以及設立信用保證基金等，相信有朝一日應可提供專利權發明者一種利用專利權的新融資工具，增加其取得資金的管道，最終達到提高產業競爭力之目的。Asset securitization has been a new financing method since the 1970s. The characteristic that differentiates asset securitization from traditional types of financing is that the future repayment of principal and interest comes from expected cash flow generated from specific assets, instead of depending on the borrower’s overall profitability. Patent backed securitization is the process of acquiring funds ahead of time in the means of issuing securities to investors. The collateral for the securities themselves involved the right to future cash flow from the patents, i.e. patent licensing royalties. Yale University securitized its future patent royalty stream on a anti-HIV drug Zerit in year 2000, which is the first case of patent backed securitization. It promises a new era in the asset securitization market. This thesis first reviews several patent valuation techniques frequently used in practice and factors that influence patent royalties as well. Next three basic concepts of packaging patents as asset backed securities are introduced, which is securitization of patent backed loans, securitization of patents with existing licensing agreements and securitization of non-licensed patent rights. The author then analyzes the risk and gives advice in accordance with different product life cycle patterns of industries. Furthermore two potential ways of credit enhancement are mentioned. The case of Yale is also included ultimately. Because of approval of the Financial Asset Securitization Law in June 2002, some transactions were already been launched since then. It is hoped that the securitization techniques and skills will make progress gradually. Patent backed securitization is a new funding tool for inventors to unlock their patent value, provided that there is more matching legislation and mechanism. For example, patent valuation systems, patent exchange markets and credit guarantee funds. As a result, patent inventors can acquire a new mean of financing. Eventually the goal of enhancing industry competitiveness is reached.第一章 緒論 第一節 研究背景與動機 1 第二節 研究方法與目的 2 第三節 研究架構與流程 3 第二章 專利權 第一節 專利權之定義 6 第二節 專利權之鑑價 7 第三章 專利授權 第一節 專利授權定義 19 第二節 專利授權類型 20 第三節 專利授權權利金之影響因素 22 第四節 權利金支付方式 29 第四章 資產證券化概論 第一節 基本概念 32 第二節 發展背景 34 第三節 參與者 36 第四節 市場現況 42 第五節 智慧財產權證券化簡介 44 第五章 專利權證券化之探討 第一節 簡介 48 第二節 風險類型 52 第三節 產業生命週期特性與證券化架構 56 第四節 現金流量之估計、穩定性與信用增強方式 64 第五節 優點 66 第六節 專利權發明人之融資決策 67 第七節 個案探討 73 第六章 結論與建議 第一節 研究結論 77 第二節 研究限制與後續建議 78 參考文獻 7