生技產業為典型的高附加價值、知識導向型產業。由政策面來看，生技產業是我國兩兆雙星計畫中所勾畫出的新興產業之一；近年來，國際間生技產業發展迅速，帶領生技產業走向多元化的發展。然而，我國在這股趨勢洪流中，整體生技產業的發展上並不蓬勃。本研究針對國內從事生物技術研發的重要的研究機構，對於該研究機構在生物技術的智慧財產權保護與技術移轉機制上進行探討，其目的不在於比較各研究機構獲得了多少件專利，技術移轉了多少件項目，而是著重於我國生技產業發展的過程中，產、官、學、研之間的互動及分工關係上的探討。 本研究中的每個研究機構在組織定位、發展歷程、技術類型、組織文化等皆不盡相同，但在我國生技產業發展上皆扮演重要且關鍵角色。希望能藉由個案研究比較分析出各單位在運作機制上的相似處與不同處，更加釐清各研究機構在整個國家創新體系及產業發展的角色與位置。研究目的包括：1. 瞭解研究機構在智慧財產權保護和技術移轉上的運作機制。 2. 探討推動國內生物技術產業發展過程中，研究機構與產業界間連結互動有的關鍵因素。 3. 在研究機構的策略發展和遇到的困難，對於機構內部組織上與政府生技產業政策的推動上給予適當建議。 本研究以研究機構技術移轉單位的『運作流程』、『產研連結』、『技轉策略與個案』三個主要構面來探討我國研究機構在生物技術移轉上的機制。研究方式採用個案研究法以及質化研究法，深度訪談中央研究院、國家衛生研究院、工業技術研究院與生物技術開發中心，四間研究機構的技轉單位主管與技轉專員，獲得以下結論： 1. 技轉單位需要得到機構高層的支持，同時很多重要的技轉案會採跨單位的專案形式為之，整個技轉過程需要跨領域的團隊合作。 2. 在技轉單位內部的運作上，近年開始有將專利業務與技術推廣業務分開之改變，這樣的改變效果短時間還不是很明顯。 3. 專利申請維護的預算也普遍成為技轉單位當下遇到的問題之一。研究機構著重於專利品質，以更貼近產業與市場需求，進而強化技術移轉之成效。 4. 國內在技術移轉後的相互回饋機制略顯不足，仍須再建立更細緻的互動機制來強化後續的技術商品化。 5. 現階段國內生技產業發展不蓬勃，也沒有成功的個案公司，廠商普遍經營困難。研究機構在生物技術移轉會給予比較大的彈性，讓技術繼續開發下去為原則。 6. 技術移轉是相當複雜與專業性高的領域，與市場互動至關密切。而政府在政策上應放在著眼於公平交易與經濟發展方面。現今經濟部已經廢除研發成果『專屬授權』限制的相關規定。然而，在研發成果『境外實施』上的政策法令，仍有許多爭議有待政府重視與鬆綁法令。

本文主要針對台幣兌換美元的匯價，採用移動平均法則給定的交易訊號模擬交易，透過模擬交易得到顯著異於零的超額報酬，試著利用條件資本資產定價模型解釋超額報酬與風險之間的關係。實證結果顯示：在傳統資本資產定價模型下，超額報酬無法透過承擔風險所獲得風險貼水來解釋，但加入金融危機事件的影響後，發現在金融危機期間，市場風險係數下降，異常報酬增加，表示在此期間，即使市場大盤表現不佳，技術分析仍能成功捕捉台幣兌換美元的匯價變動趨勢，使金融危機期間的技術交易報酬平均高於金融危機前後。

在現今知識經濟競爭時代中，新興科技企業不斷地衍生成立，每家企業的技術能量更加地深化與專業化，但企業的技術光譜卻相對變窄許多。因此，企業在面對日益劇烈的產業競爭以及急遽被壓縮的產品生命週期時，能否迅速且確實的取得新技術或是互補技術，以便順利進行「新產品開發」，進而及早推出產品與服務於市場上（time to market），將是決定企業生存的重要課題。 然而，技術供給來源散佈在世界各地的研究機構、大學、與企業之中，如何降低企業搜尋其所需技術的成本，提昇整個經濟體的技術媒合效率，也將是知識經濟時代決定經濟體競爭力的關鍵因素。 再者，知識經濟時代的產業結構大幅轉變：企業從原本重視土地、廠房、生產設備等固定資產價值，轉而追求以知識為基礎的「無形資產」（包含法律所保護的智慧財產權，以及其他如：品牌、商譽、供應鏈或客戶關係管理能力、行銷能力等）。但是，此種發展亦帶來新的挑戰，就是傳統的有形資產評價標準並無法適用於此種無形的智慧資產，如何對知識型產業所重視的「無形資產」進行客觀的評價，乃成為發展知識經濟的另一個關鍵因素。 本研究係以策略性思考（範疇、網路、資源）的角度切入，參照國外知名智慧財產技術服務業者的營運成功特性，並藉由廣泛的次級資料、文獻收集，與多重個案、深度訪談的方式，來審視我國智慧財產技術服務業（以鑑價與技術仲介業者為例）的營運現況，進而對業者提出在經營管理上可行之建議，同時也作為我國政府推動智慧財產技術服務業之政策發展上的參考依據。 本研究所得之研究發現如下：（節錄） 一， 我國無形資產鑑價產業的市場需求持續增加，連帶使得鑑價服務業者的投入意願與服務經驗、能力不斷的向上提升；反觀技術仲介產業因為市場需求還不明顯，因此降低了仲介服務業者的投入意願，技術仲介產業發展因而較為緩慢。 二， 我國智慧財產技術服務業者之策略聯盟情形十分普遍，對於技術事業化的相關活動，如：營運計畫撰寫、協助尋找技術、商品開發、市場分析、投資評估、尋找投資資金、行銷管道……等，皆能透過與策略伙伴的合作搭配，提供全面性的智慧財產技術服務。 三， 我國智慧財產技術服務業之從業人員，具有多重背景（科技、法律、管理）的人才仍然不足；此外，目前政府對於無形資產鑑價與仲介機構仍然無法令可管，對於從業人員的資格也不加限制，使得無形資產「鑑價」與「仲介」服務業者呈現參差不齊的現象，嚴重影響公信力。 四， 無形資產融資貸款的關鍵瓶頸在於：1.「無形資產擔保品後續處置問題（如何再出售？）」。 2.「鑑價機構之公信力（不知如何評鑑鑑價報告？）」 3.無形資產融資貸款者的還款計畫（貸款人需提出完整且可行的營運計畫書，清楚說明現金流量與發生時機）。 五， 我國智慧財產技術服務業之政府主管機關過於分散，加上各部會的溝通、協調缺乏效率，導致政策、法令決策緩慢，使業者無所適從。 由以上各點研究發現，本研究提出幾項建議，如下所示：（節錄） 一， 政府應多加鼓勵產業界運用智慧財產技術服務（尤其是技術仲介服務），進而創造與增進市場需求。 二， 智慧財產技術服務業者應加強與策略伙伴的連結。（尤其是創投，投資顧問公司）。 三， 智慧財產技術服務產業中，老字號的服務業者應考量：如何增加與客戶之間的「專屬陷入成本」，以確保客戶與之建立長期且緊密的合作關係。而新進入的服務業者，則應考量如何降低顧客的「外顯單位效益成本」、「資訊搜尋成本」與「道德危機成本」。 四， 政府應多方釋出委託專案計畫，以協助智慧財產技術服務業者成長。同時政府也應儘速訂定智慧財產技術服務相關的法令、補助措施，促進智慧財產技術服務業的發展。 五， 智慧財產技術服務業之相關政府負責單位過於龐雜，應由較高位階的部會，統籌設立單一窗口，以解決政府跨部門之間的溝通不良與無效率。 / As new technological companies sprang up in this knowledge economies era, technological capacity of a company is getting deeper and more professional. Technological scope, however, becomes narrower. Therefore, it is an important issue for companies to survive that if it can quickly and accurately acquire new or complementary technology to develop new products when face to rigorous competition and shortened product life cycle so that they can smoothly launch products and service time to market. Nevertheless, sources of technology supply spread in research institutions, universities, and companies. How to reduce costs in sourcing required technology and improve the efficiency of technology transaction is one of the key factors to decide the competitiveness of an economy. Moreover, industrial structure has been changed a lot in this knowledge management era: companies turn to seek intangible assets instead of fixed assets. The former includes law protected intellectual properties, brand, good will, supply chain, abilities of customer relationships, and marketing, which are based on knowledge. The later includes lands, plants, and equipments. However, this kind of development brings new challenges. Traditional valuation method of tangible assets can not be applied to intangible intellectual properties. How to objectively valuate intangible assets focused by knowledge based industries is another key factor to develop knowledge management. This study is based on strategic points of view (scope, network, and sources), refer to characters of operational success of famous international intellectual property and technology service industry. Rather, this study examine the intellectual property and technology service industry in Taiwan (the case study on the valuation and technology transfer sectors) by secondary information gathering, literature collection, and several case studies and deeply interviews. Further, I propose feasible recommendations on operation and management. Meanwhile, this study could be one of references when our government forms policies to improve intellectual property and technology service industry. The findings of this study are shown as follow: (extracted) 1. The demand of valuation of intangible assets in Taiwan is continuously increasing, resulting in the increase of input willingness, service experience, and abilities of valuation service industry. On the other hand, the demand of technology transfer is not obvious, which lower the input willingness. Therefore, the development of technology transfer industry is slower. 2. It is quite popular for Taiwanese intellectual property and technology service companies to have alliance with other companies. By the corporation with alliance companies, one company can provide total intellectual property and technology service, such as business plan writing, new technology searching assistance, product developing, market analysis, investment evaluation, fund raising, marketing channel, and so on. 3. There are insufficient professionals with muti-background, such as with technology, low, and management, in Taiwanese intellectual property and technology service industry. Rather, no regulation could be applied to Taiwanese intellectual property and technology service industry. There is no criterion to judge professionals’ qualification, which makes valuation and technology transfer sectors uneven, seriously affect power of fairness. 4. The bottlenecks of intangible asset financing are: (1) how to deal with intangible asset collaterals (how to resell them?) (2) fairness of the valuation institution (how to valuate a valuation report?) (3) repayment plan of intangible asset loans (borrowers have to propose a complete and feasible business plan, clearly describing the time and the amount of cash flows) 5. The regulators of Taiwanese intellectual property and technology service industry are too diversified. Moreover, because of the lack of communication and efficiency among regulators, policies are made in a delay mode. Companies do not exactly know what to follow. Based on the findings above, I propose some recommendations as follow: (extracted) 1. The government should encourage industry to use intellectual property and technology service, especially technology transfer service. It could then create and increase market demand. 2. Companies in the intellectual property and technology service industry should improve connection with alliances, especially with venture capital and investment consulting firms. 3. The old companies in the intellectual property and technology service industry should consider: how to increase cost of Hold-up of customers, in order to ensure that they can establish a long-term and closely cooperative relationship with customers. New entry service providers should consider how to increase the benefit, and reduce information searching costs and moral hazard costs of their customers. 4. The government should release government’s funding projects to assist intellectual property and technology service industry developing. At the mean time, the government should set laws and subsidization policies related to intellectual property and technology service industry, improving the development of intellectual property and technology service industry. 5. Regulators in charge of intellectual property and technology service industry are too many to follow. Single window should be set by higher governmental department to resolve the poor communication and inefficiency among governmental departments.

本研究主要是對上海的技術中介機構和資產評估事務所作初探性的研究，希望去實地瞭解目前中國大陸上海技術交易市場運作的狀況，及其技術鑑價相關機構。 　　在技術交易市場平台中有許多環節，本研究將著重於探討上海技術交易中介機構及其技術鑑價體系的運作情形，並瞭解其對於技術交易風險是否有機制去降低它；另一方面，也對其技術交易中的技術鑑價體系作深入的了解，包括其成立的背景、運作狀況及其使用之鑑價方法和程序為何。 　　訪談和資料收集後發現，中國大陸技術市場所扮演的角色主要為：溝通、評估、協調、組織。中國政府近年來大力推動技術交易、技術產權交易，配合各種優惠政策吸引技術、人才和資金，所以技術市場發展迅速蓬勃。評估的部分，技術鑑價為其資產評估的一部份，但是由於過去政治體制的影響，受限法令，流於形式，發展有限。主要技術成交價格由市場去決定。對於欲交易的技術的真實性與可靠性，有作初步的確認，但受限資源，並無法作深入的瞭解和把關，由欲購買技術者與技術賣方接觸詳談瞭解。 / In Mainland China, the government is promoting the “technology market” in order to push the technology into the market these years. The “technology market”, including STTE, Saviaq and technology transfer agent office, is a platform for technology transfer and exchange. This research surveys these intermediary organizations of technology transfer and exchange, and the technology evaluation organization in Shanghai. By visiting the STTE (Shanghai Technical Transfer Exchanger), Saviaq, Ke-Hua asset evaluation office and technology transfer agent office, this research wants to know how this platform work, and focuses on how they evaluate the technology and how these organizations work, the background of these organizations established and if the platform has the risk free prevent process in the dealing of technology transfer and exchange or not. 　　In Mainland China, the main function of “technology market” is offering an information platform of technology transfer and exchange. The Saviaq and STTE combine with many preferential treatment policies for pulling in the capital and the high educated people with the working experience in high technology industry. 　　The “technology market” in Mainland China is growing rapidly recently. This platform has four main functions: communication between the investors and the technology owner, evaluation of the technology, corresponding with the dealers, organizing and makes some activities to promote the technology transfer and exchange. 　　The technology evaluation is one part of capital evaluation. Because the political background of communism, the development of the capital evaluation industry is limited by the old government system and laws. The evaluation has no efficient for the dealer in the real market, it just a legal process of the technology transfer and exchange. The final price of the technology transfer and exchange is decided by the dealing. 　　About the evaluation and risk free prevent process of the technology transfer and exchange is not very sufficient. The “technology market” just does the simple identification of the reality of the technology because identifying the reality need profession and much manpower, but the resource is limited. The “technology market” is just a platform which offers the deal information to the members of their organization. The people can find the technology which they want to invest, and they can make detailed evaluation by themselves.

自主創新研發能力，對一國經濟成長與產業發展潛能有關鍵性之作用。技術交易市場失靈肇因於市場不完善所導致的高交易成本，而在技術商品化過程中往往面臨：1、產權之歸屬與使用權之專屬的問題，2、技術項目專業化程度高雙方資訊不對稱，3、技術價值難估算使技術鑑價不易降低供需雙方技術移轉誘因，4、研發與商品化過程需投入大量人力物力所帶來之資金投入風險，5、交易雙方基於自利的角度使交易過程中缺乏對彼此的信任所帶來的信任風險。 中國長期實施計畫經濟使科技研發面與產業面脫節情形較其他國家情形更為嚴重，為此中國企業與政府在投入大量研究經費從事科學技術之研發與創新的同時於各地方設立大量相關技術中介機構作為科研成果轉變為實質產出之孵化器。2009年由中國國務院批准北京市人民政府、科技部、國家智慧財產權局和中科院於北京聯合設立唯一以國家為命名的交易服務機構─中國技術交易所（China Technology Exchange）。不同於傳統技術中介機構在技術供需雙方之外所提供的第三方專業服務，「中國技術交易所」倡導的「IPOS知識權一站式服務平臺」為一整合技術供需雙方與技術中介機構的第四方平台，試圖利用北京中關村國家自主創新示範區之優勢，並針對科技成果產業化的不同需求以創新交易模式結合技術、金融與產業，提供技術交易雙方一系列客製化技術交易的相關服務。 如今，「中國技術交易所」營運四年多並逐步探索出適合中國科研成果商品化之創新模式。因此，本研究以「中國技術交易所」為例，配合歷史文獻與統計資料，針對交易所經典個案分析，探討中國如何解決其技術交易市場所面臨之市場失靈問題。本研究發現，「中國技術交易所」的第四方整合交易平台與創新的交易服務機制有機會成為目前中國在技術移轉商品化過程中所面臨市場失靈問題的解決方式。 / The R&D capability of independent innovation is important to the growth of economic and the potential of industrial development. The market failure of technical transactions is due to high transaction costs caused by market imperfections, and in the process of technology commercialization often faces: 1. the belonging of intellectual property and the exclusive of usufruct, 2. The information asymmetry, 3. it is hard to evaluate the value of technology, 4. The investment risks, 5. The risk of lack of trust. After long-term implementation of the planned economy, the achievements of China’s R&D are disconnected with its industries. Because of that, China enterprises and the government invested a lot in R&D and innovation. China government also set up lots of intermediaries as incubators to change scientific achievements into real outputs. China Technology Exchange (CTE) set up in 2009 by the Beijing Municipal People's Government, the Ministry of Science, the National Intellectual Property Office and the Chinese Academy of Sciences in Beijing, and approved by General Office of the State Council of the People’s Republic of China. Unlike traditional technology intermediary agencies need outsourcing some parts of professional services to other agencies, CTE advocated " Intellectual Property One stop Service(IPOS) " as the fourth platform which integrated technology supply sides, demand sides and technology intermediary agencies. CTE tries to take the advantages of Beijing Zhongguancun Science Park. For the different needs from industrialization of scientific and technological achievements, CTE uses innovative trading patterns which combined with technology, finance and industry to provide technical transactors a series of technology transactions related to Customization Innovative Services. Today, CTE has operated for more than four years and gradually explores suitable innovative models for commercialization in China. Therefore, by collecting historical documents and statistic data, this study chose China Technology Exchange as a case to analyze that how to solve the market failure of China technology transaction market. The study found that the fourth integrated platform and innovative trading mechanisms have the opportunity to become the solution of market failure which is faced in the process of the commercialization of technology transaction.

第一篇論述討論處置效果於選擇權市場的實證。處置效果係指投資人在處分資產時，傾向盡快賣出有未實現利得的投資部位，並且繼續持有有未實現損失的投資部位的行為偏誤現象。文獻上有關處置效果的實證多半集中在股票市場而少有於選擇權市場的實證。選擇權市場一般認為是具有私有資訊及較具備金融知識與經驗的投資人會選擇交易的市場。本文實證處置效果在指數選擇權市場上的影響。我們認為對於選擇權投資人來說，價內外程度是最重要且顯而易見的資訊，是很直觀可以衡量可能利得及損失的參考點。相較於傳統衡量根據過去交易價格所形成的未實現損益指標，價內外程度更能吸引投資人的注意力。以本文所提出的基於價內外程度衡量之賣出傾向指標(Moneyness-based Propensity to Sell, MPS)以及根據Grinblatt and Han (2005)所形成的調整後未實現資本利得指標(adjusted Capital Gains Overhang, ACGO)，每周將買權(賣權)排序成五等分後，我們發現持有最高等分的MPS或ACGO的買權(賣權)並賣出最低等分的買權(賣權)所形成的投資組合能夠產生超額報酬，顯示處置效果在指數選擇權市場亦存在。利用雙重排序(double sorting)的方法，我們發現MPS相較於ACGO，是較能夠在選擇權市場捕捉處置效果的指標。第二篇論述討論相似度衡量策略在期貨市場獲利的可能性。文獻上對於技術交易是否能產生顯著的報酬結果並不一致，然而實務上分析過去的價格走勢並使用技術指標所產生的訊號，是廣泛被接受的。現有測試技術交易指標獲利能力的文獻，通常假設投資人在實證測試的樣本期間一致性的參考某個交易指標產生的交易訊號並依此交易。然而實務上投資人可能同時參考不同的交易指標，每次交易可能根據不同交易指標所產生的訊號，且投資人會從歷史交易價格走勢中尋找類似於現有走勢的狀況，以這些歷史走勢接續的報酬率做為現有走勢未來報酬率的預期值。本文中我們提出一個較符合實際狀況的決策過程來描述技術交易投資人的行為，並重新檢視技術交易的獲利能力。我們提出的決策過程包含三個步驟。首先投資人建立一個特徵向量，包含投資人所認為足以預測未來報酬率並足以描述現況的指標。第二個步驟，投資人從過去某段期間中尋找相似於現有特徵向量的歷史狀況，並以這些歷史狀況接續的報酬率來作為預測的根據。最後，投資人依照過去的歷史狀況與現在有多相似，作為接續報酬率的加權權重，並以相似度權重加權平均報酬來做為未來報酬率的預測值，我們將依照相似度加權報酬所產生交易訊號所形成的策略稱為相似度衡量交易策略(Similarity-based trading rules)。我們檢視相似度衡量交易策略在九個不同的期貨市場中的獲利能力，在考量data-snooping及交易成本後，每日相似度衡量交易策略仍在其中六個市場中獲得顯著的報酬率。 / The disposition effect, which refers to the tendency of investors to selling their winning investments too soon and to hold losing investments too long, has been well-documented in the extant literature. However, while empirical researches focus on examining the behavioral bias in the stock market, little attention is paid to the option market, where most informed investors and sophisticated traders gather. This essay tests for the disposition effect on the index options market. We argue that moneyness, the most salient and readily available information for option investors, is a natural reference point for potential gains and losses, which likely attracts market participants’ attention more than traditional measures that are based on past trading prices. Based on the Moneyness-based Propensity to Sell (MPS) measure that we introduce and an adjusted capital gains overhang (ACGO) measure of Grinblatt and Han (2005), we find that a strategy formed by buying calls/puts in the highest MPS or ACGO quintile and selling those in the lowest quintile would generate significant abnormal returns, suggesting the presence of the disposition effect. Using double sorting method, we find that the MPS is better as a measure in capturing the disposition effect on the options market than the ACGO. While the literature documents mixed results for the profitability of technical trading rules, the use of technical buy/sell signals based on analyzing past prices is widely accepted by practitioners. The existing literature on testing the predictive ability of technical trading mostly assumes that a technical investor consistently makes investment decisions based on the buy/sell signals according to one particular trading rule during the entire sample period. However this may be far from reality. Technical investors may simultaneously make predictions based on different technical indicators and follow different technical signals. Furthermore, they analyze historical price patterns that are similar to the current market condition and make assessment of future returns based on the subsequent returns of these similar patterns. The process is known as charting. We attempt to propose a more realistic decision-making process that incorporates the similarity-based predictors to account for technical investors’ decisions in the real world and reexamine the profitability of technical trading rules. The proposed process includes three steps. First, the investor attempts to predict future returns based on a vector of current characteristics that is sufficient for his assessment of the future returns and to depict the present scenario of the stock market. Second, the investor searches for the similar patterns in a specific time window prior to the current date and make an assessment of the future returns based on how similar these past patterns and the current pattern are and how rewarding the subsequent returns of the similar patterns are. Third, the investor is assumed to form a similarity-based indicator which is an assessment of the future returns depended on the similarity-weighted average of all previously observed values of the subsequent returns. The technical investor is then assumed to buy/sell according to the signals generated by the similarity-based trading rules (SBTR). We examine the profitability of the SBTR in nine futures markets and find significantly positive and robust returns after considering the data-snooping adjustments and transaction costs in six of the nine markets.

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。 本研究係以實際經營管理的觀點切入，探討以智慧財產權做為融資擔保標的時所會遭遇到的困難為何？再經由所得知的實際困難找出智慧財產權融資所需營運機制和可行之營運模式。 由於智慧財產權融資大部份的風險都處於資金供給方，因此融資可行與否大致上都決定於資金供給者必須在那些條件具備的情況下才願意接受以智慧財產權做擔保的融資模式，因此本研究主要探討的問題從資金供給者的角度出發，主要研究的資金供給對象為國內銀行和創業投資公司。 透過次級文獻蒐集、集體焦點訪談、個別訪談和郵寄問卷等方法得到主要發現如下： 一、國外智慧財產權融資尚在起步階段，且西方國家與東方國家有關智慧財產權的營運模式皆不盡相同。 二、國內缺乏智慧財產權融資實際個案，雖然有關智慧財產權融資擔保有其基本法源可茲適用，但相關配套法規欠缺。 三、國內創業投資公司多以整體性評估新創科技公司，除少數新創科技公司（如生物科技公司）外，智慧財產並非單一關鍵性考量因素。 四、智慧財產權融資模式對創業投資公司有其間接性影響，其中有關鑑價機制和技術交易市場為創業投資公司所關切重點。 五、國內傳統銀行以利差為主要獲利來源之營運特性使智慧財產權融資高風險之融資形式不易為銀行所接受。 六、銀行本身缺乏智慧財產權鑑價能力和管理能力，此為銀行承做智慧財產權融資首要解決之務。 七、銀行傾向以政府保證的方式來進行智慧財產權融資，以降低本身所承擔風險。 八、以目前整體的環境而言，智慧財產權融資在智慧財產權觀念上、鑑價機制、管理能力、交易市場和法令規範等方面有著許多實行上的困難有待解決。 由以上可知智慧財產權融資以目前各方面的環境而言具有高風險性，其可行性的營運模式建議分為短期和長期來看： 一、初期營運模式： 1、初期政府可用保證基金的形式來分散資金供給者的風險。 2、初期可先透過國外的鑑價機制和交易市場來進行。 二、遠期營運模式： 建立具有國際化的鑑價機構和交易市場，根據「契約自由化」原則，只要交易雙方對於契約內容達成一致性的決議，則交易即可完成，以促進自由市場高流動性的運作。 關鍵字：智慧財產權融資、新創科技公司、創業投資公司、銀行、鑑價機制、技術交易市場、信用保證基金、關鍵要素。 / 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.

隨著知識經濟時代的來臨，許多企業、機構開始投入龐大的資源在智慧財產的發展，並規劃所謂智慧財產策略，標榜智慧財產是其最大價值及獲利所在，然而，這些為取得智慧財產所付出的鉅額代價，是否真的為企業和機構創造出高價值的智慧財產並帶來豐厚的利潤？以台灣為例，2005年台灣的專利申請數量，在美國排名外國申請人第四名，在日本排名第三，在歐洲也僅次於日本和韓國排名亞洲第三；而專利獲准件數方面，在美國排名第三，在日本也高居第二。但是，台灣每年花費超過新台幣100億元在專利申請上的結果，卻係每年仍需支付高達新台幣1500億元之多的權利金，以及每年新台幣500至600億元之律師費以應付美國專利侵權訴訟，而造成此結果的原因就在於整個智慧財產從研發、保護、經營、管理到行銷，都欠缺規劃、理論、方法和商業模式，而全球現今亦尚未有針對智慧財產發展出來之行銷學或行銷理論。 　　以有形產品和服務為基礎形成之行銷學理論發展迄今已有五十餘年的歷史，不但帶動了相關產業的發達，滿足了市場的需求，也為企業創造了獲利，而各種行銷學理論更是不斷形成和發展，包括運用市場區隔（segmentation）、選定目標市場（targeting）及定位（positioning）的STP程序，以及有形產品的4P、4C、6P、3V，和服務行銷的7P、8P等等，該等行銷理論雖然成熟，惟因智慧財產性質特殊，使得有形產品和服務之行銷理論無法直接套用於智慧財產行銷上，因此，實有必要針對各種智慧財產態樣，分別建構智慧財產之行銷理論及商業模式。 　　基此，本文試圖建立一套完整的專利行銷理論和商業模式，建構流程和步驟如下：(一)發展專利行銷之環境條件；(二)專利行銷應考量之因素；(三)專利行銷流程之組合要素；(四)專利行銷執行規劃；(五)專利行銷商業模式。本文並融合前述專利行銷理論，架構出發展專利行銷所需之平台系統，以及專利行銷執行中所需之配套措施，包括代理及經銷機制、會計財務制度和稅務規劃。此外，本文亦就全球包括台灣在內的一些較著名之智慧財產交易平台深入分析、檢視，並探討渠等可能面臨之問題和困境。本文在架構智慧財產行銷理論時，著重於涵蓋並融合整個組織內部和外部的研發創新、經營管理和市場行銷之作業流程，祈有助企業建立以市場為導向之商業發展策略和創新研發計劃，有助政府的產業政策得以使整個國家產業鏈規劃更完整、資源配置更具效益，有助研發機構之研發計畫更貼近產業和市場需求。 / With the emerging of knowledge-economy era, lots of enterprises and institutions begin to invest huge amount of resources in the development of Intellectual Property (“IP”), and to develop so called “Intellectual Property Strategy.” Some of them will try to boost its reputation by highlighting that intellectual property is their most valuable assets and the source of profits. However, it is questionable whether those IP related significant investments really create high value IPs and bring in high margin profits for these enterprises and institutions. Take Taiwan as an example, Taiwan has been ranked as the top fourth foreign applicant in the US in comparison of the total quantity of patent applications in year 2005. The same ranking for Taiwanese patent application in Japan is top 3 and Taiwan is also ranked as top 3 among Asia countries in Europe (only fewer than Japan and Korea.) As for the total amount of patents granted, Taiwan is top 3 in the US and top 2 in Japan. Nevertheless, even though Taiwan has made an annual investment for more than NT$10 billion in patent applications, it is estimated that annually Taiwan still needs to pay more than NT$150 billion for patent royalty fees, as well as 50 to 60 billion of legal fees in responding to US patents infringement litigations. The reason is the lack of strategic planning, theory, methodology and business model in the overall IP areas, including from Research & Development to IP protections, business operation, management and marketing. In addition, currently there is no marketing research or marketing theory specifically developed for IP in the world. 　　There are more than 50 years of history and development in the marketing study or theory that based on tangible goods and services, such study not only promoted the vibrant development of related industries, fulfilled the market needs, but also generated profits for enterprises. In the meantime, all kinds of marketing theories continue to emerge and develop, including the STP procedure for leveraging market segmentation, market targeting and market positioning, and the 4P, 4C, 6P, 3V theories focused on tangible products, and the 7P, 8P theories applied to service marketing. Although these theories are quite mature, due to the special nature of IP, these theories focused on tangible goods and services still cannot directly apply to the IP marketing. Therefore, it is really necessary to separately build up unique marketing theories and business models specially focused on different kinds of IP. 　　Based on the above, this thesis is trying to establish a set of complete patent marketing theory and business model. The flow and process are: (1) the environment conditions for developing patent marketing; (2) the factors that need to be considered when conducting patent marketing; (3) the necessary components in the process of patent marketing; (4) the implementation planning for patent marketing; (5) the business model for patent marketing. This thesis also combines the above patent marketing theories to establish the platform system which is necessary for developing patent marketing, and also a complete set of supporting measures which is necessary for implementing patent marketing, including agent and distribution mechanisms, accounting and finance system, as well as tax planning. In addition, this thesis also conducted in-depth analysis and review on some of the well-known global (including Taiwan) IP transaction platforms, and also study potential issues and challenges these platforms may encounter. During the structuring of IP marketing theory, this thesis focuses on covering and integrating all the internal and external 　　organizational operation processes related to R&D, innovation, business management and segment marketing. The author wishes to assist enterprises by building up market-driven business development strategy and R&D/innovation plan; to assist the government by improving the industry development policy to establish a more complete country wide industry value-chain planning and a more efficient resources allocation plan; and to assist the research institutes by creating a research and development plan which is more close to industry and market needs.