智慧財產證券化係近年來智慧財產領域發展的重點。智慧財產證券化涉及到財務、會計、賦稅、法律、技術等跨領域的專業知識。本研究主要探討如何採用專案組合證劵化模式，發行專案組合擔保債券，並結合專案融資（Project Financing）、投資組合(Portfolios)、現金流量分析(Cash Flow Analysis)、風險管理(Risk Management)等投資分析工具，在智慧財產證劵化的應用。 本研究首先初步介紹證劵化的基本概念。如果能夠對證劵化的基本概念有初步認識，有利於對智慧財產證劵化的理解。其次，本研究介紹證券化的可行性研究及風險分析與評估。只有對投資專案風險做出正確的分析與評估，才能找出解決風險的方法及途徑，設計出可行的且風險能為投資人所接受的專案組合證券化架構及信用增強機制。專案組合證劵化架構的核心，係為SPV與專案公司之間的擔保貸款合約。該擔保貸款合約在本質上係智慧財產能夠從資本市場取得資金的橋樑。最後，本研究以流行音樂證券化為案例，說明如何將專案組合證券化模式應用於流行音樂證券化。 / The recent trends and developments of intellectual property focus on the securitization of intellectual property. Intellectual property securitization involves a variety of expertise such as finance, accounting, taxation, technical, etc. Intellectual property securitization is better to be defined as portfolio-backed securitization which should include a comprehensive business plan. This thesis is to study how to apply the proposed portfolio-backed securitization together with project financing, investment portfolio, cash flow analysis, and risk management to intellectual property securitization. This thesis starts with the introduction of basic concepts of securitization. Prior to entering into a specific discussion relating to intellectual property securitization, it is helpful to understand the fundamentals of securitization generally. This thesis also introduces the feasibility study and risk evaluation of intellectual property securitization. The risks for intellectual property securitization can be managed and the securitization structure and credit enhancements be accepted by investors only if the project risks have been properly evaluated. The core of portfolio-backed securitization is the secured loan agreement which bridges the project company’s income to the debt service by the SPV to investors. A hypothetical example of popular music securitization is illustrated to best explain the use of the proposed techniques. Keywords: Portfolio-backed Securitization, Intellectual Property, Portfolio, Cash Flow, Credit Enhancement, Security Interest, Popular Music

近年來全球在生物科技上發展迅速，尤其是其中農業科技部分之基因改造作物的發展，更對於消費者、農民和農業發展造成不小衝擊。且就我國生技產業而言，由於國外生物科技產業之發展已遠遠超過我國現今之發展，為提高產業之競爭力，實有必要選擇具備競爭優勢的項目，將研發、生產、資金能力集中於這些項目上。而在生物科技之眾多領域中，我國在生物科技各產業中最具發展潛力的即為農業生物科技下之基改作物產業，因此就此方面之相關法規建構應加以重視。 基因改造作物之快速發展一方面雖帶給人類社會許多創新的福祉與商機，但也同時引發了許多不同型態的社會議題與科技風險。而在基因改造作物之所有相關爭議問題中，最重要的即集中在「相關智慧財產權之保護」與「安全之管理」兩者上，而這也是本論文主要之重心所在。對於農民來說，影響最深之為基改作物相關技術的智慧財產權化，相關重要案例如本論文第四章第二節中所探討之Monsanto Co. v. McFarling案與Schemeiser v. Monsanto案。對於消費者而言，由本論文第三章可知基因改造作物所帶來之利益與潛藏危機並存，因此在發展基因改造作物，享受其優點之同時，對於基因改造作物之管理則更突顯出其重要性。而對於基因改造作物之管理制度，各國採取不同之立場，尤其是美國與歐盟更可說是採取相對立之立場態度，而經由分析可知其採取不同立場係由於歐盟消費者對於基改作物產品之食用接受度較低、社會大眾著重生態環境保護之程度較高，以及基因改造作物在歐、美之個別不同農業生產環境下所擁有之優勢不同，而因此所帶來之經濟效益有所落差所致。因此透過對於歐、美制度之檢討，本論文在我國制度之制訂上，即針對我國消費者對於基改作物產品之食用接受度、我國社會大眾對於生態環境保護之關心程度，以及基因改造作物在我國農業生產環境下所擁有之優勢等因素加以探討。

本文將以Quanta v. LG電子案判決中尚留解釋空間及適用疑義的「契約自由」與「專利權耗盡理論」的關係為探討標的，從公法角度（我國憲法與經濟公法角度）探求專利制度中『追求公私利益衡平』的本質著手，探討專利權耗盡理論的理論基礎及其存在的合理性，然後分析美國專利權耗盡理論及Quanta v. LG電子案判決建構出的「契約自由」與「專利權耗盡理論」的關係之妥適性，並在「在知識專用權和知識共用權之間進行利益平衡，確保專用權的授予能換來知識共用的最大利益，並最大限度地增進社會的整體福利」精神下，重新省思Quanta v. LG電子案判決的未決爭點，分析契約約定與專利權耗盡理論應有的界限，看專利行使應如何受契約的限制（或者契約自由應受到限制），以對我國專利權耗盡理論提出解釋與適用上之建議。

「智慧財產權」係指人類精神活動之成果而產生財產上之價值者，由法律所創設之一種權利。然而著作權是智慧財產權之一種，著作權法是為了保障著作人應有之權利而制定之法律，但並非所有著作均受到著作權法的保護，立法者於制定著作權法時，考量重點有三：著作人之權益、社會公共利益與國家社會發展三方面，然而著作人在創作時，往往會涉及先人文化之遺產，所以立法時仍顧及公共利益予以限制，再者著作權制度終極目標乃是促進國家文化發展，當面臨公共利益與著作權人權益保護衝突時，應特別注意兩者之平衡，考量使社會大眾能在合理程度範圍內，自由利用著作權人之文化創作，以促進國家社會發展。 隨著科技時代的來臨，過去人類所創造的文化資產與各類的知識，可以藉由科技來加以保存、整理、傳播及利用，一方面使得知識能永久保存下來，一方面使得知識與文化資源得以共享，繼而加速文明的進步。有鑑於此，各國也紛紛著手進行數位典藏計劃，我國擁有悠久的歷史背景、累積豐富的文化資產以及珍貴的文獻與歷史文物，現也正積極進行相關的數位典藏計劃，而圖書館的典藏受到資訊科技的影響，逐漸開始著手進行自動化的工作，並引進許多電子資源，這些資源建立了數位館藏，內容包含電子書、電子期刊、電子資料庫，也進一步參與了許多數位典藏計劃，但數位資源與數位典藏當中仍然有許多著作權相關的問題瀰漫著，而資源建立進而引發著作權的問題。 美國著作權法是全世界發展最為完善的國家之一，其使用各種方式來協助一些侵權問題嚴重的國家，而我國對於著作權法的修訂，與美國方面的淵源頗深，並由圖書館數位典藏管理的角度來進行分析，針對中美兩國圖書館數位典藏管理與著作權法之關係，擬就研究問題逐一進行分析與探討之。在兩國數位典藏管理與著作權法的議題之中，時常有相關性的議題產生，進而牽動整體修法的方向，需要相互比對。本研究藉由比較研究法的方式，瞭解兩國之間的差異性，並且透過描述、解釋、併排、比較的過程，最後進行分析之，將比較之結果做一結論，以驗證研究假設，得出具體性的建議。 / Intellectual property right is a priority protection based upon a compromise as an aspect of human spirit activities achievement. With respect of it creates a statutory and potential property right for writers of which does not cover for all of writings, the cardinal principle of establishing copying is writer’s rights and interests, public interest, and society development three factors. In respect of the writer as in creating to which may involved with culture inheritance affiliated rights that need to take both of upon factors into account on copyright system establishment. Particularly, how to negotiate the conflict rights to make balance for the public interest and writer’s copyright protection in terms of promoting society development by adopting the creations of writers’ copyright freely which under a legitimate range. Benefited from the help of high technique of science adoption for those cultural properties and correlative knowledge preservation, organization, broadcasting, and utilization of which make a possibility of sharing cultural resources by each other and to keep progressing for human culture constantly. Consequently, adopt a digital collection plan for national heritage become a current for the global nations. In concern of the long-standing historical background of Republic of China, have an abundant cultural heritage and plentiful valuable document and historical relics that engaged in a necessary planning project for processing correlative digital collection recently. However, a solemn concern emerged by the subject of copyrights as integrating the electronic book, electronic periodical, and electronic information bank into the respective sub-subject planning. United States as the world top faultless copyright law featured country, which providing assistance to help those countries that seriously infringed by copyright tort and implementing different methods to improve copyright revision. Especially, according to the reality of Republic of China has a long good relationship with United States that is necessary to make a comparison study for respective library digital collection management and copyright between two countries. Regarding the two study subjects of which interact debate revelation frequently that is necessary to make a comparative analysis and probe into the core of two correlative digital collection managements on the direction of integral law revision. In this study, implement comparative analysis to understand the differences between two countries and through the process of description, interpretation, juxtaposition, and comparison to analyze the comparison result. At last, a specific proposal provided by the analysis conclusion and testify assumes in this paper.

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.

台灣在蘭花產業上扮演關鍵地位，近年來受到許多已開發國家消費者喜好，再加上蘭花高經濟價值特性，使得近年來許多國家業者紛紛投入生產，影響台灣業者原有的市場，更加上台灣蘭花業者以往對於智慧財產的不重視，許多優良品種缺乏專利或品種權保護，而紛紛遭受國外竊取流失，對於智慧財產權的管理及應用，也缺乏一套完整的方法論，來體現智慧財產的價值。本研究企圖以周延鵬老師所提出之「智慧資源規劃」方法論，並針對主要蘭花市場國家，包括美國、歐盟、日本、台灣，分別以產業結構（產業面）、各國植物品種保護制度（法規面）和業者實地訪談（市場面）所遭遇之現況及面臨之問題進行分析。針對三構面的分析結果，本研究提出「蘭花產業智慧資源規劃模型」，以蘭花產業結構、智慧財產群集與組合、企業營運機能作為整體模型之基礎，並以該基礎架構進行蘭花產業商業模式設計，以產業整合、品種權佈局、產品組合和智慧財產之交易與行銷進行設計，最後再以資訊網路平台將各段之資訊進行分析及流通，配合組織營運規劃，使公司能藉由本論文所提出之智慧資源規劃模型，加強於全球之競爭力。 / Taiwan acted as a crucial role in the worldwide orchid industry these years. Orchids become more popular in many countries and the high economic value attracts lots of the companies to involve in. The ignorance and depreciation of intellectual property in the past cause that many unprotected plant varieties were copied by foreign industries without licensing. Moreover, the lacks of IP management methodology make it difficult to embody the value of orchid intellectual property. This thesis aims to offer some possible solutions for the dilemma of Taiwan orchid industries in a way of “Intelligence Resources Planning (IPR),” proposed by Yen Pong Jou. The analysis will begin with the comparisons of some major countries of orchid industry, including the U.S., Europe, Japan and Taiwan, from their industrial structure, legal regulation concerning plant patent protections and interviews with industries. Following the situation and difficulties observed, this thesis proposes an ”Intelligence Resources Planning in Orchid Industry Model.” The model is design on the base of industrial structure, intellectual property combinations and business management mechanism, including integration of industry, IP strategy of plant variety in different countries, product combinations, and IP marketing and trades. This information will be circulated and analyzed through an internet platform. Through the information sharing, the model aims to enhance Taiwan orchid industry’s competitiveness in the global market.

交易標的物，可分為物、勞務、權利。在過去，智慧財產等權利的價值，往往透過物或勞務之交易才能間接地展現。如今在智慧財產日益重要之知識經濟中，以智慧財產直接作為交易標的物的商業模式，愈趨頻繁。此一直接智財交易之相關會計及租稅問題，值得進行體系化研究。本研究旨在分析直接智財交易可能產生的營利事業所得稅問題。本研究將直接智財交易分為權利買賣讓與（所有權移轉）、權利的融資擔保（價值權）及權利的使用收益(用益權)，針對各項爭點，分析問題形成的原因及可能造成的影響，並提出解決之道。 本研究分析後發現，目前稅法體系僅能掌握間接智財交易，因此未來修法時應將直接智財交易明文納入所得稅法體系之中。其次，智財交易多為跨國交易，但因與台灣訂有租稅協定的國家為數不多，為避免重複課稅，本研究建議對於來源地認定，應採取「經濟關聯」的認定標準。再者，針對著作權設質融資，由於著作權欠缺公示制度，本研究認為可能造成誤將讓與擔保當成買賣讓與而不公平地課徵所得稅，因此建議將讓與擔保分別處理。最後，對於智財作價入股之課稅時點，本研究認為，應依新創事業創立與為犒賞員工之目的分別處理，並依本研究所提出之指標個案認定。 / Objects of transactions can be tangible property, labor service, and rights. Intellectual property (IP) as right used to manifest its value most indirectly through transactions of tangible property and labor service. In a knowledge-based economy where IP becomes more important than ever before, business models based on direct transactions of IP have gained more popularity. As a result, a systematic research on accounting and taxation issues of IP transactions is urgent. This study aims to examine corporate income tax issues related to sales, collateral-based financing, and usufructs in direct IP transactions. After analyzing potential controversies and their causes and effects, the study proposes some feasible solutions to such disputes. The analysis shows that the existing income tax system does not apply well to direct IP transactions, and such transactions should be considered in future amendments of the Income Tax Act. Next, as IP transactions are usually involved in cross-border transactions and potentially subject to double taxation, given the fact that Taiwan has tax treaties only with a few countries, this study suggests identification of income origin be based on the economic connection so as to avoid unfair double taxation. Thirdly, as copyright lacks a public disclosure system and hence a copyright-backed financing deal may be mistakenly treated as sales rather than transfer guaranty and be unfairly taxed, this study suggests a separate treatment for such transactions. Finally, regarding taxation on stocks exchanged for IP, this study suggests differentiating the timing of taxation for encouraging new venture formation from that for rewarding employees, based on certain proposed criteria.

何以跨國出版公司，能夠在國際市場成功經營? 經研究了解，除了選擇尊重智財權的市場，還有多元運用經營模式，皆是發展無形『智慧財產』的必要條件。二次世界大戰之後，歐美跨國出版公司對於全世界『智慧財產權』的法律積極運作，唯有在智財權受法律保護的國家之下，出版業才有利可圖。舉亞洲為例，日本是最先響應智財權的法令推動的國家，戰後的日本受到重創，從廢墟中重新建立，新法律的推動，不僅重視本土的智慧財產權外，更重視對外來智慧財產權的保護。推出這樣的法案無異是送了一個很強的訊號給美國；歐英跨國出版公司陸續在日本建立亞洲分公司，以日本為跳板，開啟亞洲其他的市場。 至於台灣的早期的出版發展，可以追溯到70、80時期日治時代的出版事業（參考註一 ），直到90年代台灣經濟起飛，帶動國內多項產業蓬勃發展。當時台灣的商業人士拎著公事包在全球做生意，國際貿易成為時代顯學；其中在台灣世貿每年舉辦的『國際書展』吸引了無數的愛書人，擁擠的會場，不因出版業文化與語言地域限制而限縮，版權（翻印與翻譯）交易熱絡，堪稱亞洲排名第一；在1992智財權法的實行，促使所有不合法的翻譯，以及翻印書籍在1994年 『612大限』以前清空，從此台灣揚棄『海盜王國』的名稱。 研究者試圖提出如何突破台灣有限市場，進入國際市場，並借鏡跨國出版公司全球化運作之經營模式，強化在國際市場運作實力，達成企業成長的目標與海外國際市場經營發展。 本研究論文案例，舉用台灣市場中對國際化方面有經驗並多元發展的原創出版公司四家為例，以及一家跨國出版公司為輔，進行質化研究分析，深入訪談做成紀錄，並對照比較各家執行國際化的現況與模式運用，同時另外分析整理出適合國內出版業者，便於採用的國際市場擴展的經營模式矩陣。研究者希望對業者可以產生輔佐參考的功用。 然而研究的部分限制是，無法進行全面性的訪談個案或因為時間、空間與能力的限制等；最後，研究者提出三項作為未來研究參考，數位出版在近幾年因為電信、電訊、與IT資訊的整合運用，ㄧ是、出版業國際購併案例的研究；二是、如何將文創產業數位內容作更廣泛運用與實際的發展；三是、未來華語的學習熱潮，是否可以透過歐美跨國公司的經營模式，作為參考。 / Why does the international publishers can manage the international market successfully? Through the study we can understand not only the enforcement of the intellectual property (IP) law in place is important, but also the practice of various of business models . After World War II, international publishing companies were aggressively engaged in the implementation of intellectual property (IP) law, in order to provide regulation and protection to ensure their business profits in global market. In Asia, Japan was the first country to deploy specific law to protect both local and foreign businesses that involve intellectual property, for those who intended to expand their business into Asia. As a result of that, Japan became their first priority of choice to setup the overseas branches. The development of publishing industry in Taiwan could retrospect to the 70’s to 80’s, the period of time that Taiwan was under the reign of Japan. Given the economic booming in the 90’s, Taiwanese businessmen thus had the opportunities to extend their antennae all over the world. International trading gradually became important and prevailing ever since. This annual event , International Taipei Book Fair (TIBF), held by the World Trade Center in Taiwan, always attracts vibrant attendance from both international traders and end customers. The trading volume in copyrights at the TIBF is huge and considered as the number one in Asian book fair markets. The enforcement of IP law in Taiwan in 1992 was a key action that helped to eliminate Taiwan’s notoriety as a "Piracy Kingdom." Pursuant to such law, all illegal translations and unauthorized copies must be destroyed before the D-Day "612 deadline" in 1994. Since then, Taiwan has successfully turned over its long-haunted negative image in IP protection. The business models are cited and organized from the interviews of four domestic and one international publishing company. The comparison of each Business models has summarized as a comprehensive chart for deduced case analysis. This study is conducted by a qualitative research method with the information abridged form in-depth interviews. It elucidates the current operation and unique internationalization experience of each referred company. Following the analysis of the Business model, current study gives a full set of internationalization model matrix suitable for domestic publishers who are interested in business globalization to use as a practical reference. By drawing references and citing the business models from some of the major international publishers, the author is trying to make points of the strategic proposition and maneuvers on how to efficiently and successfully reach beyond the domestic market and be possessed of considerable shares in the competitive international market. The conclusion and suggestion drawn from current research are based on representative cases, yet expected to be able to precisely indicate the essence of business acquisitions internationalization in publishing industry first. To envision the prospects of publishing industry advocated by technology advances, the transformation of digital contents and its impact on the development of digital publishing have been outlined and proposed as well.

學術研究機構向來是科技創新的主要動力來源，許多與人類生活息息相關的發明多半來自於學術研究機構此一孕育創新的搖籃。此外，一個國家的學術研究能量往往也反映了該國的技術能力與競爭力，因此世界各國無不投注大量資源於大專院校及研究機構，期望除了學術產出之外，亦能將原始的創新概念透過研發活動轉化為智慧財產，並進一步將其商業化，滿足市場需求，實現知識之最大價值。 我國之學術研究能量並不落於美、歐、日等主要技術領先國之後，從我國政府投注於學術研發活動之經費、歷年發表於SCI、EI等期刊論文以及取得美國專利之數量等科技發展成果指標便可說明此點，然我國於1999年通過與美國拜杜法案意義相當之科技基本法至今已滿九年，各學研機構之專利申請量雖有成長之勢，然而2007年實際之智慧財產權收益卻僅佔研發總投入費用的0.87%；2005年全國技術貿易額收支比僅達0.23，與美、日、英等國相較，實可謂差強人意，顯見我國在研發成果商業化上已面臨一定瓶頸。 在知識大爆炸方興未艾的二十一世紀，可以預見的是將有越來越多的研發成果持續產出，學研機構花費於取得並維護智慧財產之費用亦將持續提高，如何在產出的眾多研發成果及專利中，篩選出真正有商業化潛力之標的，以將有限的人力、時間、資金等資源投注於其上並轉化為實質的經濟效益，將是學研機構進行研發成果商業化時的重要課題；此外，在學研機構法人化之潮流下，若未來大學等學研單位須自行負擔大部份資金之籌措時，此一評估機制將更顯重要。另，在資訊高度不對稱的情況下，技術需求方難以辨認技術供給方之技術是否為適合之交易標的，因此若能建立一套商業化可行性評估機制，亦能使雙方間之資訊交流更為順暢，促進技術之移轉與商業化。 因此，本研究嘗試提出一研發成果商業化可行性評估機制，以供學研機構進行內部評估，使國內「悶住」的研發能量得以透過有效的評估機制而活化。又，由於不同科技領域所適用之商業化可行性評估方式將有所差異，而生物科技領域為二十一世紀科技發展中之重要領域，且列為政府政策下的重點發展產業之一，加以作者本身之相關學經歷背景，是以本研究選擇生物科技領域研發成果為討論之重點。 本研究分別從5W的角度來探討研發成果商業化可行性之評估機制，分別是進行商業化可行性評估之目的(Why)、進行商業化可行性評估之時點(When)、商業化可行性評估之執行者(Who)、評估所需資訊之取得(How)以及進行商業化可行性評估時所需考量之因素(What)，最後建立一研發成果商業化可行性評估機制，作為本研究之核心概念以及後續個案探討之依據。 此外，本研究針對研發成果商業化可行性評估之各項構面進行介紹，並提出學研機構於進行評估時在各構面應考量之重要項目與問題。依所建立之評估機制與架構流程，將評估構面分為技術、智慧財產、市場、法規與財務五大構面，並以技術與智慧財產構面為探討之重點。 由於本研究之研究對象為學術研究機構，且以生物科技領域為重心，故由大專院校、基礎研究機構及應用研究機構中各挑選一具代表性之單位作為個案研究對象，分別為國立陽明大學、中央研究院以及財團法人工業技術研究院，透過與各機構之研發成果管理專責單位進行訪談，深入了解其運作機制與現況，以期綜覽各類型學研機構之研發成果商業化可行性評估機制，並得出研究發現及建議。 根據個案研究之發現，本研究對於國內學研機構之整體建議，主要包括：研發成果商業化可行性評估機制應依機構之目的、性質、智財管理現況加以擬定；研發成果商業化可行性評估之構面應配合研發成果之性質及開發階段而設定，並以技術構面為基礎，智財構面為樞紐連結市場與法規構面之評估，最後以財務構面進行統合；而學研機構若欲採外部審查方式執行評估工作，須考量可能之缺失；此外，研發成果商業化可行性之評估應由具備跨領域能力之團隊加以執行，並應使具備產業經驗與市場背景之人員有一定程度之涉入；再者，生物科技領域研發成果因其本質上之特殊性，故於進行商業化可行性評估時，有諸多因素需加以考量；最後，政府可主動協助建立專業之機構或團隊，提供學研機構進行研發成果商業化可行性評估甚至後續之技術行銷服務，以有效符合規模經濟、範疇經濟與專業、客觀之考量。 / Academic and research institutes are the origins of technology innovation. Many of the significant inventions were devised in these cradles of innovation. Academic and research power can often indicates the technology capability and competency of a nation. Every government invests vast resources to universities and research institutes in order not only to make academic publication but also to realize the maximum value of the knowledge through converting the innovative ideas into intellectual properties (IP) and further commercializing the R&D achievements to meet the market needs. The academic researches in Taiwan can compete with the technological leading countries such as the U.S, Japan, and E.U. countries, in terms of some science and technology indicators like R & D expenditure, SCI / EI publications, and the number of U.S. patent granted. Nevertheless, the actual revenue generated by IP in 2007 was only account for 0.87% of the total R&D input and the coverage ratio of technology balance of payments was only 0.23 in 2005. The fact indicates that there were some barriers on the path of R&D commercialization in Taiwan. In the 21st century of knowledge explosion, it is predictable that more and more R&D achievements will be generated from academic institutes and the expenses devoted to the acquisition and protection of IP will keep rising. Therefore, it will become a critical issue in academic institutes to sieve out the targets of the higher commercial potential from numerous R&D results and patents so as to concentrate the time, human and financial resources on those targets for its further commercialization. Moreover, under the highly asymmetrical information situation during the technology trading, technology buyers have difficulty in identifying whether the technology is a suitable trading target or not. A well-established feasibility evaluation mechanism will also stimulate the interflow of information and promote the technology transfer and commercialization. Accordingly, this thesis will try to establish a feasibility evaluation mechanism (FEM) for commercialization of R&D achievements in academic institutes in order to activate the stuffy R&D energy in Taiwan. Biotechnology is one of the most important fields of technology in the 21st century and thus be the main concern of the discussion of this thesis. This thesis will investigate the feasibility evaluation mechanism for commercialization of R&D achievements on a “5W” basis, including the purposes of evaluation (why), the time of evaluation (when), the executives of evaluation (who), the information needed in the evaluation process (how), and the factors that should be taken into consideration in the evaluation process (what). Accordingly, a feasibility evaluation mechanism for commercialization of R&D achievements will be established as the central concept of this study and as the ground of follow-up case analysis. In addition, each aspects of feasibility evaluation as well as the significant issues and questions of each aspect will be illustrated in this study. According to the feasibility evaluation mechanism and framework established in this study, there are five main evaluation aspects including the technical aspect, intellectual property aspect, market aspect, legal aspect, and financial aspect. The main subjects of this study were the academic institutes in biotechnology field in Taiwan, the National Yang-Ming University, the Academia Sinica, and the Industrial Technology Research Institute (ITRI). These institutes are chosen as the subjects of case study standing respectively for the higher education institute, basic research institute, and the applied research institute. By way of interviewing the personnel of R&D achievements and IPR management department in the institutes in question, the feasibility evaluation mechanism implemented by different types of academic institutes was investigated to delineate the key findings, followed up with some practical advices. The overall advices proposed by this study for the academic institutes in Taiwan were summarized as follows: (1) The feasibility evaluation mechanism for commercialization of R&D achievements should be devised in accordance with the purpose, the nature, and the IP management status of each institute. (2) The feasibility evaluation should be set to match up the development stage of the R&D achievements and take the technical aspect as the groundwork, IP aspect as the pivot connecting to the market and legal aspect, and the financial aspect as an integrated result. (3) Evaluation executed by external parties may be of some defects that should be taken into consideration. (4) The feasibility evaluation for R&D commercialization should be executed by multi-disciplinary team and the industry-experienced or market personnel should as well participate in the evaluation process. (5) Due to the characteristics of biotechnology, many special factors should be involved in the evaluation process. (6) The government may actively assist in setting up a professional organization or team to provide feasibility evaluation and even the further technology marketing services to meet the consideration of economies of scale/ scope, specialty, and objectivity.

過去許多企業，將企業原本擁有的智慧財產（例如：專利、商標、營業祕密…）與企業的其他資產、負債，分離出來，成立智慧財產控股公司，並透過智慧財產供股公司的經營管理，獲取大量的租稅利益。此一租稅規劃工具雖然已引起稽徵機關的注意，但運用得當，仍可為企業創造可觀的利潤。 智慧財產控股公司的設立架構，母公司通常會在低稅率的國家或州，設立一完全控股的子公司，由智慧財產控股公司自行創設、或自母公司繼受智慧財產。智慧財產控股公司授權的對象，可能是母公司、亦可能為不相干的第三人。 智慧財產控股公司的租稅效益，來自智慧財產控股公司通常選在低公司稅率（甚至零稅率）的地區設立，對於權利金收入予以免稅的地區。母公司付給子公司的權利金費用，母公司可作為費用扣除，藉以降低母公司的所得稅。智慧財產控股公司可透過發放股利，或對母公司融資等方式，解決母公司的資金需求。 透過智慧財產控股公司進行租稅規劃，最重要面臨『移轉定價』與『避免濫用租稅協定』，因此智慧財產控股公司進行的關係人交易，不能是純為獲取租稅利益的假交易，必須有商業實質。 / Over the last decade or so, many businesses generating significant revenue from intellectual property such as patents, copyrights, trade names and marks, software and know-how (the IP Assets) have organized intellectual property holding companies (IPHCs) to reduce federal and state taxes while separating valuable IP Assets from other corporate liabilities. Recently, states have started to aggressively challenge this tactic. However, substantial state and federal tax savings can still be realized if IPHCs are organized and operated correctly. The structure of an IPHC is fairly simple. The parent corporation typically creates a corporate subsidiary in a state or in a foreign country where little or no taxes are imposed . IP Assets are created by or transferred to the subsidiary. The subsidiary enters into license agreements under which the parent corporation and non-related corporations agree to pay the IPHC royalties in exchange for an exclusive or non-exclusive right to use the IP Assets. Since most IPHCs are organized in jurisdictions with no income tax, the royalties received by the IPHC are generally tax-free. In addition, the parent corporation that paid the royalty typically can deduct the payment as a deductible expense, thereby reducing the parent's income or franchise tax liability. In some circumstances, IPHCs can make tax-free dividend distributions or loans to the parent corporation. The key issue IPHC should consider is “Transfer Price Issue” and “Anti Treaty Shopping Issue”. Transactions between related parties can’t be shame transaction, business substance is required.