全球專利市場交易日趨白熱化，其背後隱含的意義除了各廠商之間的競爭角力外，更直接對營收帶來衝擊。目前專利市場中熱門的交易仍以電子相關產業為主之投資組合，台灣以積體電路及電子製造亮眼於國際舞台間，更應學習一種具備前瞻布局的眼光以及戰略。 競爭必然存在，回應市場的動能以及反應能力更應備妥，此論文以檢視台灣廠商的現有環境及條件，並環顧國際間爭相而起的新勢力，提出未來可能面臨的威脅及遭遇，並藉由台灣廠商的成功案例輔以說明，期望能剖析出市場的生態變化，並在變動的市場中做好因應的準備。

本研究探討各國智慧財產權保護和仿冒威脅程度的差異對美國影音軟體產品出口值的影響。資料為1997-2005年期間的panel data，分別採用由世界經濟論壇(WEF) 和瑞士洛桑國際管理學院（IMD)所發展之智財權指標，並以動態的GMM模型估計降低模型可能存在的內生性問題。實證結果在強仿冒威脅進口國方面，符合Smith(1999)的假說，亦即進口國智財權保護程度與美國影音軟體出口值成正比；但在弱仿冒威脅進口國方面，結果則與假說不符，產生與強仿冒威脅國家相同的結果。研究認為發生矛盾的原因是，影音軟體的仿冒過程遠較以往文獻研究的實體製造業產品容易得多，因此並不適用於之前的假設，再加上競爭者太多，導致廠商不敢大膽實施高價策略，使得市場獨占效果不顯著。 / This study investigates the effects of national differences in intellectual property rights (IPRs) protection and the degree of threat of imitation on U.S. audio-visual products’ exports. Using panel data for the period 1997-2005, we not only apply a longitudinal IPRs index developed by World Economic Forum (WEF) and International Institute for Management Development (IMD) , but also employ the technique of generalized method of moments (GMM) on dynamic panel model to control for endogeneity problem. The empirical results show that the stronger IPRs increase U.S. audio-visual products’ exports. For the strong threat-of-imitation countries , the results are the same as Smith(1999)；but for the weak threat-of-imitation countries , the results seems to contradict with theory predictions.We think the reason that audio-visual products is easier to copy than the manufacturing goods in the literature, so they do not suit for the hypotheses before. Therefore, the firms can’t apply a high-price strategy because of a lot of competitors, and market power effect is not dominant.

半導體產業發展至今共經歷三個階段的變革，從70年代電腦元件的標準化、80年代ASIC技術的出現一直到90年代系統單晶片的設計方式興起，SIP產業也因而崛起。SIP使得IC設計分工更加專業與精細，然而，不同類型的SIP供應商有不同的核心能力，一家SIP供應商不可能滿足顧客對於SIP的所有需求，因此，整個SIP產業供應鏈的分工與串接變得十分複雜，廠商間彼此競爭又合作的關係使得各公司必須隨時調整以尋求最合適的經營模式。而在這樣變化快速的市場環境中，進而突顯了企業實施競爭智慧的重要性，競爭智慧能幫助企業蒐集並分析產業環境的相關資訊進而提供即時的決策分析與建議，以提昇企業的競爭優。而SIP重複使用的特色雖促成了新興的交易模式，但這也造成了SIP交易過程中最大的問題即是產品與技術的價值難以衡量。 本研究之個案公司同時面對市場變動快速及議價能力不足等問題，經本研究藉由文獻蒐集分析及個案實際深入訪談後，調查結果發現SIP鑑價之資訊需求來自於影響SIP價值之因素，故本研究關注於SIP價值影響因素，探討其影響原因及理由為何，並利用交易策略競爭智慧系統架構的建置，幫助個案公司能由價值影響因素的觀點出發，即時將資訊分析處理成為交易決策之依據。 本研究設計之交易策略競爭智慧系統架構共分為三個子系統，由資訊蒐集子系統根據SIP價值影響因素分為五個模組，各模組由各種內部及外部情報源收集所需資料，並依據各因素進行分類匯整後存入企業內部資料倉儲，再利用各種鑑價分析方法由資料倉儲內取得所需資訊進行SIP的綜合評價，最後配合交易模式的選擇提供企業在發展交易策略的依據。 / Since the standardization of computer components in 1970s, ASIC technology of the 1980s to the rise of System-on-Chip design in 1990s, the semiconductor industry has experienced three stages of transformation. It created a new business industry – SIP business. Because of SIP, IC design becomes more professional and precise division of labor. However, each SIP provider has different competence, and one SIP provider can’t meet all the customer needs. Therefore, the SIP industry supply chain becomes very complex. Mutual competitions between manufacturers and cooperative relations force the companies to adjust their strategies at any time to find the most appropriate business model. Rapid changes in the market environment underscore the needs of Competitive Intelligence. CI can help the companies to collect and analyze information related to the environment, provides real-time analysis and decision-making recommendations to enhance the competitive advantages. Although the reuse of SIP leads to the development of new transaction models, but also causes the problems of measuring the value of products and technologies. This case faces the problems of rapid changing market and low bargaining power. After investigating by documents collection and case interview, we find that the information needs of SIP valuation is the effect factors of SIP value. So this research focuses on the effect factors of SIP value and the reasons, and helps this case use real time information processing as the base of transaction strategy by transaction strategy competitive intelligence system from the perspective of the effect factors of SIP value. The design of the transaction strategy competitive intelligence system structure can be divided into three subsystems. Data collecting subsystem gathers the internal and external information for SIP transaction strategy made from every data sources, and saves into the enterprise data warehouse base on the classification of the factors. Then engage the comprehensive evaluation of the SIP by using every kind of valuation methods. At last, combines with the choices of transaction models to provide the foundation of transaction strategies. Keyword: SIP, Effect Factor of SIP Value, Competitive Intelligence, Competitive Intelligence System

全球半導體產業歷經了三階段變革，產生了一個新興事業－SIP產業。SIP屬於知識經濟，交易過程所牽涉的內、外部資料相當龐大，僅憑決策主管過去的經驗或是本身的直覺是不夠的。因此當前產業界最需要的就是能將大量的資料進行即時的分析，幫助訂定最佳方案的決策方案，創造最大利益。 本論文基於個案公司矽智財交易模式決策支援的觀點，分析矽智財交易決策牽涉的內、外部資料類型；此外以商業智慧的角度來思考，將矽智財交易模式決策相關資料以資料倉儲架構的方式彙整起來，協助業者進行更進一步的分析及應用。經過研究者對個案公司交易模式的深入探究，本研究將影響SIP技術買賣評價以及交易模式決策之因素分成四大構面，每個構面亦由許多細項因素所組成，總數約四十項左右。接著，本研究整理個案公司「交易模式決策之資訊需求」將其分為四大維度，再依據「維度之資訊需求」細分成十個子維度，建立一雪花綱目（snowflake schema）結構的資料倉儲，提供各項決策事實量值。 本研究釐清了個案公司對SIP產品交易模式決策需求，並蒐集SIP產品交易流程，探討矽智財交易所需要的內部與外部資料類型，整合矽智財交易各個資訊系統資料庫，建構商業智慧所需的資料倉儲，作為個案公司進行交易模式決策及建立商業智慧的理論與實務基礎。希望透過商業智慧系統的建置，協助個案公司訂定最有利的交易決策。 / Global semiconductor industry has gone through three steps revolution; it created a new business industry – SIP business. SIP business belongs to Knowledge Economy; SIP transaction involves huge internal and external information. It’s insufficient if the transaction is based on previous experience and personal instinct. Therefore, the most important thing for SIP industry is to promptly analysis the huge data and help to setup the best strategy and create maximum benefits. Based on the studied company SIP transaction model, this thesis analysis the involved internal and external information for SIP transaction strategy made. In addition, using data warehouse from Business Intelligence perspective to compile SIP transaction strategy related information helps SIP companies do further analysis. Through the deep research of the studied company transaction mode, author divides the SIP technology value evaluation and transaction model into four directions. Each direction consists of many detailed factors, total are around forty factors. This research arranges the studied company’s transaction mode required information and divides into four dimensions, furthermore, according to the needs of each dimensions detailed breakdown to 10 sub-dimensions and establish a snowflake schema data warehouse structure, providing data for strategy making. This research verifies the studied company SIP transaction mode, collects SIP transaction flow, studies the SIP transaction needed internal and external data, integrates each Information data base of SIP transaction and construct Business Intelligence needed Data Warehouse , to become the theory and execution reference of the transaction mode and Business Intelligence establishment for the studied company. Hopefully, by use of the establishment of Business Intelligence could assist the studied company stipulate the most beneficial business model. Keyword: Silicon Intellectual Property, Business Intelligence, Data Warehouse

從轟動全球的鴻海與夏普併購案、安謀與英特爾兩個直接競爭者間的晶片架構授權、蘋果與三星纏身多年仍難分難解的設計專利訴訟，再再都顯示智慧財產的重要性，及妥適的規劃與運用企業智財策略管理，能為企業帶來 的競爭優勢與經營彈性，可惜的是相關文獻不僅相當少，既有策略管理文獻，對智慧財產層面之策略管理，又鮮有論述。為期許自己能夠對實務及學術領域皆盡棉薄之力，並推廣相關知識，本研究選擇企業智財策略管理為研究標的，以有無積極採取此面向策略管理之利弊分析為主軸，分別涉及之具體考量為核心，再輔以國際案例說明，以應證智財管理與企業經營整合之趨勢。 　　為完整探討企業智財策略管理，本研究前兩章先思考廣泛認知的策略管理面向，並套用至智慧財產層面，說明智財策略管理為何及其重要性，與企業應將其導入日常經營；於第三章與第四章，倚賴客觀嚴謹之文獻解讀與專家訪談，搭配靈活之商業邏輯分析，試圖拉近古今中外類似策略思維，說明此概念實非前所未聞，毋寧係吾人未善加利用之競爭策略，並由具體事項整理欠缺企業智財策略管理之危機與積極採取企業智財策略管理之國際趨勢，以充分說明欠缺注意之問題與徹底落實之好處，本研究更利用柯達和全錄，說明企業是如何從默默無聞到高度成功，後續又為何日漸衰敗，並以波音與安謀，描述其係如何日益壯大，與善用智財策略管理更上一層，應證前述分析，係實質可期之策略應用；於第五章嘗試歸納、分析與整合相關資料，經過多次思考、討論與修正，提出企業宜進行之內部組織調整及12步驟之企業智財策略管理，給予企業一套有具體步驟的策略指引，嘗試協助企業成就更上一層，維持高度競爭力，並永續經營；透過深入探討企業智財策略管理議題，亦希冀能夠達到拋磚引玉之效，激發更多討論，補充本研究之不足。 / From recent Foxconn-Sharp merger, licensing deal among ARM and Intel, and dogfight be-tween Apple and Samsung; the importance of intellectual property (IP) is self-evident. Enterprises could gain competiveness and flexibility if strategic IP management is carefully planned and applied. Generous IP activities remained, but only a handful of scholarships dedicated to the topic; more likely than not, these papers focused on traditional perspectives, rather than strategic IP management. This research intends to provide an account broadly discuss relevant issues, including, what strategic IP management is, how it should be treated by enterprises, and guidelines of integrating it to business management. Hope the thoughts provided could benefit current practices as well as academics. Chapter I & II described how the research is done, delved into traditional perspectives of strate-gic management, and construed strategic IP management to show the necessities of proper integra-tion for enterprises. Banked on resources and professional insights, Chapter III & IV carefully drew connections between strategic IP management and ancient Chinese wisdoms, and shown threats, benefits, and trends on why enterprise should incorporate strategic IP management into business. Further, it used famous corporations including Eastman Kodak, Xerox, Boeing Company, and ARM Holdings to show how successful businesses have failed due to careless on strategic IP management, in contrast to businesses indeed can benefited from proper integration of such instrument. Chapter V scrutinized materials, and integrated different opinions and perspectives, then provided adjustments to organizations within corporations and formulated a 12-steps strategic IP management intended to provide enterprises a guideline that would lead to further success. Lastly, Chapter VI provided a ret-rospect of the research, and wished to set an example and to stimulate more discussions.

智慧財產權為政府鼓勵知識創新者公開其研究成果所給予的獨佔權利。這些公開的資訊便稱之為「智慧財產權資訊」，內含了人類超過90%的智慧結晶。是以企業妥善運用這些資訊可以節省許多研發的時間及金錢，並加快取得智慧財產權的速度。 　　智慧財產權資訊服務的提供可視為一種加值的過程，從數量龐大的原始資料檢索、分析，甚至提供軟體工具的協助，都是內涵相當專業。本研究將其稱之「智慧財產權資訊服務業」。 　　本研究為一初探性研究，企圖藉由廣泛的文獻收集與深度訪談，勾勒本產業在台灣的發展現況、上下游價值鍊、與其他技術商品化服務業的關係、以及未來發展的策略。為有效的觀察六個訪談個案，本研究參照了相關文獻，訂定產品組合與目標市場、價值活動與核心能力、組織與人事管理、專業行銷與客戶管理、策略聯盟與併購五個項目作為觀察指標。 　　本研究之研究個案包括：亞太智慧財產權發展基金會、亞太智財科技服務股份有限公司、連穎科技股份有限公司、元勤科技股份有限公司、識權科技股份有限公司、台灣智財股份有限公司。 　　本研究發現：目前台灣本產業廠商均為近幾年成立的新創企業，屬於知識密集型產業。產業的最上游為各國智慧財產權主管機關的資料庫，本產業部分廠商將其加值提升其方便性、對於重要資料加以翻譯或分析、或是協助廠商監視新增專利。在資料庫獲得加值後，部分廠商提供檢索服務，並以此為基礎提供研究發展、侵權訴訟、技術移轉之用。 　　本研究對於本產業發展的建議為：透過顯示其專業的方式教育使用者，並與相關技術商品化服務業合作以擴大其營業規模。同時本研究也建議政府提升本國智財權資料庫的水準、並協助民間業者使用其他國家之智財權資料庫。 / Intellectual Property Right (IPR) is a monopoly right for a period of time that governments encourage innovators to disclose their innovation. The published information is called “Intellectual Property Right Information” which included over 90% humans’ intellectual innovation, and companies may use the information to save money and time in R&D. 　　The usage of IPR Information can be seen as a value-added process, and it requires professional service providers to search and analyze useful information from IPR database and to design useful tools for their clinets. 　　The aim of this exploratory research is to study the professional service sector in Taiwan by wide data-collecting and interviews. For observing the current status, the value chain, the cooperation with other service providers, and the developing strategy, this research uses product mixes and targeted markets, value-added activities and required knowledge, organization and human resource management, professional marketing, strategic alliance and merger and acquisition as five indexes. 　　The cases in this research include Asia Pacific Intellectual Property Association, Asia-Pacific Technology and Intellectual Property Services, Inc., LearningTech Inc., IP Tech Inc., Su Cheng (Knowing Power) Inc., and IP Era Inc. 　　This research finds out that all the cases are srtart-up, and knowledge-intensive. The most upstream is the databases built by governments and this sector dilutes, monitors and translates these databases, or enhances the convenience. Some companies in this sector provide IPR search and analysis services, and the results may be useful for R&D, IPR lawsuit, or technology transfer. 　　This research suggests that this sector should enlarge the market by educating their customers with professional services and cooperating with other technology commercializing service companies. In the mean time, Taiwanese government may consider to enhance its IPR database and to assist local companies to utilize other IPR databases around the world.

隨著半導體製程技術的快速演進，以及電子產品往系統單晶片（SoC）趨勢發展，晶片設計生產力與製程技術間的落差日益擴大。設計重複使用（design reuse）逐漸成為縮短兩者差距之重要方法；若能靈活應用公司內部的設計重複使用或大量引用外來矽智財（SIP）完成晶片設計，將有效加速產品設計時程、縮短上市時間、節省設計成本並降低風險。 然而受限於資源、研發能力及SoC設計流程整合之複雜性，各公司無法自行開發所有需要的SIP，使得採用外部SIP並將其整合至設計專案中成為必要手段，並導致近幾年商品化SIP的交易市場開始蓬勃發展；但其中所牽涉之商業模式、授權方式與相關技術標準等議題卻相當複雜。 SIP交易之一大障礙來自於缺乏交易過程中所有必須的基礎建設與相關服務。為解決此問題，目前已出現一些中介機構，提供SIP供應商、SoC設計者必要的法律契約、IP保護、交易媒合及結清等服務，使其在交易流通與應用上能更加便利。我國亦於2003年開始推動國家矽導計畫，希望透過其IP Mall子計畫，建立完善的SIP匯集交易與推廣服務機制。 本研究從交易成本和統治結構觀點分析SIP的交易市場發展與衍生問題，並由交易流程中找出典型的商業模式與授權實務，繼而深入探討推廣SIP重複使用與促進交易流通之中介機構，為因應交易常見的問題與挑戰，在規劃交易運作制度、法律與整體交易體系之實際做法；就其擔任提供SIP交易相關活動支援的角色，提出實務上的制度規劃建議。 研究對象為台灣國家矽導計畫中所建立的IP Mall，分別是由創意電子和智原科技兩家公司擔負基礎建設工作，並選擇國外VCX及SIPAC兩家機構做為對照。透過次級文獻蒐集、專家訪談等方法得到主要發現如下： 1.極高的交易成本導致SIP交易困難。 2.SIP交易需配合以三邊統治為基礎之中介機構方能有效執行。 3.藉由建立SIP交易的機制及標準，將可大幅降低「交易成本以及資訊不對稱」所造成雙方損失。 4.兩家IP Mall在功能服務說明、SIP匯集、品質驗證、履約保證與風險管理之制度規劃有待加強。 5.台灣IP Mall的執行做法可朝Turnkey導向之營運模式發展。 6.台灣IP Mall的規劃及運作缺乏整體規劃、使用誘因和成效評估。 關鍵字：交易成本、統治結構、設計重複使用、矽智財、系統單晶片、矽導計畫、智財匯集服務（矽智財匯集平台／矽智財交易中心） / The rapid advance of semiconductor fabrication technologies and the trend towards system-on-chip (SoC) based electronic devices development has caused the worsening gap between silicon capacity and design productivity. “Design reuse” becomes a key strategy for SoC design gap improvement. Combining a selection of reusable silicon IP (SIP) and new designs significantly shortens the time required to create complex SoC products and reduces costs & risks. However, due to constrained resources, the lack of experience with technologies and the complexity in SoC design flow integration, companies do need to source SIPs from outside suppliers instead of developing all kinds of functionalities internally. In recent years there has been a rapid development in the commercial SIP market. Nevertheless, the issues involved in the business model, licensing practices, and related technical standards are also quite complicated. A key barrier to trading SIP may be the lack of all necessary infrastructure and related services within the transaction flow. To overcome this, there are emerging intermediary organizations to facilitate SIP transactions and applications by providing necessary legal contracting, IP protection, trading matching, settlement and service for SIP providers and SoC Integrators. Taiwan also launched National Si-Soft Project from 2003 with an attempt to establish an appropriate SIP trading, promotion and service mechanism under its IP Mall sub-project. From the view of transaction costs and governance structure, this study analyzes the development and derivative problems of SIP trading market and generalizes common business models and licensing practices during the SIP transaction process. Moreover, according to the general problems and challenges from SIP trading, the study thoroughly discusses practices of intermediaries in the planning of transaction operating mechanism, legal matters and overall trading environment. Finally, this study offers some suggestions in practical system planning based on the role of providing SIP trading support. The study takes Taiwan’s IP Malls as subjects, which were implemented by Global Unichip Corporation and Faraday Corporation respectively. We also choose overseas organizations like VCX from Scotland and SIPAC from Korea as a comparison. Based on the literature review and individual interview, we found the following facts: 1.Huge transaction costs result in SIP trading difficulties. 2.Intermediary organizations based on trilateral governance are essential to implementing SIP trading effectively. 3.Through the establishment of SIP trading systems and standards, the loss of both Buyers and Sellers results from transaction costs and information asymmetric can be reduced significantly. 4.Both Taiwan’s IP Malls need to enhance their system planning in the service & function introduction, SIP collection, SIP quality assurance, verification, guaranty of contract and risk management. 5.Taiwan’s IP Malls could take the turnkey-oriented business model based on their original design. 6.The planning and operation of Taiwan’s IP Malls lacks a holistic view, attractions for usage and performance evaluations. Key words: transaction cost, governance structure, design reuse, SIP (Silicon Intellectual Property), SoC (System-on-Chip), Si-Soft project, IP Mall

租稅係企業經營不可避免、更是不可輕忽之成本。隨者世界各國租稅環境日趨嚴峻，多國企業必須研擬適合本身經營管理之稅務策略，以降低稅務成本及控制稅務風險為手段，協助企業達成利潤目標及增加企業價值。 由於網路通訊及消費電子科技技術日益成熟普及，外國企業於買方所在管轄區無須設立任何營運據點，透過網路即可輕易地完成跨國交易。網路科技快速發展，其交易樣態亦趨複雜，部分國家現行稅務法令未臻完善且未與國際稅務規範接軌，致產生重覆課稅情形。 本研究以台灣線上遊戲軟體運營商為案例，以其線上遊戲軟體之授權權利金及網路交易衍生之稅務議題為研究標的，分析其經營模式之交易條件特徵及其現階段面臨之稅務議題，以集團「企業所得稅」為研究範圍，期望透過集團稅務管理，降低營運風險及增加租稅效益，並做為其他網路交易業者之稅務管理參考。

摘要 經濟發展是我國生存重要基石，而撐起這基石的正是我國多年來所發展的電子產業，積體電路設計公司的成立讓我國電子產業由代工模式轉而產品設計與發展模式。基於全球化的商業環境，積體電路設計公司若要永續生存發展，除了從傳統組織內部努力外更需重視產業環境所帶來的影響。而半導體產業從1947年開始到現在近一世紀的歲月歷經三次主要變革，使得矽智財產業興起，而矽智財產業是對於我國的半導體產業而言是一項極為重要的轉機，所以我國成立「矽島計劃」而其中之一的計劃就是成立SIP MALL ，期望藉由SIP MALL 的成立來活絡矽智財交易以促進新的半導體產業商業價值，進而提升我國半導體的競爭力。然而我國積體電路設計產業習慣做”Me Too ”的產品，大部分的業界對於我國是否有矽智財公司的空間都是懷疑。當然SIP MALL 的成功與否和我國的矽智財產業存活並沒有關連。而現階段SIP MALL 之現況除了授權模式外，仍存在著技術整合、模擬驗證、資訊揭露及合約簽定等交易瓶頸待解決，但其存活機率是很大，這和我國兩大晶圓代工的策略有很大關連，而半導體產業演變到現在這態勢，兩大晶圓代工勢必成為IDM 式晶圓代工公司所以各自會去支持集團中的SIP MALL。而本文是探討我國矽智財產業如何經營才能存活，總體環境對我國矽智財技術交易平台產業，矽智財供應商的主要關鍵成功因 素包括「利基市場的選擇」、「技術研發能力」、「軟體系統的支援」以及「系統廠的支援」四項。我國的IDM 、積體電路設計、系統廠、、等應取得目前我國市佔有率高的系統 規格制定主導權， 以下游推動上游的創新設計，將系統廠Concept 透過系統單一晶片規格的方式，跟積體電路供應商合縱連橫發展系統單一晶片。而矽智財交易平台則必須在矽智財的認證、鑑價及智慧財產權的制度下設計良善的運作管理機制，以大陸廣大的內需市場為基礎，培養我國進入高障礙矽智財的領域。同時本文也提出在我國產業環境中以車用微控制器、顯示、省電、記憶體、、等矽智財是可以進入利基市場，並以SWOT 分析其優劣，這是本文對我國矽智財產業小小的貢獻。 關鍵字：SIP MALL (Silicon intellectual property MALL )、IDM (IC Design Manufacture )、矽智財(Silicon intellectual property )、系統單一晶片(System on chip )、 晶圓代工(Foundry )、SWOT(Strength、Weakness、Opportunity、Threat)、 積體電路(Integrated Circuit )、微控制器(Microcontroller ) / Abstract Economic development is very important foundation for our country surviving, and that propped up this foundation is exactly the electronic industry that our country has developed for many years, The establishment of the IC DESIGN HOUSE lets the electronic industry of our country transfer from OEM way to design and developed way. On the basis of the globalized business environment , if the IC DESIGN HOUSE should continue survival and development forever, not only pay attention to the influence brought of industry's environment but also that organize the inside from the tradition hard . the semiconductor industry meets three main evolutions since 1947, rising the SIP (Silicon Intelligently property ) industry, and the SIP is an extremely important favorable turn as to semiconductor industry of our country, So that our government establishs the project which name is “Silicon Island Project”, one of this project’s plan establishs the SIP MALL, expect to activate the trade of the SIP in order to promote new semiconductor industry's commercial value with the establishment of SIP MALL, and then improve the competitiveness of the semiconductor of our country. But IC DESIGN HOUSE of our country is used to doing "Me Too" products, most companies in our country suspect that SIP industry can survives in our country. The succeeding or not succeeding of SIP MALL is not relation with the SIP industry survive in our country, In Current stage, the SIP MALL in our country depends not only on the licensing model but also on technology integration, simulation & verification, the information disclosure, and contract service.SIP MALL it survives probability is very high because the tactics of two major foundries in our country have very great connection, and this situation till now that the semiconductor industry develops, two major foundries certainly will become IDM Foundry and will support one's own SIP MALL each. And this page discussion how SIP industry of probing into our country manage could survive , the overall environment, to SIP technological trade platform industry of our country, the choice including “niche market selection”,”core technology research and development ability” , “software company supporting” and four items of “the support of the system company”.The business value chains in our country such as IDM, IC DESIGN HOUSE and the system factory should take the lead in the specification of system standards in where R.O.C.’s industry has high market share, thus the SIP ＭALL may serve the purposes ofleveraging the system know how and successfully delivering the SOC products. To improve the SIP MALL operation, we also need to build up SIP identification, valuation and IPR management systems. In the meantime, it is also crucial to take advantage of emerging markets in China, as well as to create the territories of Star IP with killer applications. And this pager also indicate the car’s microcontroller, the showing device, saving the electricities , Menory device are niche market selection in our country’s SIP industry, and its is good and bad with SWOT analysis, It is this pager which is a little contribution to SIP’s industry of our country. Key Words：SIP MALL (Silicon intellectual property MALL )、SOC (System on chip )、 SIP (Silicon intellectual property )、IDM (IC Design Manufacture )、Foundry 、 SWOT(Strength、Weakness、Opportunity、Threat) 、IC (Integrated Circuit ) 、Microcontroller

從智慧財產權的加值過程觀之，可以分為創造、保護、管理與運用四個階段，其中運用為發揮智財權附加價值的唯一手段。因此，如何為智財權尋求新的運用管道應是智財權利人與政府最須關心的議題。參考國外經驗，現今智財權運用的策略與模式已相當多元，除了運用於企業經營以發揮其策略性營運價值外，近年來亦興起以智財權進行擔保交易之趨勢，藉此開創智財權的財務價值。 而在擔保交易中，智財權除可進行融資擔保，以實現其擔保價值外，於1997年知名歌手David Bowie以其音樂著作權為證券化資產，成功發行Bowie Bonds後，亦證明以智財權進行證券化交易的可行性，使得證券化成為另一股智財權運用的新趨勢。而孕育Bowie Bonds誕生的美國，也成為智財權證券化的始祖與交易數量最多的市場。 透過證券化技術之橋接，擁有智財權的企業或個人將可藉此與資本市場產生新的連結，為其提供傳統銀行貸款外的新融資管道，增加智財權的價值。本研究之目的即在於瞭解美國智財權證券化之發展經驗，藉由實際案例之介紹，研究其運作模式與困難、未來前景，提供各界參考，並分析在我國推動智財權證券化的可行性。 研究結果發現符合一定條件的智財權，不論是專利權、商標權、音樂著作權或是電影著作權均可以進行證券化，且在交易架構上，智財權證券化完全可以運用發展已相當成熟的證券化技術，且未超脫此架構。其仍由智財權利人將欲進行證券化的智財權及相關權益以真實買賣的方式移轉給特殊目的機構，於架構所需的信用增強機制後，發行經信用評等機構評等的證券，在證券承銷商的協助下銷售給投資人。其所運用的信用增強方式包括超額擔保、儲備基金帳戶、信用分組、第三人保險或保證、於循環期內新購資產及設定提前清償機制等等，均為傳統證券化交易中常見者。而這些交易的共通點是其證券均經信用評等，且均以私募方式進行銷售，而不採公開發行。 此外，美國市場經過多年發展，可以觀察到四點有利智財權證券化發展的趨勢：一、鑑價技術進步與重視創新管理，帶動市場發展。二、以資產組合的方式進行證券化。三、證券化擴張到新種類的智財權。四、取得專家協助容易。且許多證券業的專家相信，因為智財權將成為全世界大部分收益與現金流量的來源，且證券化交易對買賣雙方都有好處，其未來將會成為最大的證券化資產種類。 然而，因為智財權的特性與固有的價值影響因素，增加其進行證券化的困難度與複雜性。此外，基於外在配套機制、產業環境與企業文化等種種因素，智財權證券化的發展面臨以下難題，包括智財鑑價技術未成熟、智財侵權普遍（特別是影音盜版、電腦軟體盜版與商標仿冒）、因智財權複雜性與高風險所導致的高交易成本、智財權擔保法制不完整、現有授權契約支付結構不利證券化、組織與需求問題、欠缺次級市場、投資人對智財權不熟悉及破產風險不易隔離等。 就我國方面，筆者認為似可以適用金融資產證券化條例之規定，進行智財權權利金收益之證券化。此外，在我國要以智財權本身進行證券化，似也可行。依信託業法第十六條之規定，信託業可經營金錢債權及專利權、著作權及商標權之信託。故智財權利人可以依該法之規定將智財權本身連同其相關權利金收益一併信託給信託業者，由其發行表彰受益權之憑證，進行證券化。但除非該證券另經財政部核定為證券交易法第六條第一項之其他有價證券，該證券將不適用證券交易法之規定，故其性質應屬民法第七百十九條所規定之無記名證券。 再者，因在我國民法下尚不承認『尚未產生債權』之讓與，故無法如美國進行『尚未產生的未來現金流量』的智財權證券化交易，只能以既有授權契約下的權利金收益為之。此外，依我國法院對將來債權轉讓，以該債權發生時為讓與生效時點之見解，似無法隔離創始機構的破產風險。且在我國破產法下，破產管理人原則上也有承擔或拒絕授權契約的權利，但該法未如美國『智慧財產破產保護法案』般，賦予被授權人選擇保留授權契約之權利而須繼續支付權利金，故當破產管理人拒絕該授權契約時，對證券化交易之衝擊並無挽救之道。 而在智財權擔保權益上，專利權與商標權雖已有登記對抗之公示機制，但筆者認為仍有缺憾。更嚴重者為著作財產權設定質權及讓與均不須經登記，且因著作權為無體財產，若無任何公示機制，對於交易安全之維護實屬有害，亦不利著作權證券化之進行。 也許有人會質疑，我國連不動產與金融資產證券化的發展均未成熟，現在就要談發展智慧財產證券化似嫌過早。然而，美國已有不少成功案例證實其可行性，且日本於2002年底通過《智慧財產權基本法》，確立以智慧財產權立國的國家戰略後，對智慧財產權證券化之研究也日益蓬勃。因此，筆者認為為增加發揮智慧財產權附加價值之管道，讓權利人更能從智慧財產權中獲益，即使我國資產證券化之市場仍屬初期發展階段，政府仍須認真思考此議題，進而考慮儘速推動基礎法制及相關配套措施，並解決前述的法制問題，以期建構有利發展智慧財產權證券化之環境，方不致在此新領域上落後美國與日本太多。此外，若能成功推展此種新興的金融商品，相信對我國金融市場的效率提昇與國際知名度亦有助益。 基此，筆者分就智財權利人與我國政府兩個面項，提出十二點有利智財權證券化發展之建議，作為本研究之最終成果。 壹、對智財權利人的建議 一、做好智財管理，創造優質權利。 二、管理授權契約，設計支付架構。 三、事先安排智財權清算機制。 四、善用信用分組，吸引不同偏好的投資人。 五、由智財技術服務業者擔任服務機構，以增加專業性，並降低破產風險。 貳、對我國政府的建議 一、增加金融資產證券化條例適用之資產種類。 二、承認尚未存在之將來債權讓與交易。 三、修改破產法，增定真實買賣安全港與被授權人選擇權。 四、修改智財權法交易登記規定，包括增設著作權交易登記制度，及將登記對抗改為登記生效要件。 五、建立智財權鑑價市場秩序，提高鑑價結果可信度。 六、建立信用保證機制。 七、建立資產證券化資產公告之查詢系統。