自英國於1997年首度提出創意產業，讓創意的附加價值藉由無形或文化性的特質融入到產品與服務創新中，文創產業已然是後知識經濟時代的指標；基於台灣文創環境的無形資產鑑價制度尚處於建構期，整體機制尚不成熟，因此相關企業在面對成長躍進中常因資金受限，也間接影響了整體產業發展，而此種現象尤以藝術經紀授權產業為甚。 「無形資產」是藝術經紀授權產業營運模式的核心。而國內對於如何將無形資產轉換為有形之概念性商品，而且又能使商品成本與企業價值被量化之議題的論述探究甚少，因此本研究將以藝術經紀授權產業為主體架構去進行鑑價模型之分析，冀望為文創產業注入更大的延展空間。 本研究整理現今無形資產、智慧資本、智慧財產之相關鑑價理論與方法流程，並就藝術經紀授權產業現況進行質化的分析，並冀望從理論出發含概實務觀點的去建構適合此產業的鑑價機制，並挑選P個案公司去驗證本研究所提出運作模型，以實現其價值轉化過程。 本研究結果可以幫助文創產業中之無形資產鑑價分析較為貼近產業之真實面貌，亦可讓文創產業經營者引為借鏡，以期盼提升台灣整體文創產業的競爭力。最重要的是藉由檢視相關產業的發展歷程，本文獻進而讓政府在制定相關產業政策時，更能以全方位的角度衡量產業政策，降低產業投入者資金進入門檻，讓更多的創投基金及金融機構投入，以促進產業發展與提升產業競爭力。 / Since the introduction of creative industry in Great Britain in 1997, which allowed the merge of value-added creativity into product and service innovations via intangible or cultural features, cultural creative industry has apparently become the index of the post-information economy. However, the intangible asset valuation system in the cultural creative industry in Taiwan is still under construction, yet immature, and the lack of capital inflow is usually the key restriction to the development and progress for many relevant enterprises, which in turn influenced the development of the entire industry; such phenomena is especially apparent in the industry of art 、agency、 licensing. “Intangible asset” lies at the core of the operation of art 、agency、and licensing industry. But there is not enough discourse analysis domestically on issues regarding how to turn intangible asset into conceptually tangible products or to further quantify the product cost and enterprise values, therefore, this study conducts analyses of valuation model based on the scaffolding of the art 、agency、 and licensing industry, hoping to introduce greater room for expansion in the cultural creative industry. The study has compiled valuation theories, methodologies and procedures regarding intangible asset, intellectual asset, and intellectual property, conducted qualitative analysis on the current status of art agency、 licensing with the expectation to develop a valuation mechanism suitable for this industry based on the theories and practical aspects, selecting company P as example to verify the operation model proposed in the study and to realize the process of value transformation. The study aims to help bring the valuation analysis of intangible asset in the cultural creative industry closer to the reality, and also serve as a reflection for operators of the cultural creative industry with the expectation of promoting the overall competitiveness of the cultural creative industry in Taiwan. Most importantly, by inspecting the process of development in related industries, this study may in turn provide an all-rounded evaluation for the government when drafting relevant policies of the industry to lower the investment threshold, allow the introduction of more venture capitals and financial institutions, and facilitate the development of the industry and improve competitiveness.

二十一世紀是知識經濟的時代，傳統製造業所看重的有形資本已不足以維持企業優勢，無形的智慧資本在新型態的企業競爭中所扮演的角色日顯重要。各行各業都有無形資產，種類性質因產業而異，傳統製造業重視營業秘密、商譽，高科技產業的專利則是公司競爭力的核心，而屬於知識高度密集產業的生技產業更需要重視智慧資本的管理。生技產業的結構複雜，價值鏈長、分工專業、產品開發期漫長，在產品成功上市之前的開發時期中，公司資產多屬於無形的智慧資本，無法從傳統的財務報表觀察其真正的企業價值。相較於其他產業，生技公司更必須訴求於正確的無形資產管理方式，方能成功兌現其智慧資本。 本研究先藉由文獻回顧統整台灣生技產業的相關現況、過去相關智慧資本管理研究以及研發管理等議題，歸納出一般性共識與管理原則。接著依循這些重點，訪談三家台灣生技公司的經理人，包括台灣微脂體、中裕新藥與因華生技，深入了解台灣產業經營實務與現況，探討其智慧資本中的人力、組織與關係資本在個案公司內的蓄積方式，從研發管理模式、組織制度設計與智財管理等面向進行綜合比較。 本研究認為研發能量與知識管理在組織制度中的蓄積，是台灣業界經營管理上常見的盲點，台灣生技新藥業者多重視新技術的研發，普遍對智慧資本其他面向的重視程度不高，但對生技產業而言，扣除資金與技術後，公司的長期競爭力往往都是在組織發展的過程中累積而來的，忽視知識管理與組織制度的養成，對於企業長久發展有關鍵性的負面影響。研究中的個案最終都必須往累積組織資本的方向邁進，若不針對組織資本的蓄積設計恰當的管理方法，為研發人才設計合適的制度與生涯發展管道，將研發團隊的知識能量內化為企業自有資產，只期望以短期的數據績效取得資金支持，忽視智慧資本的管理與培養，並非生技產業長久經營之道。建議生技公司除了聘僱專業經理人處理資金與股東的關係外，也要重視研發長與策略長在組織中的地位，大膽給予權利，調整組織的運作模式，設計出能累積公司能量的專案管理流程，才是生技公司創造競爭力之本。 / In the era of knowledge-based economy, the tangible assets highly-valued by traditional manufacturing industry is no more enough solely to maintain industrial competency. Intangible intellectual assets become more and more important in modern commercial competitions. The intangible assets exist and vary according to different industries. Traditional manufacturing industry looks highly upon trade secrets and brand reputation while patent is the core competency to high-tech companies. Biotech industry belongs to a high knowledge-intensive business and should emphasize more on the management of intellectual assets. Biotech industry is characterized of a complicated system, a long value chain, specialized divisions of labor, and a prolonged timeline of product development. The company assets before the successful commercialization of a product are usually intangible intellectual property and a biotech company during this period cannot be accurately evaluated from traditional financial reports. Hence, compared to other business, biotech companies should resort more actively to appropriate intangible intellectual asset management to achieve a successful redemption of its intellectual assets. This thesis will firstly through the literature study depict the current condition of Taiwan biotech industry and important issues on intellectual asset management and R&D management, inducing several principles of management. Further, the study proceeds with the principles induced to examine three new ventures in Taiwan, Taiwan Liposome Company (TLO), TaiMed Biologics, and InnoPharmax. The discussion will elaborate the practice of intellectual asset management of biotech industry in Taiwan, analyzing and comparing the accumulation of human capital, organizational capital, and relationship capital in the three cases. The study proposes that Taiwan biotech companies usually neglect the accumulation and management of R&D capacity and knowledge in the enterprise organization system. The companies in question invest their resources mostly on the development of new technology and less on other intellectual assets. However, in the long run, the competency of a biotech company accumulates while the organization develops, other than the financial capital and technology. The depreciation of knowledge management and organization system will cause fatal influences on the company. The cases in the thesis must eventually develop their own organizational capital. Biotech companies need to devise appropriate management for organizational capital and preferable career paths for researchers and engineers, to internalize the knowledge capacity of the research team into the company assets. It is not beneficial to a biotech company in the long run to expect financial supports with short-termed achievements, instead of the management and cultivation of intellectual assets. It is advised that other than hiring professional manager for investor relations, the biotech company should pay more attention to the function of CRO and CSO in the organization and sufficiently authorize them into full play. It should also focus on the operation of the organization, adjusting and devising program management to accumulate knowledge capacity, to firmly establish the core competency in a biotech company.