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題 名 | 智慧財產權證券化--從「Bowie證券」之發行談起=Intellectual Property Securitization--A Study Relating to the Issuing of Bowie Bond |
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作 者 | 謝祖松; | 書刊名 | 臺北大學法學論叢 |
卷 期 | 58 民95.06 |
頁 次 | 頁93-144 |
分類號 | 588.3 |
關鍵詞 | 大衛鮑依; 智慧財產權; 證券化; 信託; 讓與; 將來債權; 破產隔離; 真實買賣; 擔保權; 信用評等; 鑑價; David Bowie; Intellectual property; Securitization; Trust; Assignment; Bankruptcy remote; True sale; Security interest; Credit rating; Valuation; |
語 文 | 中文(Chinese) |
中文摘要 | 鑑於美國Bowie證券之發行乃智慧財產權證券化融資之濫觴,值得我國當做參考之實例,然而,從Bowie證券發行後之狀況觀察,亦覺必須反向思考智慧財產權證券化是否真有如預期之榮景。因此,本文擬除了研究智慧財產權證券化之法律架構,亦同時試圖歸納其阻礙發展之原因,期導引出適切之因應做法。故於第貳部分先介紹資產證券化之架構與治革;進而於第參部分敘述Bowie證券之發行經驗及其啟示;再於第肆部分研析智慧財產權證券化相關議題,其包含智慧財產權證券化之定性、資產移轉、破產、擔保法制、及智慧財產鑑價等。同時,擬朝經濟規模之要求、資產組合之建立、現金流量之穩定性、及智慧財產權之鑑價等四個方向,探討阻礙智慧財產權證券化發展的原因。 |
英文摘要 | This paper reviews that, in 1997, the Bowie bond broke a new frontier in financing by introducing a form of the IP-backed securitization, and purposes to analyze the underlying U.S. legal structure in connection with said issuing by conducting a comparative study in areas of contract law, security interest, bankruptcy law, etc. In particular, this paper distinguishes IP-backed securitization from traditional IP financing, and argues that licensing agreements is the asset backed thereof. In addition, it addresses the regulation of true sale, along with limitations caused by contractual provisions and payment expectation theory, and also explains the voluntary and involuntary bankruptcies with the notion that independent directors of SPV do not ensure bankruptcy remote. It provides the application of public noticing and priority of U.C.C. to further suggest a modification of our civil legal system, and indicates the importance of IP valuation and suitability by adopting of income method to enhance credit rating accuracy. It acknowledges the development following the issuing of Bowie bond, and summaries impediments to success as an overall assessment to this study. |
本系統中英文摘要資訊取自各篇刊載內容。