專案組合證券化模式在智慧財產證券化之應用-以流行音樂證劵化為例

• Main Authors: 武仁, WU, JEN
• Language: 中文
• Published: 國立政治大學
• Subjects: 專案組合證券化; 智慧財產; 專案組合; 現金流量; 信用增強機制; 抵押擔保; 流行音樂(明星藝人)
• Online Access: http://thesis.lib.nccu.edu.tw/cgi-bin/cdrfb3/gsweb.cgi?o=dstdcdr&i=sid=%22G0923610171%22.

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