智慧財產證券化-DRAM產業的新籌資管道

Abstract

智慧財產證券化一直是個熱門的議題，其中以智慧財產權所衍生出來的權利金收入，由於具有較明確的現金流量，因此適合作為智慧財產證券化的標的。本文就記憶體產業中，專利及相關技術的授權金當作證券化的標的，並且設計符合其現金流量的層型債券結構，另比較不同比率的超額抵押與籌資成本的相關性，藉此增加擁有該專利及相關技術記憶體公司之籌資的管道。

Intellectual properties backed securitization has been a popular issue. Since the royalty receivables derivate from intellectual property has comparatively more predictable cash flows, these receivables would be more suitable to play the role of underlying assets for intellectual property backed securitization. This article focuses on the securitization backed on the royalty receivables from patents and related technologies in the DRAM industry. A tranched structure bond corresponds to the cash flows of the underlying assets is proposed. The relationship between different overcollateralizations and funding costs are compared. The results might be applied in providing more financial channels for DRAM companies with patents and related technologies.