Financial Models of Intellectual Properties: Lessons from Japan, South Korea, Taiwan and U.S.

摘要

In the era of Knowledge-based Economy, the intangible intellectual property (IP)rnhas become the core of corporate values, yet it is difficult for companies to financernwith IP, and the obstacle in conducting IP-financing is asymmetric information. In thisrnpaper we reviewed the development in the U.S., Japan, South Korea, and Taiwan andrnfound three effective financial models, including relationship banking, thernloan-guarantee model, and the meeting-platform model. Based on the value-creationrntheory, the relationship-banking theory, the value co-creation perspective, informationrnwe acquired from interviews with banks and credit guarantee institutions in Taiwanrnand Japan, we analyzed how the three financial models work and overcome the issuernof asymmetric information, and also explained why other models fail. Lastly, wernproposed what to be aware of when introducing the three models as references forrncountries introducing these models.