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) has become the core of corporate values, yet it is difficult for companies to finance with IP, and the obstacle in conducting IP-financing is asymmetric information. In this paper we reviewed the development in the U.S., Japan, South Korea, and Taiwan and found three effective financial models, including relationship banking, the loan-guarantee model, and the meeting-platform model. Based on the value-creation theory, the relationship-banking theory, the value co-creation perspective, information we acquired from interviews with banks and credit guarantee institutions in Taiwan and Japan, we analyzed how the three financial models work and overcome the issue of asymmetric information, and also explained why other models fail. Lastly, we proposed what to be aware of when introducing the three models as references for countries introducing these models.