지식기반기업에 있어서의 자금조달에 관한 연구 - 지식재산 담보제도의 활용을 중심으로 -

The purpose of this study is to make a reform proposal on the revitalization of funding in the knowledge-based businesses, especially regarding the venture companies. In the 21st century, our industrial paradigm is changing into that of knowledge-based industries which are based on invisible human assets, unlike traditional industries. But many knowledge-based corporations have been placed in a difficult situation related to financing problems. It is because they cannot receive loans from banks as they can not have tangible assets such as real estate. For example, venture companies have plenty of intellectual property rights, but they will not acquire success in financing, because it is not easy to finance by using intellectual property rights security systems. Thus, we must take actions as follows for revitalization of funding in knowledge-based businesses. First, collateral evaluation systems that evaluate the value of companies' security systems for intellectual property rights must be established in Korea. Second, the government must install an organization that will establish the valuate of companies' techniques. Third, we have to reform legal systems concerning intellectual property rights security systems so that banks will have faith that invisible assets are as important and safe as tangible capital assets in the future. Futhermore, we have three approaches(cot approach, market approach, income approach) in valuating intellectual property rights, but these methods cannot be suitable for valuating intellectual property right security systems. Therefore we must consider the introduction of a real options valuating system prudently.