지식재산 유동화와 조각투자 구조에 대한 소고

This study explores the applicability of the fractional investment structure to the area of intellectual property (IP) finance and its institutional implications. Fractional investment refers to a financial mechanism that divides assets into smaller units, thereby enabling a broader base of investors to participate with relatively low capital. This structure enhances accessibility to high-value assets and facilitates portfolio diversification. While fractional investment has traditionally been applied to tangible assets, its potential is now being explored in relation to intangible assets such as intellectual property rights. Focusing on the structured financial utilization of IP assets, this paper compares the fractional investment model with IP securitization and sale and license-back (SLB) structures. It further analyzes the case of the Intellectual Property Exchange International (IPXI) in the United States, which implemented a standardized transaction model for Unit License Rights (ULRs) of patents. The study examines the practical application and limitations of the ULR fractional model, evaluating whether such an approach could serve as a viable structure for IP-based fractional investment. This paper also reviews recent legislative developments in Korea, including the proposed amendments to the Enforcement Decree of the Financial Investment Services and Capital Markets Act, led by the Financial Services Commission and other related legislation.