The Impact of the Act for the Development of Biotech and New Pharmaceuticals Industry on Firm Innovation in Taiwan

生技新藥產業發展條例對公司創新影響

梁婉麗(Woan-lih Liang) ； 劉泰承(Tai-Cheng Liu)

《臺大管理論叢》 31卷2期 (2021/08) Pp. 129-188

https://doi.org/10.6226/NTUMR.202108_31(2).0005

摘要

This study investigates how the innovation activities of the biotech and new pharmaceuticals industry (biopharmaceutical industry) change after the exogenous shock of the enactment of the Act for the Development of Biotech and New Pharmaceuticals Industry (Biopharmaceutical Act). We adopt Propensity Score Matching (PSM) and Difference-in-difference (DID) approaches to deal with sample selection bias and endogeneity problems. We find that approved biopharmaceutical firms engage in more innovation investments after the passage of the Biopharmaceutical Act than unapproved firms. We also confirm the policy effectiveness of the Biopharmaceutical Act, finding that approved biopharmaceutical firms are more encouraged to engage in innovation activities than high-tech firms after the Biopharmaceutical Act. In addition, the stimulation effect on innovation exists only for pharmaceutical and low R&D intensity firms. In the subsample analysis of the inter-industry effects, the stimulation effect is driven primarily by low R&D intensity firms and small firms. These findings consolidate the effectiveness of the Biopharmaceutical Act for biopharmaceutical firms with more serious R&D underinvestment problems. Our investigation also shows the effectiveness of tax credits granted by the Biopharmaceutical Act for the R&D investment of biopharmaceutical firms in Taiwan.

關鍵字

innovation ； R&D ； tax credits ； propensity score matching ； difference-in-difference

並列摘要

本研究探討生技新藥業發展條例（簡稱生技條例）對生技新藥業（簡稱生技業）研發創新的影響。我們採用「傾向分數配對法」與「差異中之差異法」來處理樣本選擇誤差與內生性問題。研究發現，在生技條例施行後，經生技條例核可的公司比未經核可的公司有較多的研發創新。我們也發現在生技條例施行後，經條例核可的公司會比高科技公司有較多的研發創新。再者，經生技條例核可的公司中，新藥公司與研發強度低的公司會致力於較多的研發創新。與高科技公司比較時，生技條例核可的公司中，研發強度較低的公司與小公司會有較多的研發創新。這些發現隱含條例對於研發較嚴重投資不足的公司的激勵效果較強。我們的研究亦驗證政府對於生技業所提供的課稅減免優惠對刺激該產業投資研發創新有正向的鼓勵作用。

並列關鍵字

研發創新 ； 課稅抵減 ； 傾向分數配對法 ； 差異中之差異法 ； 生技新藥業發展條例

參考文獻

Bessen, J., Neuhäusler, P., Turner, J. L., and Williams, J. 2014. The costs and benefits of United States patents. SSRN Electronic Journal. doi: 10.2139/ssrn.2278255

Chen, S. S., Chen, Y. S., Liang, W. L., and Wang, Y. 2020. Public R&D spending and cross-sectional stock returns. Research Policy, 49 (1). doi: https://doi.org/10.1016/j.respol.2019.103887

Czarnitzki, D., and Hussinger, K. 2004. The link between R&D subsidies, R&D spending and technological performance (ZEW-Centre for European Economic Research Discussion Paper No. 04-056). Mannheim, Germany: Leibniz Center for European Economic Research. doi: http://dx.doi.org/10.2139/ssrn.575362

Aerts, K., and Schmidt, T. 2008. Two for the price of one?: Additionality effects of R&D subsidies: A comparison between Flanders and Germany. Research Policy, 37 (5): 806-822.

Aghion, P., and Howitt, P. 1992. A model of growth through creative destruction. Econometrica, 60 (2): 323-351.