本研究採用Berger and Patti(2002)的代理成本理論模式,將之修正運用在台灣生技產業分析上。即針對台灣44間生技相關廠商,建立超越對數函數型態的隨機成本模型,估計其2001年到2004年的成本效率,並以成本效率值作為公司績效指標,分析它與資本結構、所有權結構、公司風險、市場集中度與研發費用等變數之間的關聯性。 研究結果發現:1.適當的提升負債比率,有利於降低生技廠商管理者與股東之間的代理成本;2.增加管理者持股比率,可提升生技廠商的績效;3.生技產業的公司風險與市場集中度對公司績效有顯著負向的影響,而對資本結構為顯著的正向影響;4.生技產業存在研發費用的遞移效果,研發費用與公司的績效為正相關,而與資本結構則呈現負相關。
This study estimates the cost efficiency among 44 biotechnology firms during 2001-2004 by way of the translog random cost function model. We further employ the cost efficiency as the firm performance, and analyze the causal relationship with capital structure, ownership type, firm risk and market concentration, and R&D expenses. The results show that: first, the agency cost between managers and stockholders of biotechnology firms can be reduced through raising their debt ratio. Second, the firm performance can be enhanced through enlarging the stock holding ratio of managers. Third, the firm risk and market concentration will have a marked negative influence on the firm's performance, but will tend to have a clear positive effect on the firm's capital structure. Fourth, the distributed-lag effect of R&D expenses in the biotechnology industry is still in existence: the R&D expenses will promote firm performance but negatively impact capital structure.