創造價值動態效率之研究－以台灣生物科技產業為例

Dynamic Marketability Efficiency in Biotechnology Industry

黃郁珊(Yu-Shan Huang)

《國立虎尾科技大學學報》 32卷3期 (2015/06) Pp. 29-47

https://doi.org/10.6425/JNHUST.201506_32(3).0003

摘要

台灣生物科技公司以醫療器材代理產業之公司價值相對較高，且公司價值之高低為公司未來發展潛力的指標，也影響取得資金成本的高低。本文除檢測產品特性不同之生物科技公司在創造價值動態效率上之差異，並將探討生物科技產業創造價值動態效率之持續性與創造價值技術之變動。本文以台灣2006年第一季～2014年第四季之26家上市生技公司為研究樣本，以Tobin's Q衡量公司價值。首先以因素分析法分別建構財務與非財務（公司治理與無形資產）等三項投入指標，並採用Sengupta（1996）兼顧隨機誤差與動態特性的二階段法來衡量動態效率。其次探討產業創造價值效率有無持續性高成長現象，最後合併各年具創造價值效率之組合，探討創造價值技術變動的趨勢。實證結果顯示，醫療器材犀業創造價值技術效率較高。在規模效率方面，以製藥犀業相對規模效率較高。各產品產業在後期創造價值技術有明顯的提升，其中文以醫療器材產業表現相對較佳。建議醫療器材產業公司進行規模調整，例如：金額的投資及設備的補助、製藥產業公司提升其財務績效搭配相對較充裕的無形資產與優良的公司治理，應能提升創造價值技術效率。

關鍵字

動態效率 ； 創造價值效率 ； 生物科技產業

並列摘要

In Taiwan biotechnology industry, medical equipment companies are with relatively high value. And the company market cap represents the potential capability in the near future, which also affects the level of fundings companies can receive. In this paper, it not only describes the discrepancy of creating dynamic marketability efficiency in those biotechnology companies which provide different products, but also researches how biotechnology industry sustains dynamic marketability efficiency and creates the industrial values. In this paper, the research samples include 26 listed biotechnology companies from the first quarter in 2006 to the fourth quarter in 2014 and the approach is to use Tobin's Q to measure the company cap. First, with factor analysis methodology, there are 3 indicators including financial and non-financial (corporate governance and intangible assets). Moreover, using Sengupta (1996) measures the dynamic efficiency. Second, it also researches whether the industrial value creation efficiency achieves high growth continuously. Finally, by studying the successful cases year over year, it tries to research the trend of value creation changes. The empirical results show that medical equipment companies create higher values on technology, while pharmaceutical companies create higher value on efficiency. It is suggested medical equipment companies could adjust the company scale, such as more active investment on equipments. Pharmaceutical companies could enhance financial performance and corporate governance to increase the value in terms of technology.

並列關鍵字

Dynamic Efficiency ； Marketability Efficiency ； Biotechnology Industry

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