台灣及中國大陸製藥公司研發投入與資本支出對企業價值影響之探討

台灣已於2018年進入高齡社會，而高齡人口的增加，製藥產業益形重要。依據經濟部工業局統計數據顯示，2018年台灣上市櫃製藥公司研發投入經費達新台幣151.34億元，較前一年大幅成長30.35%，顯示台灣上市櫃製藥公司致力於提高研發能量、蓄積成長動能之決心。本研究旨在探討製藥公司之研發投入與資本支出對企業價值的影響，以2008至2018年台灣地區23家上市櫃製藥公司以及中國大陸48家上海A股製藥公司為研究樣本，進行實證分析。實證結果顯示，就台灣製藥公司而言，研發費用、無形資產支出以及不動產、廠房及設備支出對Tobin's Q具有顯著正向之影響，且其中研發費用及不動產、廠房及設備支出具有遞延半年的顯著效果。而對於每股淨值之影響則呈現不動產、廠房及設備支出具當期的顯著效果，遞延效果則不顯著。就中國大陸製藥公司而言，研發費用以及無形資產支出對Tobin's Q具有當期顯著正向之影響，而遞延效果部分則呈現研發費用以及不動產、廠房及設備支出的部分遞延效果。至於每股淨值之影響，則呈現無形資產支出當期以及遞延二年的顯著效果。本研究主要貢獻在於提供投資者選股以及主管機關訂定政策時參考依據。

關鍵字

Tobin's Q ；每股淨值；研發費用；無形資產；不動產廠房及設備

並列摘要

According to the statistics from the Industrial Development Bureau of the MOEA, the pharmaceutical companies listed in the TWSE and TPEx spent NT$15,134 million in research and development investment in 2018, which is 30.35% increase from the previous year. This indicates that the pharmaceutical companies in Taiwan have focused on the improvement of research and development energy, and the accumulation of their growth momentum. The objective of this study is to clarify the relationships among the R&D expenses, the capital expenditure, and the value of pharmaceutical enterprises. We choice 23 pharmaceutical companies listed in the TWSE and TPEx, and 48 pharmaceutical companies listed in the SSE to make a comparison between Taiwan and China. Our research period is from January 1, 2008 to December 31, 2018. Our investigation indicates that as for the pharmaceutical companies in Taiwan, the R&D expenses, the intangible asset expenditures, and the property, plant and equipment expenditures have significant positive impacts on Tobin's Q, and among them, the R&D expenses and the property, plant and equipment expenditures have significant time lag effects for about a half year. Besides, the property, plant and equipment expenditures have a significant positive impact on the book value. As for the pharmaceutical companies in Mainland Chinese, the empirical results reveal that the R&D expenses and the intangible asset expenditures have significant positive impacts on Tobin's Q. Only the R&D expense and the property, plant, and equipment expenditures have time lag effects. Additionally, the intangible asset expenditures have a significant positive impact on the book value, and exists a time lag effect for about two years. Our findings provide sufficient evidence that the R&D expenses and the capital expenditures do influence the value of pharmaceutical enterprises. Our empirical results can provide investors important references and help financial authorities for formulating policies.