國發基金對生技產業的影響

行政院國家發展基金管理會（國發基金）主要設立目的在於促進國家發展、經濟轉型及國際合作，藉由投融資行為，配合政府政策，扶植產業發展，除一般辦理的投融資案件外，對於策略性產業，如生技產業、數位內容及文化創意產業等更要扮演創業投資者角色，帶動民間投資。但外界只關注投資事業本身之虧損，對於國發基金運作並不完全了解，為了探討國發基金對促進產業發展的影響，本研究藉由探討國發基金參與投資對生技公司營運績效之影響，以期對國發基金未來扶植產業等相關投資及定位提出建議。本研究蒐集整理不同來源的資料，分析國發基金之投資模式、了解我國生技產業發展及國發基金於生技產業之投資概況，以及經由財務比率差異性分析，探討國發基金參與投資對生技公司經營績效之影響，最後歸納結果以及提出建議。研究結果發現，在與股價高度相關，反應市場績效的股價淨值比（P/B）及Tobin’s Q方面，有國發基金投資的生技公司（NDF）表現明顯優於沒有國發基金投資的生技公司（NON-NDF），顯示市場已先反應其對有國發基金投資的生技公司經營績效及價值的認同，以國發基金轉投資之生技公司市值與所投入成本比較，顯示國發基金在生技產業之投資，不但達到扶植生技產業的目的，其投資績效表現亦佳，如能適時處分，應有助挹注國庫。本研究並藉由對新加坡淡馬錫控股公司經營主權基金之模式，提出對國發基金之運作制度上的建議。包括：一、國發基金應持續及更加積極投資生技產業，鼓勵新創公司設立，擴大營業規模。二、以國發基金為平台加速生技產業與國際接軌，引進外部資源，吸引跨國企業技術合作，共同拓展國際市場，行銷台灣生技品牌。三、研擬妥適的退場機制讓國發基金的資金可以循環運用，以生技產業發展為前提，處分持股並將獲利再投入生技產業，為國家創造更大收益。

關鍵字

生技產業；經營績效；財務比率；天使投資；行政院國家發展基金管理會

並列摘要

The National Development Fund, Executive Yuan (NDF) was established to promote national development, economic transition, and international cooperation. Through investment and financing operations, it supports industrial development in accordance with national policies. In addition to performing normal investment and financing operations, NDF acts as a venture investor in strategic industries, such as the biotech, digital content, and cultural and creative industries, to stimulate private investment. However, the public usually scrutinizes the profitability of an investment with interest, but knows little about how NDF operates. This paper discusses NDF’s influence on the performance of biotech corporations to showcase its effect on industrial development and to provide suggestions for NDF’s positioning and operations as a venture investor. To this end, data from numerous sources have been collected to analyze the investment model of NDF, determine the development status of the biotech industry in Taiwan, and review NDF’s investment in the biotech industry. Furthermore, difference in financial ratio is employed to examine how the performance of biotech corporations has been influenced by NDF. The following results have been drawn: In terms of price–book ratio and Tobin's Q, which are closely associated with stock price and market performance, biotech corporations with NDF investment (the NDF group) markedly surpass those without NDF investment (the NON-NDF group), which indicates that the market has acknowledged the performance and value of NDF-invested biotech corporations. A comparison of the market value and cost input of biotech corporations engaging in reinvestment with funds from the NDF reveals that NDF investment has not only promoted the development of biotech industry; but also facilitated excellent investment performance. If the gains can be processed in a timely manner, it should contribute substantially to the Treasury. Furthermore, this study examined the Temasek Holdings Private Limited’s management model of Singapore’s sovereign wealth fund, leading to the following suggestions for the operating mechanisms of the NDF: 1.NDF should continue to and more actively invest in the biotech industry by encouraging the establishment of start-up companies and the expansion of business scales. 2.NDF should serve as a platform for Taiwan’s biotech industry to attract international joint ventures, introduce external resources, solicit technical cooperation with multinational corporations, expand its international market, and promote its reputation. 3.NDF should adopt a proper exit mechanism to facilitate a sound capital cycle that, with the aim of developing the biotech industry, continuously liquidates stock shares it holds and reinvests the gains in the biotech industry to maximize national revenue.