以質性價值分析比較新興生技公司：以兩家臺灣新興生技公司為例

Qualitative Valuation Analysis in Emerging Biotechnology Companies: Comparison Study of Two Biotechnology Companies in Taiwan

林以心(Isin Demir Lin)

指導教授 ： 謝冠雄

共同指導教授 ： 陳家麟(Charlie Chen)

國立臺灣大學/管理學院/企業管理碩士專班/碩士(2019年)

https://doi.org/10.6342/NTU201901482

摘要

無資料

關鍵字

biotechnology company ； Taiwan ； Qualitative valuation ； company valuation ； stock price ； finance

並列摘要

The primary objective of our research was to explore the biotechnology environment in Taiwan and do qualitative valuation analysis of two biotech companies in Taiwan one with approved product on the market and the other one without in order to analyze the decision pattern for investment.
By applying the qualitative valuation analysis tool, adopted from the book The Biotech Investor’s Bible written by George Wolff, and five-star score system we found that the value of the company does not come only with the product on the market, specifically this value comes from the market’s trust of the drug development pipeline and management of the company.
Based on our results, we also see that biotech stocks are very dynamic. These stocks follow the global and local market behavior. Also, they have their own dynamics related to the drug development pipeline, corporate news, and regulatory environment. Market expectations and unfulfilled expectations have huge impact on the biotech company stocks. In order to make investment decision, all these factors should be taken into account.
Although a reasonable broad research was conducted for these two companies, our research data is limited to generalize this research to whole biotech environment in Taiwan due to the limited number of companies analyzed. This suggests that in order to generalize this justification further analysis with broader number of companies must be conducted.
Discoveries of our research clearly reveal the importance of the eight factors discussed in this study to analyze the value of biotech companies for investment. It may also help, in particular with Taiwanese biotech companies, to assess their strategy in relation to improve their credibility and market capitalization with analysis in these eight factors. Finally, the results may also help the investors who would like to improve their biotechnology company portfolios.

並列關鍵字

biotechnology company ； Taiwan ； Qualitative valuation ； company valuation ； stock price ； finance

參考文獻

1. Gruber A. (2009), Biotech Funding Trends –Insights from Entrepreneurs and Investors, Wiley-Blackwell

2. Europabio, https://www.europabio.org/biotech-benefits/what-is-biotechnology

3. Hodgson J. (2006), Biotechnology in Europe. Comparative Study for Europa Bio, EuropaBio

4. Ministry of Interior, Taiwan, ROC, Available from: https://www.moi.gov.tw/english/index.aspx

5. Ministry of Economic Affairs, 2019 Introduction to Biotechnology and Pharmaceutical Industries in Taiwan(R.O.C.), Available from: https://www.biopharm.org.tw/images/2019-Introduction-to-Biotechnology-and-Pharmaceutical-Industries-in-Taiwan.pdf