廠商規模.掊資行為.與經營績效之關聯性--日本生物製藥產業之實證

The relationships a mong industrial strucures,in vestments and perfrmances

蔡敏秀(Min-Hsiu Tsai)

指導教授 ： 李顯峰

國立臺灣大學/社會科學院/經濟學研究所/碩士(2006年)

https://doi.org/10.6342/NTU.2006.02905

摘要

本研究以日本的生物製藥產業為實證對象。選取為2000年上市之45家至2004年上市之57家公司為樣本，收集其營業資料，採用panel data資料型態進行處理分析，分別以固定效果和隨機效果為估計方法。本研究以產業經濟學的「結構－行為－績效」理論為架構，依各項產業組織研究指標探討日本生物製藥產業的廠商規模、投資行為與營運績效之間的關係。
本研究所使用的變數分別為總資產額自然對數及員工人數自然對數代表廠商的規模，設備投資自然對數和研發支出自然對數代表廠商的投資行為，以每股盈餘、股東權益報酬率和資產報酬率代表經營績效。經由實證結果，可以得到下列幾點結論：
（一） 廠商規模對投資行為及經營績效之影響
廠商規模對設備投資或研發投資皆無影響，總資產額對廠商之資產報酬率的影響為正面。

（二） 投資行為及經營績效之影響
研發投資對於廠商之每股盈餘的影響為正向，設備投資對於廠商之每股盈餘和股東權益報酬率的影響為負向。

（三） 廠商規模和投資行為對經營績效之影響
廠商規模增大有助於廠商的資產報酬率，研發支出對於廠商之每股盈餘和股東權益報酬率的影響為正向，設備投資對於廠商之每股盈餘和股東權益報酬率的影響為負向。

關鍵字

產業 ； 生技產業 ； 日本醫藥產業 ； 實證 ； 廠商規模 ； 掊資行為 ； 經營績效

並列摘要

This study uses the firms of biological pharmaceutical manufacturing industry in Japan as empirical objects. We collected 45-57 firms from 2000 to 2004 as empirical sample. We use the data form is panel data and use fixed and random effect approaches, respectively, to verify. This study was based on Mason-Bain’s “Structure-Conduct-Performance” industrial economy theory. By researching the relationship among structure, conduct and performance of biological pharmaceutical manufacturing industry firms in Japan, the empirical results could test industrial structural theory and provide the results to managers of the firms.
The independent variables are total assets, number of employees, investment of plant and investment of research and development. Dependent variables earnings per share, return on equity and return on asset indicate firm’s performances. The empirical results are as follows:
The results show that total assets have significantly positive effects on return on asset, and investment of research and development has significantly positive effect on earnings per share and return on equity. On the other hand, investment of plant has negative effect on earnings per share and return on equity.

Keywords: biological pharmaceutical manufacturing industry, empirical, fixed and random effect, Structure-Conduct-Performance

並列關鍵字

relationships ； industrial structures ； biological pharmaceutical

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