臺灣地區生技與醫藥產業公司投資行為研究

A Study on Investment Behavior of Biotechnology and Medicine Industry Companies in Taiwan

吳慧婷(Hui-Ting Wu)

指導教授 ： 賈昭南 ； 張勝雄

淡江大學/商管學院/國際企業學系碩士在職專班/碩士(2017年)

https://doi.org/10.6846/TKU.2017.00449

摘要

本文以2003~2015年間，臺灣地區生技與醫藥產業17家公司的縱橫資料為樣本，實證估計該產業整體的投資行為。估計結果如下：Tobin’s q對投資比的影響並不顯著，而現金流量與新債務比具有顯著的負面影響。然而，近五年來Tobin’s q 的影響轉為顯著的正向。最後，就各變數對投資比的貢獻度而言，近五年來現金流變動居首位。

關鍵字

生技與醫藥產業 ； 投資比 ； Tobin’s q ； 現金流量比 ； 財務槓桿比 ； 新增債務比

並列摘要

This thesis takes the penal data from 17 companies in Taiwan’s Biotechnology and Medicine industry as sample to estimate their investment behavior. The estimated results have shown that Tobin’s q does not significantly affect the investment ratio, while cash flow ratio and new debt ratio brings about significant effects with wrong signs during the period between 2003 and 2015. However, the sign of Tobin’s q has turned into significantly positive during the recent five years. Finally, is so far as the contribution to investment ratio is concerned, cash flow has played the most important role recently.

並列關鍵字

Biotechnology and Medicine industry ； Investment ratio ； cash flow ratio ； leverage rate ； new debt ratio

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