股價淨值比和無形資產相關費用之聯繫性探討-以台灣生技製藥為例

A Study On The Relationship Between The Expenditures From The Intangible Assets And The Market Price To Book Value In Taiwan Biopharmacy

洪禹利(Yu-Li Hung)

指導教授 ： 郭文忠 ； 徐學忍

元智大學/管理學院/管理研究所/碩士(2005年)

摘要

有鑑於生物科技成為科技趨勢，以及其創造出的龐大價值，近年來台灣也開始大力推動生技產業的發展。在全球的生技產業發展中，生技製藥產業乃是生物科技產業的核心。隨著土地、勞力成本提高及開發中國家之競爭，台灣的傳統產業長期低迷不振，而美國「新知識經濟」效應，引伸出智慧資本的重要性，也使得投資人資金追逐具有未來憧憬的高科技股票。
本研究主要在探討企業市場價值與帳面淨值發生差異的原因，以使投資人可窺視企業的相對智慧資本價值。本研究以民國90年至民國94年為研究期間，選取生技製藥做為研究對象，在考慮到變數資料的可衡量性及其代表性以後，共選取10個公司，透過二元變數的相關分析法，檢定財務報表上費用變數與常用之財務指標的關聯性。
特別針對財務報表中之損益表科目，探討影響臺灣地區生技製藥業市價淨值比之因素為何？並進一步探討研發費用、推銷費用、管理費用對於市價淨值比所提供之資訊程度大小，由此了解國內生技製藥業影響股價淨值比之個別因素的相對重要性，及在不同特性下之生技製藥業間財務結構之差異。先以單元迴歸模型分別探討，再進行多元迴歸分析。
本研究之發現如下：
（1）費用的投入對生技製藥業市價淨值比是呈顯著正向的影響性，但某些情況下則是呈不顯著負向的影響性。
（2）研發、推銷廣告和管理人力支出等活動，對企業價值是有正面的價值貢獻；而不同構面的搭配交乘也有價值創造的效果。
本研究結果顯示：企業成本投入與企業市場價值間具有相關性，無形資產價值相對較高的廠商，在傳統財務性指標衡量下，其經營績效確實會被低估，而費用（成本）資本化，有助於提高企業財務報表之價值；會計資訊攸關性及可靠性充分權衡有助於反映企業實質價值，使財務報表更具解釋能力。

關鍵字

研發費用 ； 推銷費用 ； 管理費用 ； 市價淨值比 ； 生技製藥公司

並列摘要

Because biotechnology sets a trend and creates great value, Taiwan government tries to develop his own biotechnology industry. Biopharmaceutical industry is core of the whole biotechnology industry in global development of biotechnology. With the increasing costs of land and labor, also with the competitions from developing countries, traditional industries in Taiwan have depressed for a long time.「New Knowledge Economy」effects also reveal the importance of intellectual capital, making investors search for high-tech stocks。
This study mainly discusses why there are differences between a company’s market value and book value, and it helps investors to see through the relative value of a company’s intellectual capital. The research sample in this study includes Biopharmaceutical industry in 2001 to 2005. After considering the measurability and representativeness of the variables,10 companies were selected to investigate the relationship between the expense variables from the financial statements and financial indexes, such as financial Structure, pay debt ability, operation ability, profitability and growing capability e.t.c. ,by individual correlation coefficient.
The special purpose of this study is to discuss about how accounts of Biopharmaceutical income statement affect the market price to book value (PBV) in Taiwan？ And further discuss about the factors such as OER（Operating Expenses-R&D Expenses） ,OEM（Operating Expenses-Marketing Expenses）, OEA（Operating Expenses-Administrative Expenses）provide the level of information content for PBV and investigate the relative importance of the variables and the difference to financial structure of Biopharmaceutical company under different categories. We used a regression model to investigate them individually and then use a multi-regression model.
The findings are:
1. There appears a positive and significant relation between the cost budget and the market price to book value (PBV). But, Sometimes, the relation is negative and insignificant .
2. The research and development (R&D), marketing and advertisement, Administrative and human related expenditure, and also their interaction do have positive effects on business valuation.
The result of this research implies that there are some relations between cost that enterprises devote and market value of enterprises. And the capitalize of Cost could increase the value of financial statement. Weighing .relevance and reliability well could help not only reflect the real value of enterprises but also enhance the explanation of financial statement.

並列關鍵字

OER（Operating Expenses-R&D Expenses） ； OEM（Operating Expenses-Marketing Expenses） ； OEA（Operating Expenses-Administrative Expenses） ； PBV (the market price to book value) ； Biopharmaceutical company

參考文獻

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