本篇研究主要在討論人力資本、專利權研發、公司治理、給CEO的薪資紅利,對公司績效的影響。我們發現雖然研發費用與薪資紅利對會計盈餘並沒有正面影響,但市場投資者對此有顯著正面的反應,使得市場績效與會計盈餘變動方向不同。且研發費用的投入也因增加專利的研發機率而使得股價變異上升。本文將給予管理者的補貼分為紅利、薪資、與選擇權,這些補貼使得管理者有動機去增加研發費用的投入進而增加股價的變動率。另外,由公司治理的角度來看,公司聘用持有博士學位的CEO對於公司績效也有正面的影響。而在美國的生技產業中董監事持股比例越高將使得公司績效上升且股價較穩定。
This research are mainly discussing about the influence of human capital, compensations, technical innovations, and corporate governance in biotechnology industry. We find that although R&D, salary and bonus expense may not increase accounting earnings, market investors still consider these expenses as good factors of future return. Besides, R&D expense increases the volatility of stock return along with the possibility of patent citation. The compensation warded to CEO is divided into several parts, salary, cash bonus, and options, and they all make stock returns more volatile. The compensations however, will give managers intensive to pay more efforts in researching. In the opinion of corporate governance, the academic background of CEO is positive relative to performance of biotech companies, and the percentage of shares held by board of directors will improve earnings and decrease the volatility of firms.