研發支出對公司績效反應之效率性研究─以美國生物科技產業為例

The Efficiency of the Market Response to R&D Expenditure on Firm Performance in U.S.A. Bio-Technology Industry

謝佳珍(Chia-Chen Hsieh)

指導教授 ： 林宗輝

元智大學/管理學院/會計學系/碩士(2006年)

https://doi.org/10.6838/YZU.2006.00264

摘要

生物科技產業被喻為二十一世紀最具發展潛力的新興產業，而其所創造出來的年產值也十分驚人。又因其產業特性，使研發投入為其產業之命脈，並創造出高度公司價值；過往文獻也指出高科技產業之研發費用確實可帶來公司正面績效，影響公司未來發展能力，但目前針對美國生物科技產業研發資本對於公司績效及其市場預期之研究仍屬少數，故本研究針對生物科技產業中，高度知識技術資本集中之特性，進行研發資本對公司績效影響之研究，及針對研發費用對公司效益可能會產生之遞延狀況進行探討，最終並從市場面，討論市場對研發費用資訊是否理性定價，提供公司管理階級及投資大眾了解此產業之參考依據。
本研究之研究結論如下：

1. 針對假說H1.1在生物科技產業中，研發支出對於公司績效具有正面影響部分：
使用1986年至2004年美國生物科技產業財務資料，吾人發現當期研發費用對公司績效可帶來正面效應，又因生物科技產業特性，大量研發投入隨即又會為公司帶來負面績效，遞延至好幾期後開始漸漸轉成正面績效。故本研究結論支持假說H1.1。但若使用整體研發費用資訊概念進行探討，實證結果發現，整體研發費用資訊在遞延零期~六期模型假設中，對公司績效整體效益仍呈現負面效益。

2. 針對假說H1.2在生物科技產業中，研發支出對公司績效影響具有遞延效應，在未來持續實現：
吾人發現研發費用遞延四期( t-3 )後會開始產生正面效益，隨著遞延模型假設變動也有些微差異，但透過累加研發費用迴歸模型可知遞延六期模型，對公司產生整體效益仍為負面影響，後續研究者可增長研究期間，來獲得生物科技產業回收研發投入之正確時間點。

3. 針對假說H1.3股市對於研發支出資訊具有理性定價：
市場對於當期研發費用具有過度樂觀之現象，認為其可為公司帶來良好公司績效，具有非理性定價之狀況；而市場對於前一期研發費用具有過度悲觀現象，並存續非理性定價情形；至於市場對於前二、三期研發費用具有過度樂觀看法，並持有非理性定價態度；市場對於前四、五期研發費用無法拒絕理性定價假說，但對於前四期研發費用呈現過度樂觀狀態；最終，市場對於前六期之研發費用具有過度樂觀看法，並呈現非理性定價。
此外，透過累加研發費用模型可得知，市場對於研發費用資訊集合，整體而言具有過度樂觀態度，並呈現非理性定價。最終透過資訊之聯合檢定，發現市場對於控制變數資訊以及研發費用資訊皆具有非理性定價之情形。

關鍵字

公司績效, 研發費用, 理性定價, 生物科技, 密西根檢定

並列摘要

ABSTRACT
The bio-technology industry is known as the most potential industry in the 21st century, and its annual output value is also amazing. Because of its industry characteristic, R&D investment is the lifeblood of the industry ,and also create high value of the company.In the past research ,we can find that high-technology industry R&D expenditure really has positive impact on firm performance, and influences company future ability. However, there is a small number of research on R&D expenditure impact to Firm Performance in U.S.A. Bio-Technology Industry. So My research focuses on high knowledge intensity of bio-technology industry, and figures out what's R&D expenditure’s impact to Firm Performance, when does expenditure impact on firm performance become positive after certain periods of time ,and whether market rationally price R&D expenditure informationor not. Finally, My research provides company management and investors for more information in this industry.
My empirical evidence shows that：
1. H1.1 R&D expenditure has positive impact on firm performance in Biotechnology industry.
By studying the financial data of the American Biotechnology from 1986 to 2004, we found that the expenditure of R&D has positive effect on the current firm performance. However, due to the nature of Biotechnology, a large amount of R&D expenditure has negative effects on firm performance over the next few periods with diminishing impacts until the sign of R&D expenditure effects eventually become positive. Therefore, this study supports H1.1 hypothesis. Nevertheless, if we investigate the impact of accumulated R&D expenditures on firm performance over the next 7 time periods, the overall effects are still negative.

2. H1.2 The sign of R&D expenditure impact on firm performance can become positive after certain periods of time.
We found that the sign of R&D expenditure impacts on firm performance will become positive after four time periods (from t to t-3). However, using accumulated R&D expenditures as input, the sign of its impacts on firm performance is still negative using six periods time model. A followup study can be done by using a longer time periods model to learn the exact time it takes to recover the R&D expenditures for the Biotechnology industry.

3. H1.3 The market can rationally price R&D expenditure information.
The market considers the current R&D expenditure can brought good firm performance and is therefore overly optimistic for the current R&D expenditure. The market attitude on current R&D expenditure is irrational. The market holds opposite opinion over the past period R&D expenditure and therefore the irrational pricing condition continued.
However, the market becomes again overly optimistic on the lag 2 and lag 3 time periods R&D expenditure, the sisitotuation of irrational pricing continues. Market continues to show irrational pricing on the lag 4 , lag 5 and lag 6 R&D expenditure. AS the conclusion, the market and overly optimistic on the past 6 time periods R&D expenditure, and is therefore irrlationaly priced.
In additional, by study the accumulated R&D Expenditure ,the market show overly optimistic for the R&D information.

並列關鍵字

Firm Performance, Research and Development Expenditure, Rational Pricing, Bio-Technology, Mishkin Test.

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