影響生技公司價值之因素研究

The determinants for the value of Biotechnology companies

林美華(Mei-Hua Lin)

指導教授 ： 高儷華

中原大學/商學院/會計研究所/碩士(2008年)

https://doi.org/10.6840/cycu200800297

摘要

我國從1980年代開始推動生物技術，建立生技產業發展之完整體系，加速推展關鍵性生技研發，發展具國際競爭力之生技產業，期使台灣成為國際生技社群研發與商業化之重要環節，及亞太地區生技產業研發、製造與營運中心。
本研究採用因素分析及迴歸分析，針對1981年至2006年台灣36家上市/櫃之生技產業公司，分別以MVA及Tobin’Q為公司價值評價模式，進行影響公司價值之因素研究。本研究以1997年為分界點，將樣本分為二個時期，即通過「開發基金投資生技產業五年計劃」之前、通過「開發基金投資生技產業五年計劃」之後二組。
本研究結果發現:
一、通過「開發基金投資生技產業五年計劃」之前生技公司，以MVA為公司價值評價模式者，較重要的因素為「獲利償債能力」，以Tobin’Q為公司價值評價模式者，較重要的因素為「獲利償債能力」及「資產營收成長能力」;通過「開發基金投資生技產業五年計劃」之後生技公司，以MVA為公司價值評價模式者，較重要的因素為「獲利能力」、「營運週轉能力」、「營運研發能力」、「公司員工因素」及「專利權數」，以Tobin’Q為公司價值評價模式者，較重要的因素為「獲利能力」、「營運研發能力」、「公司員工因素」及「專利權數」。
二、通過「開發基金投資生技產業五年計劃」之前生技公司，以 MVA或Tobin’Q的公司價值模式下，與「獲利償債能力」、「資產營收成長能力」具有顯著正相關;通過「開發基金投資生技產業五年計劃」之後生技公司，以 MVA或Tobin’Q的公司價值模式下，與「獲利能力」、「公司員工因素」、「專利權數」具有顯著正相關，與「營運週轉能力」、「營運研發能力」具有顯著負相關。
三、早期生技公司除了獲利償債能力外，穩定的資產及營收成長性具有很重要的地位，至後期政府開始大力推動生技產業後，獲利能力仍是生技公司不可或缺的生存因素，但是資產、營收成長性的重要性，就漸漸被研發能力、專利權數所取代。

關鍵字

專利權數 ； 營運研發能力 ； 公司價值

並列摘要

Starting from 1980, Taiwan government propels biotechnology forward, establishes a comprehensive biotechnology industrial system, promotes critical biotechnology research acceleratively, and develops the biotechnology industry with international competition to expect Taiwan becomes the key link between international biotechnology research groups, and becomes the research and development, manufacture, and operation center in Asia.

This research adopts Factor Analysis and Regression Analyses to analyze the reasons affect company values; In the light of 36 biotechnology industry companies publicly traded from 1981 to 2006, the research is evaluated by MVA and Tobin'Q respectively. This research is demarcated in 1997 to divide into two periods. One is before passing “National Development investing biotechnology industry 5 years plan”, the other is after passing "National Development investing biotechnology industry 5 years plan”.

The following research results:
1. The biotechnology companies before passing the plan which were evaluated by MVA that the major factor is "profit & debt ability", evaluated by Tobin'Q that the major factors are profit and debt ability, and asset income growth ability. Biotechnology companies passed the plan, which were evaluated by MVA that the major factors are profit ability, business operation turnover ability, operation research and development ability, company and employee factor, and patents possessing ability, evaluated by Tobin'Q that the major factors are profit ability, operation research and development ability, company and employee factor, and patent possessing ability.

2. Biotechnology companies before passing the plan which were evaluated by MVA or Tobin'Q, the character of positive correlations are profit and debt ability and asset income growth ability. Biotechnology companies passed the plan which were evaluated by MVA or Tobin'Q, the character of positive correlations are profit ability, company and employee factors, patent possessing ability; the negative correlations are operation turnover ability and operation research and development ability.

3. Incipiently, besides the profit and debt ability, stable assess management and income growth are very important to biotechnology companies. In later stage when the government starts promoting biotechnology industry, the biotechnology companies are in need of profit ability to exist; however, the importance of asset and income growth are replaced gradually by the research and development ability and patent possessing.

並列關鍵字

patent possessing ； operation research and development ability ； company values

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