法規宣告與股東財富效果的關係-以台灣生技產業為例

生技產業為我國近年熱門產業，2012年我國生技公司上市櫃數目大幅攀升，堪稱我國生技元年，但在2016年卻爆發浩鼎解盲失敗事件重創我國投資人信心。我國政府為改善生技產業投資環境並加速我國生技產業升級，在2016年起針對生技產業中的各子產業，包括應用生技產業、醫療器材產業以及新藥研發產業等，推出一系列專屬的法規政策以幫助以上生技產業發展。本研究欲檢視政府法規是否對生技產業股東財富效果帶來影響，並進一步檢視法規對生技產業中各子產業股東造成的財富效果是否存在感染效果。研究結果顯示，有助於生技產業發展的法規確實為生技產業的股東帶來正向的財富效果，並且市場能夠以效率的區隔各類型法規對於生技產業中不同子產業的影響，法規的宣告在生技產業中不存在感染效果。另外在加強生技產業監理機制的法規方面，雖然該法規可能增加我國生技產業發展的負擔，但根據研究結果，加強監理機制的法規並未對股東帶來負向的財富效果。

關鍵字

法案宣告；股東財富效果；感染效果；生物科技產業

並列摘要

The biotechnology industry is popular in recent years. In 2012, the number of listed company at stock exchange market and listed company at over-the-counter marketin Taiwan has risen sharply. However, in 2016, the failure of OBI-822 has broken the confidence of Taiwanese investors. In order to improve the investment environment of the biotechnology industry and accelerate the upgrading of biotechnology industry, the government has set up a series of exclusive regulations to assist the development of all sub sector in biotechnology industry. This study wants to examine whether government regulations have an impact on the wealth effect of biotech industry shareholders, and further examine whether there exist contagion effect between all sub sector of biotechnology industry. The research results show that the regulations that contribute to the development of the biotechnology industry have indeed brought positive wealth effects to the shareholders, and the market ca remarkably efficient in distinguishing among the impact of various types of regulations on different sub-sectors in the biotechnology industry. The declaration of regulations does not have an infection effect in the biotechnology industry. In addition, the regulations which will strengthen the supervision mechanism of the biotechnology industry, although this regulation may increase the obstacles to the development of biotechnology industry, according to the research results, the regulations to strengthen the supervision mechanism have not brought negative wealth effects to shareholders