生物技術產業經營效率之研究

生技產業是我國重點發展產業之一。本研究運用資料包絡分析法探討臺灣2014年至2016年96家上市、櫃生技公司的經營效率表現，並進一步探討影響經營效率的因素。研究結果發現三年度間經營效率皆為1之公司共計19家。針對未達效率境界的公司，建議應妥善分配資源投入，以提升經營效率。在影響因素方面，本研究分為兩類。第一類是一般性因素，發現公司掛牌場所與設立年度等因素，皆顯著影響經營效率。第二類是公司治理因素，然而不論經理人持股比例、董事長兼任總經理、大股東持股比例或外資持股比例等，皆無法顯著影響經營效率。

關鍵字

生技產業；資料包絡分析法；經營效率；公司治理

並列摘要

The biotechnology industry is a development focus in Taiwan. This study uses data envelopment analysis to investigate the operating efficiency of 96 listed biotechnology firms between 2014 and 2016 and further explore the factors that influence the operating efficiency. The results reveal that 19 firms showed an operating efficiency of 1 throughout the 3 years. For the firms that did not achieve the satisfactory efficiency, this study suggests that they adequately allocate the resources to be invested to increase the operating efficiency. Furthermore, this study divides the influencing factors into two types. The first type comprises general factors. We found that the operating efficiency is influenced by both listing location and the year of establishment. The second type comprises factors related to corporate governance. However, the effects that the shareholding ratio of managers, the board chairperson concurrently serving as the general manager, the shareholding ratio of blockholders, and foreign investors’ shareholding ratio have on the firms’ operating efficiency are nonsignificant.