企業評價模型與價值驅動因子之研究–以台灣化學生技醫療為例

台灣證券交易所將原本的化學生技醫療類重分類為化學工業及生技醫療業兩類，至今已逾十年。本研究旨在探討化學、生技與醫療三個產業的評價方式及價值驅動因子究竟有何差異。實證結果發現，不論對化學、生技或醫療產業而言，股價淨值比法均是預測準確度最高的企業評價模型；其次，分別以報酬率、營收成長率及Tobin’s Q分析三個產業的共同價值驅動因子，發現淨值市價比對其報酬率、營收成長率及Tobin’s Q均有顯著為負的影響。此外，當三個產業的淨值市價比愈低及市場風險溢酬愈高，則報酬率愈高。而規模愈小的化學、生技產業與規模愈大的醫療產業，其營收成長率愈高。而淨值市價比、益本比及負債比率愈低及股東權益報酬率愈高，則三個產業的Tobin’s Q愈高；最後，分析三個產業的價值驅動因子差異，發現貝他值對化學產業的報酬率與營收成長率均有顯著為正的影響，而不動產廠房及設備比率則對生技產業有顯著為負的影響，而稅後淨利率與研發費用率則是醫療器材產業的重要價值驅動因子，這也說明投入研發於醫療器材產業，相對於生技業，更能轉化成企業價值。

關鍵字

企業評價；股價淨值比；價值驅動因子

並列摘要

It has been over ten years since the Taiwan Stock Exchange reclassified the originally known chemical-biotechnology-medical care industry into the chemical and biotechnology -medical care industries. This study focuses on exploring the differences in evaluation methods and value drivers among the chemical, biotechnology, and medical care industries. The results show that the price-book ratio method is the business evaluation model with the highest prediction accuracy, no matter for the chemical, biotechnology, or medical care industry. Next, in analyzing the common value drivers for these three industries with the rate of return, revenue growth rate and Tobin's Q, we found that book-price ratio has a significantly negative impact on them. In addition, when these three industries have a lower book-price ratio and a higher market risk premium, their rates of return will be higher. Smaller sized chemical and biotechnology industries along with a larger sized medical industry will have higher revenue growth rates. When the book-price ratio, earning-price ratio, and debt ratio are lower and the return on equity is higher, Tobin's Q for these three industries will be higher. Finally, in analyzing the differences of value drivers, we found that beta has a significantly positive impact on the rate of return and revenue growth rate for the chemical industry. Real estate plant and equipment ratio has a significantly negative impact for the biotechnology industry. Profit margin and R&D expense rates are important value drivers for the medical care industry. This also shows that investment of R&D in the medical care industry is more likely transformed into business value compared to the biotechnology industry.