探討研究發展支出與股權價值的攸關性 -以台灣生物科技業為例

本研究以Ohlson（1995）之股權評價模型為基礎，探討生物科技業之研究發展與股權價值之關聯，並進一步探討資本結構及股權結構之影響。研究結果顯示，每股淨值及每股盈餘皆與股權價值呈顯著正相關。加入公司治理變數，董監持股率呈顯著負相關；最後加入研究發展，不論研究發展是佔營業收入或總資產比率，皆與股權價值呈顯著正相關，並且此模型的解釋能力最高。此外，進一步探討資本結構中負債比率的影響，發現負債比率較低者，其每股淨值及研究發展皆呈顯著正相關，但負債比率較高者則不然。另一方面，探討股權結構中管理者持股比率的影響，發現不論管理者持股多寡，研發均與股權價值呈顯著正相關，但唯有在管理者持股比率較低時，其經理人及大股東持股率才會與股權價值呈正相關，否則為負相關。這意謂管理者持股比率存在一理想水準，一旦太高反而有不利的影響。

關鍵字

研究發展支出；股權價值；生物科技

並列摘要

Based on Ohlson’s (1995) equity evaluation model, this study explores how research and development in the biotechnology industry is related to equity valuation, and also how capital structure and equity structure impact upon it. The results show that equity and earning per share are all significantly positive related to equity valuation. Among corporate governance variables, stock ownerships of directors are significantly negative related. As for research and development, no matter what the ratio of revenue or total assets, it has a significant and positive correlation to equity valuation. Also, goodness-of-fit of this model is the highest. In addition, we study the impact of debt ratio of capital structure. We find companies with lower debt ratio net equity and R&D all have significant and positive correlations to equity valuation, but those companies with higher debt ratio do not. In addition, we study the impact of managers’ stock ownership of equity structure. We find R&D has a significant and positive correlation to equity valuation regardless of managers’ shareholding ratio. However, only when the ratios of managers’ shareholding are lower do shareholding ratios of managers and major shareholders have significant and positive correlations to equity valuation. Otherwise, they have negative correlations. This means that there is an ideal shareholding ratio of managers. Once it’s too high, it will have unfavorable effect.