本文主要研究企業研究與發展活動(以下簡稱R&D)對企業股價之影響,同時R&D成果所累積的專利權是否能帶來企業的股價的效益。我國在進入世界貿易組織(WTO)後,面對國外企業資本與技術的挑戰,尤其是價值鏈長、風險高、高研發成本、高知識內涵等特性的生技醫療產業,如此的產業特性,使得生技醫療公司在產品上市前,所有研發投入多以「費用」形式列帳,儲存在階段性的開發成果中,一旦R&D成果能被具體執行時,公司會藉由智慧財產的保護與管理來鞏固其R&D成果,當智慧財產若經過通盤妥善的規劃經營與管理,且加上由專利權法產生的排他性,多能有效的讓企業擁有競爭優勢籌碼。 本文研究對象將針對2001-2011年台灣上市櫃生技醫療公司,來探討其研R&D投資與公司所擁有的專利權數及類別對公司股價走向的影響。目前公司財報為了便於分析,大都將R&D活動以當期費用認列企業當期之R&D支出,但研究發現依據專利權數量來作為投資研究與分析是否繼續增加R&D活動將會是最有效的指標,所以R&D活動除會影響其當期的經營績效與市場價值外,若進一步產生專利權時就會有更明顯的實質效果。實證結果發現,企業R&D投入與累積專利權數量及類別將會對企業經營績效產生正面效益。希冀本研究可供實務界參考,將有助於公司提升研發品質與市場競爭力。
This study focuses the relationship between the market value and research and development activities(R&D). Besides, this study explores the patent can bring the benefits for stock price. After TAIWAN participated in the World Trade Organization (WTO), the challenges are from the capital and technology of foreign enterprises. Especially, the characteristic of long value chain, high-risk, high cost of research and development are belong to high knowledge based content in the biotech medical industry. So the R&D investment is accounted for mostly the form of a “expense” before the products to market. Once the results of R&D can be specifically implemented, the company will consolidate its R&D achievements by the protection and management of intellectual property. Based on appropriate planning and management after R&D results generated by the patents, companies can keep a stronger competitive advantage. This study used the listed of OTC biotech and medical companies in Taiwan from 2001 to 2011. This study aims on the effect between the stock price, R&D investment, patent quantity and types. In order to facilitate the analysis, most of the R&D expenditure is recognized in the current period of R&D expense. Using patent quantity and types analyze whether they are effective indicators. The R&D investment will affect its current operating performance and market value, if the patent are available. The results showed that R&D investment, patent quantity and types will produce positive effects on business performance. The findings of this research can be a reference for practitioners and researchers.