本研究主要探討生技產業智慧資本指標與市場價值之關聯性。研究對象為我國上市、上櫃及興櫃之生技公司,研究期間涵蓋民國99年至103年,總計獲取336個觀察值進行實證分析。研究結果發現特定智慧資本指標與生技產業的價值之間確實具有顯著的關連。在四大衡量指標中,主要為人力資本構面的員工教育程度及員工平均服務年資,以及創新資本構面的研發生產力,與市場價值有顯著相關,其餘構面則未有顯著影響。進一步將樣本區分為三個次產業領域,實證發現各次領域樣本具有價值攸關的智慧資本指標存在差異。人力資本之員工每人營收、員工教育程度、員工每人營業利益及流程資本之管理費用率,為製藥業價值攸關的智慧資本指標;應用生技業的攸關智慧資本指標為人力資本構面之員工平均服務年資;最後,人力資本之員工平均服務年資及創新資本之研發生產力係為醫療器材業的攸關智慧資本指標。本文之實證發現,可作為日後投資者對生技產業評價的決策參考,也可給生技產業自身智慧資本投入的策略選擇。
The purpose of the study is to investigate the relationship between intellectual capital index and firm market value in the biotechnology industry. The research samples include the biotechnology companies listed on the TWSE, OTC and emerging market in Taiwan. The research period is from 2010 to 2014 and total 336 observations are employed for empirical analysis. The result of this study shows that, the correlation between index of intellectual capital and market value is significant. Among four measurement indexes, only staffs’ education level and averaged seniority on human capital dimension as well as the R & D productivity on innovation capital dimension have a significant correlation with market value. The other two dimensions are no significant influence to market value. Then, the study divides the sample into three sub-fields of biotechnology industry. The empirical finding shows that there exists differences relationship between intellectual capital index and market value exists among samples which have values related to intellectual capital index from various sub-fields. The factors such as averaged staff’s income, educational level, operating profit per person, management expense ratio of the process are all critical intellectual index for the value of pharmaceutical industry. The critical intellectual capital index which influences applied biotechnology industry is the averaged staff’s seniority on human capital dimension. After all, the study finds that on the aspect of human capital, only averaged seniority and R & D productivity as an innovation capital are the most critical intellectual capital index to medical equipment industry. The empirical result of this study can be a reference for investors on evaluating bio-tech companies; and for managers on making development strategies of intellectual capital in the biotechnology industry.