臺灣為發展生物技術與新藥醫療器材,使其成為帶動下一波經濟轉型的主力產業,在2007年7月4日公布生技新藥產業發展條例,規定生產使用於人類及動植物用的新藥以及生產高風險醫療器材的公司,在2021年底以前可以享有較寬鬆的研究發展和股東投資抵減以及技術入股所得稅緩課等租稅獎勵優惠,對台灣生技新藥產業發展是一大利多。本文利用事件研究法(event study)研究該立法對生技新藥產業之上市上櫃公司的股價所產生的市場反應,以及股價變動高低的決定因素(包括專利權多寡、外資持股等),以評估生技新藥產業發展條例之立法影響。本文並且對該條例與相關子法法規內容,加以闡述與評論,並參酌產業界之觀點而提出相關之建議。 實證結果顯示,在生技新藥產業發展條例立法事件演變期間,市場預期此獎勵措施將有助於刺激生技產業發展,該產業之股票也反映此利多消息,因此在消息宣布時普遍均有顯著正向的累積異常報酬。多元迴歸所得結果則指出,研發投入比例愈高者,受惠於此條例的減稅措施也愈大,而有較高的正向累積異常報酬率;專利權數較多的公司,正向的累積異常報酬並不顯著;外資持股比率及營收成長比率愈高的公司,於事件期間負向的累積異常報酬反而愈大,與預期並不相符。
With the aim of putting Taiwan on the map with advanced biotechnology and rejuvenating the nation's economy, our government announced The Biotech and New Pharmaceutical Development Act on July 4, 2007. The rules for the Act indicates that companies which engage in research, development, and manufacturing of New Drugs and High-risk Medical Devices used by human beings, animals and plants would enjoy extremely favorable tax breaks and rent control policies, which could foster growth in the time-and-money-consuming industry. This study uses event study method to examine the stock market reactions towards the announcement of The Biotech and New Pharmaceutical Development Act and uses a regression model to explore the relations between abnormal stock returns and firm characteristics. In addition, problems encountered within the industry are revealed in the study and some comments and suggestions on the regulation are made. The empirical research demonstrates that the stock market reacted positively to the announcement of The Biotech and New Pharmaceutical Development Act, suggesting that the policy is regarded as an effective measure to foster growth of the local biotech and pharmaceutical industry. Moreover, the results of the regression model shows: (i) Companies with higher R&D density ratios tends to have greater abnormal stock returns. (ii) Companies with more patents seem to have greater abnormal stock returns during the period of the event, but not statistically significant. (iii) Finally, companies with greater growth ratios in operating profit and higher foreign capital appear to have less abnormal stock returns which is against the hypothesis.