生技製藥產業評價模式適用性之研究
—以台灣上市(櫃)公司為例—

劉力仁

doi:10.6840/cycu200300008

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生技製藥產業評價模式適用性之研究 —以台灣上市(櫃)公司為例—

The Study of Valuation Model on Biotechnology and Pharmacy Industry ：The Perspective of Listed Securities in Taiwan

劉力仁 , Masters　　Advisor：胡為善　　

繁體中文 DOI： 10.6840/cycu200300008

實質選擇權評價；修正後自由現金流量法；評價模式；生技製藥產業；相對評價法； real options model ； relative valuation model ； free cash flow model ； valuation model ； Biotechnology and Pharmacy Industry

Abstract │ Reference (50) │ Times Cited (11) │ Altmetrics

Abstract 〈TOP〉

Parallel Abstract 〈TOP〉

From the past decade till now, we found that Biotechnology and Pharmacy industry which brings hope and improvement to human’s life ,well be the star industry in the 21st century.
 All governments of the well-developed countries have been concentrated on the development and innovation of Biotechnology and Pharmacy industry recently. However most investor are unfamiliar with Biotechnology and Pharmacy industry and  its value, causing uncertainties in the money-raising and development of this industry. The purpose of this study is to employ revised Damodaran free cash flow model, three stages Relative valuation model and Real options model to evaluate Biotechnology and Pharmacy industry in Taiwan. We hope this study can provide references and suggestions for government and investors to evaluate the value of Biotechnology and Pharmacy firms.
The empirical result indicate that the relationship is positively of stock price and the financial performance of Taiwanese Biotechnology and Pharmacy firms. The results also demonstrate that to value the company of Biotechnology and Pharmacy on Taiwan Stock Exchange and Over the Counter markets, Discounted free cash flow model is more suitable than Relative valuation model and Real options model for Taiwanese companies. Moreover, among the three Relative valuation model, P/E ratio method has better than P/B ratio and P/S ratio methods. As for Real options model since it, only considers financial of the firms,we suggest that it is not appropriate for using Real option model to value the Biotechnology and Pharmacy firms in Taiwan.

Reference ( 50 ) 〈TOP〉

王啟光，1999年，「生技製藥產業關鍵成功因素之研究」，淡江大學管理科學研究所碩士論
連結：
范淑珍，2000年，「透視華爾街生化科技股」，城邦文化事業股份有限公司。
連結：
Aswath Damodaran, 2002, “The Dark Side of Valuation：Firms with no Earnings,
連結：
no History and no Comparables”, www.nyu.com, Mach 2000.
連結：
Aswath Damodaran, 1996, “Investment Valuation：Tools and techniques for
連結：

Times Cited (11) 〈TOP〉

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