台灣生技醫藥產業研究發展投入與市值之動態關聯探討

Abstract

生物科技與生技醫藥產業發展備受世界各國重視，我國在政策指導與資源投入下，現已有相當的生技產業發展規模與市值。在知識經濟時代下，創新研發投入是創造企業價值的重要法門，此在知識密集特色的生技醫藥產業更為常見。本研究以內生性成長理論為根基，運用成長模型作統計分析，探討近五年來(2010年至2014年)我國生技醫藥產業上市櫃公司，其研發資源投入與公司市值成長趨勢之動態關聯性，及其探索性調節變項之影響效應。 研究結果顯示，研發經費與公司市值等研究指標皆具有顯著且正向的逐年線性成長趨勢，並且二者的成長趨勢具有顯著影響之動態關聯性。進一步研究指出，此成長趨勢與動態關聯性皆顯著地受到公司規模與是否獲審定為生技新藥公司等探索性調節變項所影響；產業類別僅對研發投入成長趨勢有顯著的調節影響，但對公司市值成長及兩者成長趨勢之動態關聯的調節影響效應不顯著。本研究結果可提供我國在生技醫藥領域，企業研發投資與企業經營的營運策略建議，並做為我國發展生技醫藥產業政策擬定之參考。

Development of biotechnology and biopharmaceutical industry has been the current main trend in the worldwide. After the policy and resource investment from Taiwan government since 1980, there is a huge growth on the scope and market value of biopharmaceutical industry in Taiwan at the current stage. In the era of knowledge economy, R&D investment is the key to business growth, especially in the knowledge-intensive biopharmaceutical industry. The aim of this study is to investigate the dynamic relationship between growth trend of R&D investment and market value and studies of its exploring modulators, using multiple growth modelings with the nearly past five years (2010-2014) of the stock market listing biopharmaceutical companies in Taiwan. Results from this study indicate that both of R&D expense and market value show positive and significant trends of growth year by year, and there is a significant dymanic relationship on these growth trends. Moreover, both of these growth trends are modulated significantly by some exploratory modulators, such as firm size and recognization by government as biotechnology and new pharmaceutical companies, and type of industry significantly affects the growth trend of R&D expense only, but not that of market value as well as their dynamic relationship. It is expected that these study results provide useful recommendations on specific business strategy and government policy for development of biopharmaceutical industry in Taiwan.