生医研究与资本市场之监理──以资讯揭露（解盲）为核心

Abstract

生医研究、生技产业研发周期长、研发成功率低、风险高、资金需求大，对外筹资于此领域显得十分重要，资金取得管道通常有二： 1.公部门：政府补助或投资，如行政院国家开发基金或经济部科专补助。 2.私人：民间募资。而可成为生技产业中、长期稳定资金来源者通常是资本市场，然因研发结果有其不确定性，为避免此种不确定性成为资本市场投资之阻力，可透过适时公布研发进度及成果消弭投资者之疑虑及不确定感，因适时公布研发进度及成果之目的除了是公司对股东的揭露义务外，也是吸引潜在投资者进入市场之良方。此外，为了避免公司为了筹措资金而过度夸大研发结果（如解盲结果）或故意隐匿部分资讯，造成市场上资讯接收者因资讯不对称之情况下，做出错误的投资决定，因此生技公司研发成果揭露之规范十分重要。同时，生医领域之资讯内容之复杂可能造成投资者理解上之困难，可能因而 造成私人资金不进入之募资困境，因此制订适度资讯揭露使得资讯透明度增加，并补足资讯落差。本文认为，所谓适度揭露乃符合目的性（达到资讯对称：透明度、理解度）手段性、比例性（成本考量）之揭露机制。举例而言，解盲数据之解读，如何正确解读解盲数据，切勿落入用单一结果便进行判断，如何引导投资者正确解读解盲数据有其重要性，如果用适当之辅助机制协助理解解盲数据，更能帮助投资者理解数据之背后含意，其方法如：允许厂商为一定“客观”之说明，避免过度乐观、夸大解盲数据。本文以下内容试图讨论生技产业哪些事项具有重要性而需要揭露，相关资讯（解盲数据）若需揭露时揭露之方法、密度及应权衡之相关权益（金融监管、营业秘密、投资大众资讯获知权等）。

Biomedical research and biotechnology industry have a long R&D cycle, low R&D success rate, high risk, and large funding needs. It is very important to seek external funds in this field. There are two sources of funding: 1. The public sector: Government subsidies or investments, such as the National Development Fund of the Executive Yuan or the Ministry of Economic Affairs subsidies. 2. The private sector: Private fundraising. Capital market (private funding) is a medium and longterm stable source. However, due to the uncertainty of R&D results, timely announcement of R&D progress and results is not only the company’s disclosure obligation to shareholders, but also a good way to attract potential investors to enter the market. To avoid the company from overly exaggerating R&D results (such as unblinding) or deliberately concealing some information to obtain funds, proper and appropriate disclosure of information by a corporation is essential for the long term. Therefore, the standard of disclosure of the research and development results of biotechnology companies is important. At the same time, the complexity of the information content in the biomedical field may cause difficulties for investors to understand, which may result in the financing dilemma of private investment not being invested. Therefore, the formulation of appropriate information disclosure increases information transparency and fills up the information gap. The author believes that moderate disclosure is a disclosure method that meets the purpose (to achieve information symmetry: transparency, understanding) and proportionality (cost consideration).