生物科技業競爭優勢之經營策略分析

Abstract

在本研究中，試圖探究現今備受注目的明星產業-生物科技業的公司最適宜的經營策略，並加以進行各策略族群間的區隔。資料來源為Standard & Poor Global Compustat，SIC code#2834，刪除不足樣本後的148家上市的生物科技公司作為研究對象。由於我們無從得知每家公司的營運管理能力，本研究由拆解杜邦恆等式之財務指標出發，建立一套研究架構並提出簡易的判斷準則來評估管理能力。首先，我們蒐集了九項財務指標，並進行因素分析，將財務指標和其背後的管理意涵萃取為四項主要管理能力：知識管理能力、資產管理能力、顧客關係管理能力與供應商關係管理能力。

依據四項主要的管理能力準則，著手進行K-means集群分析，每家生物科技公司將被分入其中一個策略族群，實證數據得出三組的策略族群。接下來，我們將檢驗不同策略族群與營運績效之間是否具有顯著影響關係？哪一策略族群財務績效表現最佳？最後，我們研究發現生技產業發展成熟的歐美地區，在財務績效上表現最為良好。

In this article, we want to find out appropriate strategy and make some managerial suggestions for bio-technology companies in Taiwan. We take the listed 148 bio-technology companies as our research sample from Standard & Poor Global Compustat. Since we could not directly observe the management capabilities from each company, this paper start from the financial data to create a framework to provide simple principle to examine the management capabilities. We collect nin financial indicators in advance and conduct Factor Analysis to find out the main factors related to managerial implications. There are four major management capabilities we derive, which are Knowledge management, Assets management, Customer Relationship management, and Supplier Relationship management.

Based on the four management factors, we conduct K-means Cluster Analysis, which classify the bio-technology industry into three strategic groups. In the end, we examine the configuration-performance relationship and derive the most ideal configuration for the bio-technology industry.