台灣生技醫療產業IPO後時間與公司價值之研究

Abstract

生技醫療產業是二十一世紀的明星產業，也是全球公認的主流成長產業。根據統計，自2001年起，我國每年都有超過新台幣二百億元的投資金額投入國內生技醫療產業，成為支撐產業成長的重要力量，而政府也積極推動台灣成為「生醫科技島」。2009年初，行政院公佈六大新興產業，包含生技起飛、醫療照護、精緻農業、綠色能源、文化創意及觀光拔尖，其中生技醫療產業已被選定為台灣經濟重點發展產業。 過去研究顯示，公司IPO後短期與長期績效存在著明顯差異，而公司價值也因產業類別不同有明顯的變化。本研究將探討台灣生技醫療產業公司IPO後時間與股價淨值比的關係。選取2001年至2007年間，在台灣證券交易所上市（櫃）之生技醫療產業公司為樣本資料，並按篩選標準選取122筆有效樣本作為研究對象，共計29家企業，其中包括醫藥類企業15家及醫療器材類企業14家。本研究將樣本資料依生產之產品特性不同區分為醫藥類企業及醫療器材類企業。首先，利用獨立樣本T檢定，檢視此二種不同生技醫療產業類型之企業其股價淨值比平均值是否有顯著差異。第二，利用迴歸分析法檢視企業規模、個股股價報酬率、資產報酬率、負債比率、IPO後時間及不同生技醫療產業類別與公司價值之間的關係。 研究結果發現，生技醫療產業企業IPO後時間長短及不同生技醫療產業類別與其股價淨值比之間具有顯著相關性，企業IPO後時間愈長，其股價淨值比愈低。造成此現象之原因應可歸納為公司產品特性不同、IPO初期投資人過度樂觀反應及資訊不對稱，導致公司IPO後長期績效不佳。 關鍵詞: 生技醫療產業、公司價值、股價淨值比、IPO後時間、迴歸分析

Previous studies have showed that there is a substantial difference in enterprise performance on short-term and long-term after going public and firm value is also affected by industry category. This study discusses the relationship of IPO age and P/B ratio in Taiwan’s biotechnology and medical industry. A total of 29 listed Taiwanese companies, including 15 from pharmaceutical industry and 14 from medical device industry, were selected as the targets for this study. A total of 122 effective samples were generated from 2001 to 2007. The data were analyzed with the method of independent sample t-test and regression analysis. The first step of this study involves categorizing the samples into different groups based upon their industry categories. This study also employs regression analysis to examine the relationship between enterprise value and enterprise scale, Return on Asset (ROA), debt ratio, IPO age, and different biotech industry categories.

The results of this study are summarized as the following: (1) In Taiwan’s biotechnology and medical industry, IPO age and industry category may negatively influence P/B ratio. (2) After the company goes public, the short-term performance generates better results than the long-term performance because the information is not transparent enough and the investors’ expectation to company performance usually exceeds company operation. (3) The IPO age may influence investment return and company growth. Specifically, when IPO age is longer, investment return may tend to be lower and the company growth may be reduced. Keywords: Biotechnology and medical industry, P/B ratio, Industry category, IPO Age, Firm Value, Regression Analysis