新創立生物科技公司籌資管道問題之研究

Abstract

生物科技為近三十年新崛起的科技，由於可應用的範圍極廣，從醫藥產業、農業、特用化學、防治污染等都可廣泛的應用，因此一般認為生物科技為二十一世紀最有潛力的產業，所以各國無不積極開發此項科技。我國的生物技術產業也在近幾年快速的發展，尤其在政府提倡知識經濟之後將生物技術列為重點發展科技，一家一家的生物技術公司即如雨後春筍般的冒出。由於產業特性的不同，所以雖然目前一些高科技產業融資理論的研究已進行的不少，然而生物科技產業研發經費高但且研發時程長的特性，其公司之在資金籌措時所遭遇到的問題與一般產業的有所差異，因此希望藉著本研究了解生物科技公司之特性如何影響融資決策。 本研究先對融資決策之理論進行文獻回顧，再對目前國內之融資管道的環境進行探討，進而對國內四家具代表性的生物科技公司做個案之研究。根據研究結果，我們得出生物科技公司特性對籌資管道的影響如下： 一、屬高知識型產業，因此公司與投資者資訊嚴重不對稱，促使公司傾 向權益融資。 二、人力層次高使得不了解公司的投資者，常以名人效應評估公司價 值。 三、市場開發需同時與技術開發進行，使公司傾向於尋找策略聯盟夥伴為 籌資管道。 四、產品品質與安全性，使得公司之研發時程增加，因此公司會希望尋找 可協助其縮短投資時程的合作夥伴。 五、高風險使得公司的破產成本增加，因此經常捨棄借貸之籌資管道。 六、需定期長期的金額投入，使得公司希望尋找能夠長期提供資金的夥 伴，因此策略聯盟的合作關係比創投公司之合作更為合適。

The creation of new enterprises is considered as an important element in the economic and industrial health of developed countries. In recent years, many countries have established an assortment of policy instrument which is intended to encourage the creation of new firms and more broadly, new industrial sectors. These policies have tended to focus on high-technology firms. Because of the growing potential of the biotechnology, which is the emphatic technology in Taiwan, the research of the application of financial theory in high technology industry is important. Since the biotechnology industry has some different characters, it must have some different problems from common technology-based firms including found raising. How characteristics of the biotechnology firms influence financing decisions is studied in thesis. The academic literatures of recent years on the financing issues are reviewed first. We then explore the environment of financial sources. Finally, four representative companies are selected as the cases. The problems are tackled using the case study mathod. The following conclusions are drawn: 1.Biotechnology firms belong to high knowledge industry. The firms prefer to raise fund by equity finance because of information asymmetries. 2.Because of the high knowledge barrier, investors usually evaluate the firms’ value by its famous researchers or owners. 3.Market exploitation and technical exploitation must be undertaken simultaneously, so that the biotechnology firms prefer strategic alliance getting fund. 4.Products quality and security increase the exploitation time. As a result, the biotech companies hope to shorten the exploitation time by cooperating with other companies. 5.High risk increases high bankruptcy cost. The biotechnology firms avoid debt financing reduce their bankruptcy risk. 6.Strategic alliance finance is better than venture capital. Since the capital of biotechnology firm require steady inputs.