高風險科技產業之融資政策與績效：台灣實證研究

Abstract

在國家創新系統的架構下，涵蓋了主要以知識為基礎的創新體系，創新技術研發體系和金融服務體系，政府政策對任何子系統的影響都可能促進整體創新系統的改變。目前國際間對於以政府力量為主導，針對技術創新科技產業提供資金協助以促進經濟成長的方式，投予高度重視與興趣。而在台灣，有一特殊產業政策的融資工具，以「高風險科技事業類股」命名的新股發行上市制度，已培育台灣多家世界知名廠商快速籌集發展資金，然過去並無相對關注與討論此一制度，本研究之分析可補足實證探討部份。 「高風險科技事業類股」之金融創新制度，於過去台灣產業經濟發展確實佔有一重要地位，在不需盈利要求之寬鬆規定下，許多廠商透過此一上市管道並發展出相當之規模，本研究闡述此政策之特殊性以瞭解對經濟發展之影響；此外，並從產業層級檢驗廠商財務績效，藉由財務績效的討論以檢驗政策效果。本研究採用1995年至2003年間共62家高風險科技事業類股上市樣本，與同期間同產業內之另216家配對樣本，採計上市前後七會計年度之財務資料為觀察值，進行績效迴歸分析。有別於以往討論財務績效之實證做法，本研究利用Heckman二階段校正修正自我選擇偏誤。實證研究結果顯示，理論預期受到高度融資限制的技術創新廠商將最有可能追求快速上市，但實證情形並非如此，採取高風險科技事業類股上市廠商具有之特性為：低股東報酬率、高研發密度、高收入成長率、資本密集、低負債比且具有相對低廉的銀行貸利率，而在高風險科技事業類股制度支持了這些廠商籌措到研發與投資活動所需資金之後，廠商並無法在企業價值成長上有持續的進展，此一現象是此類廠商自我選擇之結果。研究結果含意為此一金融協助政策有調整之必要。本文建議因應產業發展與國際創新活動的趨勢，金融創新系統應適時調整更新，以厚植國家競爭力。

Under the scheme of National Innovation Systems (NIS), which covers primarily a knowledge-based innovation system, a technological innovation system, and a finance service system, any government policy on each of any sub-system will affect the NIS as a whole. The manner in which governments provide financial innovation assistance to technology industries in order to boost economic growth is an issue of great interest to industrial policy drafters and scholars worldwide. In Taiwan, a policy-oriented IPO system, named as “High-Risk Tech-Industry system”, has launched and nurtured several world-known enterprises by allowing them increased self-sufficiency in raising capital. However, this IPO system seldom receives attention and neither further discussion, a deficiency we remedied in the present study. The objective of this study is to illustrate the importance of financial innovation system in the development of high-tech industries in Taiwan, and to investigate enterprises utilizing the High-Risk Tech-Industry system without record in line with any IPO profitability requirement. We observed a panel data comprising of 62 High-Risk Tech-Industry samples and 216 matched samples, for seven fiscal years, for an IPO period from 1995 to 2003. Different from prior empirical literatures on finance performance employing the OLS techniques, this study applies the Heckman two-stage procedure to correct self-selection bias as the IPO data might be truncated. Regarding divergence from theory, scholars originally predicted that firms with financial constraints would be most likely to pursue IPO; however, the opposite situation seems to prevail in this system. High-Risk Tech-Industry IPO choice is a self-selection result by enterprises that have a low return on equity, high R&D intensity ratios, high revenue growth rates, large amounts of assets, low debt-to-equity ratios, and relatively low bank loan interest rates. We also found no significant evidence supporting High-Risk Tech-Industry system help sustain future entrepreneurial growth.