P-F生技(股)公司創業研發階段財務績效之分析研究

Abstract

本論文係以一預備上市之生技公司(P-F生技(股)公司)為例，從該公司成立的歷史背景，股東的組成，核心能力，產品市場導向，及為了準備上市所做的組織結構改善措施以及改善過程中的財務分析比較，以推論該公司的經營策略與改善動作是否符合原先的預期；蓋由於生技公司的命脈在新藥開發是否成功，而在新藥開發過程中，必須投入極大的資金；在沒有富爸爸資金挹注之下，純粹靠自有資金的運作，非常困難；尤其新藥開發必須經過多次臨床實驗的驗證，一翻兩瞪眼，成果難以臆測！其過程的花費，造成周轉不靈甚至倒閉致多年辛苦毀於一旦的公司比比皆是，屬於極高風險的投資。 本論文從P-F生技(股)公司新藥尚未開發前的業務績效及財務狀況，與董事會同意參與新藥開發後之財務變化，以杜邦分析法分析財務狀況的差異，藉以推測該公司未來財務之走向；以期明瞭個案公司營運情形外，也提供未來績效改善的參考。

This research takes a ready-to-IPO pharmaceutical company as the case to study its performance. The period of study starts from its startup, through its entrepreneurial stage, ends at the moment before its going to public. We review its historical background, composition of board, core competence, market-oriented product portfolio, and the necessary organization change for IPO. To rationalize all its business strategy, this research utilizes DuPont formula to conduct a financial analysis. The analysis result reveals that a pharmaceutical company in its entrepreneurial stage needs adequate and in-time capital investment to make its innovation process complete. Spin-off strategy adopted by case company before proved work well, and connect-and-develop strategy used by Procter & Gambler is recommended to be considered in the future.