台灣生技廠商在國內及美國首次公開發行流程之比較

Abstract

生物科技產業是二十一世紀的明星產業，其潛力備受台灣、美國等許多國家關注。生技產業的特性為研發期間漫長、失敗風險高、所需資金龐大但有相對的豐厚與穩定的收益，因此股票市場籌資制度不僅是生技產業成敗的一大因素，也是各國政府制訂生技政策的一大環節。本文依照發行公司、承銷商、主管機關與產業等方面比較台灣與美國的首次公開發行制度，並從生技公司的角度來探索兩個市場公開發行獨特的機會與挑戰。 此研究發現生技公司在美國上市需面臨遠高於台灣的成本門檻，但美國較大的資本市場規模有利於公司籌資；反之台灣上市的成本較低，但相對籌資的潛力較為有限。 在法規方面，美國僅要求公司營運之充分揭露，對於技術良窳抱持中立的態度；台灣則施行實質審查，政府對於技術的市場性及獲利能力較為講究，進而形成IPO制度在台灣的小市場大政府以及在美國的大市場小政府的反差。 因此建議生技公司須考量籌資需求與自身技術條件來決定市場。若公司近期籌資需求較小且將營運重心定位於台灣，在台灣上市具成本與風險上的優勢，並能受益於台灣政府所訂定的生技產業政策；若公司有足夠資金且有意願在美國開拓研發與銷售業務，在美國上市是一個更具籌資潛力的選項。

Biotechnology sector is an emerging sector, receiving attention from policymakers from a multitude of nations, including Taiwan and the United States. The securities regulatory framework is a decisive financial consideration for the development of biomedical technology. By comparing the IPO processes between Taiwan and the United States with respect to the legal and financial requirements as well as factors specific to the biotechnology sector, the paper explores the opportunities and challenges that Taiwanese biotechnology firms encounter when going public in either market. It is determined that biotechnology firms face a substantially higher cost of going public in the US than in Taiwan; however, the maturity and scale of the US biotechnology sector allow for a greater fundraising potential. In contrast, going public in Taiwan incurs a much lower expense but has a more limited fundraising potential. In terms of legal requirements, the US government requires full disclosure of a firm’s operations but is neutral in regard to the company’s viability; the Taiwanese government requires a merit review with a broader regulatory scope. Therefore, the dominance of the government and the market becomes the key differentiating factor in the IPO process in Taiwan and the US respectively, and companies should evaluate its financing needs and capabilities in deciding the market to pursue an IPO.