公司治理品質與製藥公司臨床試驗達成率相關性之實證研究

Abstract

本研究深入分析了公司治理品質與製藥公司臨床試驗進展之間的相關性。從理論框架、文獻綜述、和實證結果等方面，探討了公開可用的公司治理資訊是否可以用於預測藥物開發臨床試驗的進展，同時考慮潛在的混淆變數和內生性問題。研究結果表明，公司治理質量與臨床試驗進展之間存在顯著相關性。公司治理評分最好的新藥研發公司與最差的公司之間，臨床試驗達成率可能相差超過34%， 公司治理影響臨床試驗達成率的因果關係顯著，存在相反因果關係的可能性不顯著。本研究為投資者和公司治理相關的學術研究提供了有價值的參考。

This study thoroughly analyzes the correlation between corporate governance quality and the progress of pharmaceutical companies' clinical trials. From the perspectives of theoretical framework, literature review, and empirical results, it explores whether publicly available corporate governance information can be used to predict the progress of drug development clinical trials, while considering potential confounding variables and endogeneity issues. The research findings indicate a significant correlation between corporate governance quality and the progress of clinical trials. Between new drug development companies with the best and worst corporate governance scores, the clinical trial achievement rate may differ by more than 34%. The causal relationship of corporate governance affecting the clinical trial achievement rate is significant, while the possibility of a reverse causal relationship is not significant. This study provides valuable references for investors and academic research related to corporate governance.