生技醫療產業ESG等級與公司營運績效關聯性之研究

Abstract

臺灣生技醫療產業是生技產業中最具發展潛力的產業。另由於ESG議題已普遍受到投資人驅動投資決策的重要參考指標。因此，本研究乃鎖定臺灣生技醫療產業ESG等級與公司營運績效關聯性作為研究主題。旨在比較醫療生技公司不同ESG等級與營運績效的差異性。不同ESG等級對營運績效的差異性、探討ESG與財務績效指標對營運績效的關聯性。 本研究之樣本資料是採用臺灣經濟新報(TEJ)資料庫，資料涵蓋期間是從2016年至2024年，按照SASB分類準則，生技公司的合計是1138個，其中TESG評級是B級的為最多，有905家佔80%，A級有130家佔11.42%，C級最少僅103家，其所佔比率僅為9.05%。 本研究重要發現是生技醫療產業中有揭露永續報告書驗證的公司的營運規模普遍較大且營運風險較低。生技醫療產業TESG七等級之營運績效指標中呈現顯著差異的有TESG分類分數、變現力比率以及市場價值比率。資產管理比率與負債管理比率則呈現分岐。獲利能力比率有接近四分之三的營運績效指標呈現極顯著或顯著的差異，其中包括營業毛利、稅前淨利率、營業利益、所得稅費用、ROE綜合損益、稅後淨利率等六項。在市場價值方面只有每股營業利益和每股稅前淨利。 相關分析顯示ROA綜合損益與TESG分數、總資產周轉次數、負債比率、營業成本、每股綜合損益等皆呈現顯著的相關性。階層迴歸模型分析結果，顯示TESG分數與總資產周轉次數階呈現下降趨勢。負債比率呈現上升趨勢。營業成本對ROA的影響由模型4的正向轉為負向。模型1對ROA影響最大的是TESG分數。模型2至模型4皆以總資產周轉次數為最高。模型5則是以每股綜合損益為最高。

Taiwan's biotechnology and medical industry is the most promising sector within the biotechnology industry. Furthermore, ESG issues have become a crucial reference indicator for investors' investment decisions. Therefore, this study focuses on the correlation between ESG ratings and operational performance of companies in Taiwan's biotechnology and medical industry. The aim is to compare the differences in operational performance between different ESG ratings for medical biotechnology companies, and to explore the correlation between ESG and financial performance indicators on operational performance. The sample data for this study comes from the Taiwan Economic News (TEJ) database, covering the period from 2016 to 2024. According to the SASB classification criteria, there are a total of 1,138 biotechnology companies. The largest number (905, 80%) have a TESG rating of B, followed by A (130, 11.42%), and the smallest number (only 103, 9.05%) have a TESG rating. A key finding of this study is that companies in the biotechnology and medical industry that provide sustainability reports generally have larger operating scales and lower operational risks. Among the seven TESG operating performance indicators for the biotechnology and medical industry, the TESG classification score, liquidity ratio, and market value ratio showed significant differences. Asset management ratio and debt management ratio showed divergence. Nearly three-quarters of the profitability ratios showed highly significant or significant differences, including six items: gross profit, operating profit, income tax expense, ROE (Return on equity), pre-tax net profit margin, and after-tax net profit margin. Regarding market value, only operating profit per share and pre-tax net profit per share showed significant differences. Correlation analysis showed significant correlations between ROA (Return on assets) and TESG score, total asset turnover, debt ratio, operating costs, and comprehensive income per share (CIPS). Hierarchical regression analysis showed that the TESG score and total asset turnover trended downwards, while the debt ratio trended upwards. The impact of operating costs on ROA changed from positive in Model 4 to negative. In Model 1, the TESG score had the greatest impact on ROA. Models 2 through 4 all showed the highest impact of total asset turnover. Model 5 showed the highest impact of comprehensive income.