專利對農業生物科技廠商生產技術效率及市場價值之影響

Abstract

摘要 本研究選取1998年至2002年我國食品及化學生技醫療類上市上櫃廠商共31家，以應用於追蹤資料之隨機性生產邊界法及變動係數隨機性生產邊界法，於生產要素投入中納入(1)研發費用；(2)每年持有專利數；(3)專利類型加權專利數，以及(4)專利申請範圍加權專利數等四種專利變數，經函數形式檢定後，以Cobb-Douglas形式之生產函數估計廠商生產技術效率，並探討影響技術無效率之因子。實證結果顯示，不論是以哪一種專利變數進行生產技術效率之探討，31家樣本廠商生產技術效率1998年至2002年變化幅度均不大，且廠商技術無效率多來自人為，未來廠商在技術效率之提升以及降低人為技術無效率方面，仍具有相當的改善空間。而相較「每年持有專利數」與「專利類型加權專利數」兩者之生產彈性可以發現，未經以專利類型調整前之每年持有專利數會高估專利對廠商附加價值影響力。 在專利對廠商市場價值之影響方面，本研究利用1998-2002年廠商財務資料進行Tobin’s Q之實證估計，結果顯示專利變數對廠商市場價值有正面且顯著之影響，且在各項生產投入要素中，專利變數對廠商市場價值之提升貢獻最大，顯示出專利能有效提升廠商市場價值。 有鑑於農業生技產業之發展目前面臨著對環境與人類健康影響不明、智慧財產權保護不夠嚴謹等問題，未來我國要發展農業生技產業並永續經營，政府應積極鼓勵研發並落實研發成果、嚴格監督生物技術及生技產品、整合各生物技術學術機構與企業並培訓專業人才、掌握關鍵技術並拓展國際交流與經貿合作。如此一來，我國生技產業將可望成為亞太生物科技研發重心。

Abstract This research chose 31 firms from domestic listed companies which are classified to food industry and chemical/biotechnology/medical industry. By using the methodology of stochastic production frontier with panel data, stochastic frontier of varying coefficients, both with Cobb-Douglas production function, and Tobin’s Q to estimate how patents variables -- such as R&D expenditure, annual patents hold, patent weighted by type, patents weighted by claim -- influence these firms’ production technical efficiency and market value. The empirical results exhibit that production technical efficiency changed slightly during 1998 to 2002, and most technical inefficiency is man-made, no matter which patent variables are put into production function. This result imply that there still have a lot to do in promotion firms’ technical efficiency and reducing man-made inefficiency in the future. Furthermore, by comparing the production elasticities of ‘annual patents’ and ‘annual patents weighted by patent’s type’, the results findings suggest that using ‘annual patent’ will overestimate the influence that patents’ effect to firms' added value. As for the influences of patents on firms’ market value, we used Tobin’s Q model to evaluate these firms’ finance data of 1998 to 2002. The empirical results indicate that patent variables significantly increase these firms’ market value. We also found that patent variables have contribute most to increase sample firms’ market value than other input factors. The development of agricultural biotechnology industry presently experience some problems such as the influences on human-beings or environment are unknown, and the protection of intellectual properties are imprudent. In order to promote and make agricultural biotechnology industry operate sustainable, the government should encourage R&D and make R&D achievements practicable positively, supervise the using of biotechnology and relative products strictly, integrate biotechnology research institutions, universities, and enterprises to rear professionals, and control the key techniques and expend to international communication and trade cooperation. Eventually, Taiwan will become the biotechnology research center of Asia Pacific.