台灣生技新藥產業研發投入與股價關聯性之探討

Abstract

生技新藥產業為近年來備受矚目的產業之一，而我國為促進生技新藥產業之發展，於2007年頒布了《生技新藥產業法展條例》，提供生技新藥公司們各種租稅優惠措施，鼓勵研發與投資，對於生技新藥產業而言，研發投入是不可或缺的一項重要因素。 本研究旨在探討探討生技新藥公司之研發投入及專利權之獲取對於其公司股價之影響性，利用Ohlson(1995)股權評價模型為基礎，選取我國於2008年至2013年之24間生技新藥公司作為樣本，採用縱橫資料(Panel Data)進行分析。 實證結果顯示： 1. 生技新藥公司之研發費用對於公司股價具有正向顯著之影響。 2. 生技新藥公司之專利權數並未對公司股價具有顯著性關係。 3. 生技新藥公司之研發費用並未對公司股價具有遞延效果。 4. 生技新藥公司之規模與公司股價呈現反向顯著關係。 5. 生技新藥公司之營收成長率與公司股價呈現正向顯著關係。

In the 21th century, the bio-pharmaceutical industry is one of the rising star industries in the limelight. To promote the development of the bio-pharmaceutical industry, Taiwan government has promulgated the ‘Act For The Development Of Biotech And New Pharmaceuticals Industry’ which provides lots of tax incentives for the bio-pharmaceutical firms to encourage R&D and investment activities. For bio-pharmaceutical industry, R&D is one of the essential factors indispensably. This research is focus on exploring the relationships between R&D investments, obtained-patents and the stock price of the bio-pharmaceutical firms. Based on the Ohlson(1995) Model, choosing 24 bio-pharmaceutical firms from 2008 to 2013 in Taiwan as sample for empirical analysis by Panel data. Our empirical findings are following: 1. The R&D expenditure is significant positively affect the stock price of bio-pharmaceutical firms. 2. Obtained-patents has no significant influence on the stock price of bio-pharmaceutical firms. 3. The R&D expenditure has no deferred effects to the stock price of bio-pharmaceutical firms. 4. The firm size is significant negatively affect the stock price of bio-pharmaceutical firms. 5. The sales growth rate is significant negatively affect the stock price of bio-pharmaceutical firms.