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完整後設資料紀錄
DC 欄位 | 值 | 語言 |
---|---|---|
dc.contributor.advisor | 陳明賢 | |
dc.contributor.author | Yu-Ching Kuo | en |
dc.contributor.author | 郭昱菁 | zh_TW |
dc.date.accessioned | 2021-06-16T23:33:54Z | - |
dc.date.available | 2020-03-03 | |
dc.date.copyright | 2020-03-03 | |
dc.date.issued | 2020 | |
dc.date.submitted | 2020-02-20 | |
dc.identifier.citation | 2018. 2018生技產業白皮書. 台北市: 經濟部工業局.
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'A Review of IPO Activity, Pricing, and Allocations.' Journal of Finance 57 (4): 1795-1828. Accessed 12 3, 2018. http://nber.org/papers/w8805. Robinson, David T., and Toby E. Stuart. 2007. 'Financial Contracting in Biotech Strategic Alliances.' The Journal of Law and Economics 50 (3): 559-596. Accessed 7 7, 2019. http://realoptions.org/papers2002/robinsoncontracting6.pdf. Schumpeter, Joseph Alois. 1942. Capitalism, Socialism, and Democracy. New York: Harpers & Bro. Sjostrom, William K. 2010. 'The Untold Story of Underwriting Compensation Regulation.' UC Davis Law Review 44: 625. Spence, Michael. 1973. 'Job Market Signaling.' Quarterly Journal of Economics 87 (3): 355–374. Accessed 7 5, 2019. Stiglitz, Joseph E., and Andrew Weiss. 1981. 'Credit Rationing in Markets with Imperfect Information.' American Economic Review 71 (3): 393–410. Accessed 1 16, 2019. Tuttle, John. 2019. Direct Floor Listings: An Innovative Way to Take a Company Public. 6 19. 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dc.identifier.uri | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/65271 | - |
dc.description.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。 | zh_TW |
dc.description.abstract | 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. | en |
dc.description.provenance | Made available in DSpace on 2021-06-16T23:33:54Z (GMT). No. of bitstreams: 1 ntu-109-P06745027-1.pdf: 2310060 bytes, checksum: 4b15ccfa215192719a436a50c1b11182 (MD5) Previous issue date: 2020 | en |
dc.description.tableofcontents | 致謝 ii
摘要 iii Abstract iv 目錄 v 圖目錄 vii 表目錄 viii 第一章 緒論 1 第一節 研究背景與動機 1 第二節 研究目的 4 第三節 論文架構 5 第二章 文獻回顧 6 第一節 生技新藥產業概論 6 第二節 首次公開發行(IPO)流程概論 9 第三節 生技產業IPO流程概論 12 第三章 資本市場和生技生態系統概論 14 第一節 美國生技產業生態系統 14 第二節 美國IPO流程 19 第三節 台灣生技產業生態系統 39 第四節 台灣IPO流程 48 第四章 美台生技生態系統和IPO架構之比較 55 第一節 政策差異 55 第二節 產業環境差異 55 第三節 資本市場對比 56 第四節 生技公司在台灣與美國上市條件之比較 59 第五章 個案探討 62 第一節 美國NYSE / NASDAQ上市公司(American BriVision (Holding) Corporation) 62 第二節 台灣上市(櫃)公司(台康生技股份有限公司) 63 第六章 結論 65 第一節 結論與意涵 65 第二節 研究限制和建議 67 參考文獻 68 附件71 圖目錄 圖 1美國公開發行公司家數(生技與一般產業)1 圖 2估計2013-2017年美國醫療健康產業研發支出(百萬美元)2 圖 3美國生技產業歷年研究經費投入生物藥物研發3 圖 4生技新藥研發程序6 圖 5美國歷年IPO案件數11 圖 6全球生技產業聚落分布與規模14 圖 7歷年美國生技產業上市公司市值14 圖 8 歷年美國透過大學技術授權而設立的公司數 (AUTM 2018)16 圖 9歷年美國大學技術授權收益總毛利及平均毛利 (AUTM 2018)16 圖 10美國健康產業歷年PE Ratio18 圖 11美國健康產業歷年PB Ratio18 圖 12美國健康產業歷年ROE19 圖 13美國歷年IPO件數30 圖 14我國應用生技產業之領域與產品服務類別40 圖 15 2013-2018年我國應用生技產業經營概況40 圖 16我國製藥產業範疇及產品項目41 圖 17 2013-2018年我國製藥產業經營概況41 圖 18 2013-2018年我國醫材產業經營概況43 圖 19台灣健康福祉產業範疇43 圖 20 2014-2018年台灣上市生技醫療類股之PE Ratio45 圖 21 2014-2018年台灣上市公司整體之PE Ratio46 圖 22 2014-2018年台灣上櫃生技醫療類股之PE Ratio46 圖 23 2014-2018年台灣上櫃公司整體之PE Ratio46 圖 24 2014-2018年台灣上市生技醫療類股之PB Ratio47 圖 25 2014-2018年台灣上市公司整體之PB Ratio47 圖 26競拍時程 (凱基證券 2019)54 表目錄 表 1 IPO折價現象之解釋9 表 2 NYSE主板 量化標準(IPO)20 表 3 NYSE American 量化標準21 表 4 Nasdaq Global Select Market23 表 5 Nasdaq Global Select Market (流動條件24 表 6 Nasdaq Global Market 掛牌標準25 表 7 Nasdaq Capital Market 掛牌標準26 表 8 Nasdaq公司治理標準27 表 9 IPO團隊成員職責32 表 10招股書的內容 (Perry and Pinedo 2018)35 表 11台灣生技產業政策44 表 12台灣科技事業上市櫃條件49 表 13台灣承銷方式之條件比較53 表 14台灣與美國IPO條件之比較59 | |
dc.language.iso | zh-TW | |
dc.title | 台灣生技廠商在國內及美國首次公開發行流程之比較 | zh_TW |
dc.title | Comparison of IPO Process in the United States and Taiwan for Taiwanese Biotechnology Firms | en |
dc.type | Thesis | |
dc.date.schoolyear | 108-1 | |
dc.description.degree | 碩士 | |
dc.contributor.oralexamcommittee | 林世銘,何耕宇 | |
dc.subject.keyword | 首次公開發行,生技產業,上市, | zh_TW |
dc.subject.keyword | IPO,biotechnology,going public, | en |
dc.relation.page | 73 | |
dc.identifier.doi | 10.6342/NTU202000488 | |
dc.rights.note | 有償授權 | |
dc.date.accepted | 2020-02-20 | |
dc.contributor.author-college | 管理學院 | zh_TW |
dc.contributor.author-dept | 財務金融組 | zh_TW |
顯示於系所單位: | 財務金融組 |
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