生技醫藥產業發展條例中非稅額抵減優惠措施對生技公司創新及價值之影響

Abstract

本論文探討臺灣生技醫藥產業發展條例中非稅額抵減優惠措施，針對放寬公立機關人員擔任生技公司之董事、監事或專業經理人對生技醫藥產業的企業創新和價值之影響。本研究收集 2014 年至 2020 年在臺灣證券交易所上市的 1,118 筆臺灣生技醫藥公司-年的數據。我們從臺灣經濟新報資料庫取得年度財務報表資料，並分析各公司董監事會成員及專業經理人的教育背景與專業經歷。我們區分研究組是公司董監事或專業經理人同時具有國立大學或公立機關全職員工身分。反之對照組則是公司董監事或專業經理人不具有國立大學或公立機關全職員工身分。我們採用專利總數為評估企業的創新指標，使用資產報酬率(ROA)、權益報酬率(ROE) 和Tobin’s Q來評估企業績效和價值。我們控制總資產、淨銷售額、負債率、現金流量、董事會人數和獨立董事比例進行多變量變異數分析。我們發現研究組公司，其專利總數、Tobin’s Q、總資產、淨銷售額和獨立董事人數較高，但負債率和現金流量率比對照組低。公司類型在統計上對企業的創新與價值有顯著貢獻，但與ROA 和 ROE 無關。我們的結果證實了臺灣生技醫藥產業發展條例之政策有效性。臺灣生技醫藥產業發展條例除了稅收抵減外，放寬產業與國立大學或公立研究機構的合作限制，可以鼓勵臺灣生技醫藥產業公司創新並提升企業價值。

The study investigates the impact of the non-tax credit tool of Act for the Development of Biotech and Pharmaceutical Industry (ADBPI), focusing on the relaxing the restriction of government employees acting as directors of board, supervisors, or chief managers in private biopharmaceutical companies, on the corporate’s innovation and value in Taiwan. We collect a total of 1,118 Biopharmaceutical companies-year’ data listed on the Taiwan Stock Exchange from 2014 to 2020. We collect accounting information and yearly data and analyze all Board of directors, supervisors, and chief managers’ educational background and professional experiences in each company from the Taiwan Economic Journal database. We identify the corporates whose board of directors, supervisors, or chief managers are also full-time employees in public universities or public research institutions/organizations. On other hand, the corporates whose board of directors, supervisors, or chief managers did not work in public organizations define as Control Group. We measure corporate’s innovation by patent numbers. The corporate’s performance and value were measured by Return On Assets (ROA), Return On Equity (ROE) and Tobin’s Q. We conducted multiple variate analyses to examine the relation between the corporate’ board of directors, supervisors, or chief managers who are also full-time government employees and the corporate’s innovation, value, and performance by controlling the total assets, net sales, deb ratio, cash flow rate, number of board directors, and the ratio of independent directors. We find that the corporates whose board of directors, supervisors, or chief managers are also full-time employees in public universities or public research institutions/organizations have higher total patent numbers, Tobin’s Q, total assets, net sales, and the number of independent board directors, but less debt ratio, and cash flow ratio than the control. The corporate type is statistically significantly contributing to the corporate’s innovation and value but is not related to the corporate’s ROA and ROE. Our results confirm the policy effectiveness of the ADBPI. ADBPI, in addition to the tax credits, can encourage the corporate’s innovation and increase the corporate’s value. The government should relax the restrictions on the collaboration between the industry and public academic institutions to speed up the development of Taiwan Biotech and Pharmaceutical Industry.