請用此 Handle URI 來引用此文件：
http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/9930完整後設資料紀錄
| DC 欄位 | 值 | 語言 |
|---|---|---|
| dc.contributor.advisor | 林世銘 | |
| dc.contributor.author | Fu-Jen Chen | en |
| dc.contributor.author | 陳富仁 | zh_TW |
| dc.date.accessioned | 2021-05-20T20:50:07Z | - |
| dc.date.available | 2008-07-10 | |
| dc.date.available | 2021-05-20T20:50:07Z | - |
| dc.date.copyright | 2008-07-10 | |
| dc.date.issued | 2008 | |
| dc.date.submitted | 2008-06-16 | |
| dc.identifier.citation | 一、中文部份
1. 王文宇，2003，公司法論，元照出版社，頁253-257。 2. 王文宇，2005，「技術股與勞務股」，月旦法學教室，第30期，頁30-31。 3. 王榛驛，2007，「生技新藥產業發展條例－生技產業展露曙光之催化劑?」，工研院IEKITIS計畫產業觀察報告。 4. 何淑敏與李宇，2008，「技術作價及生技新藥技術股之探討」，稅務旬刊，第2030期，頁34-37。 5. 沈中華與李建然，2000，事件研究法－財務與會計實證研究必備，華泰文化。 6. 吳芝穎，2006，最低稅負制對股市之影響，國立台灣大學會計學研究所碩士論文。 7. 汪瑞芝、陳明進與林世銘，2005，「土地增值稅減半政策之事件研究」，證劵市場發展季刊，第17卷第1期：頁79-104。 8. 林世銘、陳明進與李存修，2001，「兩稅合一前後上市公司除權與除息日股價行為之探討」，管理學報，第18卷第3期，頁477-501。 9. 林世銘、陳明進與蔡天俊，2000，「土地增值稅政策對股市之影響」，當代會計，第1卷第1期，頁1-18。 10. 林世銘、陳國泰與張鼎聲，2003，「兩稅合一後除權除息之租稅規避行為」，當代會計，第4卷第2期，頁119-142。 11. 林炯垚與陳怡文，1990，「台灣地區上市股票填息現象之研究－租稅效應與顧客效應之實證」，管理科學報，第7卷第1期，頁49-68。 12. 林祝英與劉正義，2003，「企業研發投資對融資、鼓勵政策與成長機會之影響－以電子資訊產業為例」風險管理學報，第5卷第3期，頁319-339。 13. 金成隆、林修葳與洪郁珊，2003，「無形資產、新股折價與內部人持股關係之研究」，會計評論，第36期，頁23-53。 14. 金成隆與鄭丁旺，1999，「持續與非持續盈餘反應係數之研究」，會計評論，第31期，頁19-42。 15. 張仲岳，2001，「損益表之分類與獲利能力」，當代會計，第2卷第1期，頁1-16。 16. 孫克難，2006，「所得稅改革的三大主軸與六大迷思—租稅減免、課稅公平與兩稅合一」，95年財政學術研討會，中華財政學會主辦。 17. 陳明進與汪瑞芝，2007，「最低稅負制對股市反應之實證研究」，台大管理論叢-21世紀會計專業、會計產業與會計揭露研討會，頁1-26。 18. 馮震宇，2001，「論公司法修正對公司資本三原則的影響」，全國律師雜誌，第5卷第12期，頁33-50。 19. 歐進士，1998，「我國企業研究發展與經營績效關聯性之實證研究」，中山管理評論，第6卷，頁357-386。 20. 楊朝旭與黃潔，2004，「企業生命週期、資產組合與企業未來績效關聯性之研究」，商管科技季刊，第5卷第1期，頁49-71。 21. 資誠會計師事務所，2008，「以宏觀思維運用生技新藥產業發展條例」研討會資料。 22. 經濟部工業局，2008，2007生技產業白皮書（Biotechnology Industry in Taiwan）。 23. 劉正田，1999，「企業商譽與研發投資關係之研究」，科技管理學刊，第4期，頁105-143。 24. 劉正田，2001，「研發支出資本化之會計基礎股票評價」，會計評論，第33期，頁1-26。 25. 劉嘉雯，2004，「匯豐事件對審計客戶影響之研究」，會計評論，第39期，頁25-53。 26. 賴源河等22人，2002，新修正公司法解析，元照出版公司，頁184-188。 27. 聯亞生技經營團隊，2007，「健全生技新藥產業發展條例草案之建言」，聯亞生物科技公司網站，http://www.ubiasia.com.tw/News/Default.asp?SN =89&Sort_Number=1&Page=1&RecordCount=42&Keyword= 28. 聯亞生技經營團隊，2007，「生技新藥產業發展條例有重大漏洞」，聯亞生物科技公司網站，http://www.ubiasia.com.tw/News/Default.asp?SN=88& Sort_Number=2&Page=1&RecordCount=42&Keyword= 二、英文部分 1. Acs, Z. J., and D. B. Audretsch, 1989, Innovation in Large and Small Firms. The American Economic Review, Vol. 78, No. 4: 678-690. 2. Altman, E., 1983, Financial Ratio, Discriminate Analysis and the Prediction of Corporate Bankruptcy. Journal of Finance Vol. 23, September: 589-609. 3. Atiase, R. k., 1985, Predisclosure Information, Firm Capital, and Security Price Behavior around Earnings Announcement. Journal of Accounting Research, Vol. 23: 21-36. 4. Barth, M. E., W. H. Beaver and W. R. Landsman, 1998, Relative Valuation Roles of Equity Book Value and Net Income as an Unction of Financial Health. The Accounting Review, Vol. 68: 150-178. 5. Biddle, G. C., and F. W. Lindahl., 1982, Stock Price Reactions to LIFO Adaptation: The Association between Excess Return and LIFO Tax Saving. Journal of Accounting Research, Vol. 20: 551-588. 6. Blouin, J. L., J. S. Raedy and D. A. Shackelford, 2002, Equity Price Pressure from the 1998 Reduction in the capital Gains Holding Period. The Journal of the American Taxation Association, Vol. 24: 70-93. 7. Boehmer, E., J. Musumeci, and A. B. Poulsen, 1991, Event-Study Methodology under Conditions of Event-Induced Variance. Journal of Financial Economics, Vol. 30(2): 253-272. 8. Bollerslev, T., 1986, Generalized Autoregressive Conditional Heteroskedasticity. Journal of Econometrics 31: 307-327. 9. Deng, Z., B. Lev, and F. Narin, 1999, Science and Technology as Predictors of Stock Performance. Financial Analysts Journal, Vol. 55: 20-33. 10. Duke, J. C., and H. G. Hunt III, 1990, An Empirical Examination of Debt Covenant Restrictions and Accounting-Related Debt Proxies. Journal o Accounting and Economics, Vol. 12: 45-63. 11. Edvinsson, L., and M. S. Malone, 1997, Intellectual Capital: Realizing Your Company's True Value by Finding Its Hidden Brainpower. Harper Business New York. 12. Engle, R. F., 1983, Autoregressive Conditional Heteroskedasticity with Estimates of the Variance of U.K. Inflation. Econometrica Vol. 50: 987-1008. 13. Fama, E.F., 1976, Foundations of Finance. New York: Basic Books. 14. Freeman, R. N., 1987, The Association between Accounting Earnings and Security Returns for Large and Small Firms. Journal o Accounting and Economics, Vol. 9:195-228. 15. Grssoman, S. J., 1976, On the Efficiency of Competitive Stock Markets Where Traders Have Driven Information. Journal of Finance, Vol. 31: 573-585. 16. Lakonishok, J., S. Andrei, and R. W. Vishny, 1992, The Impact of Institutional Trading on Stock Prices. Journal of Financial Economics, Vol.32: 23-43. 17. Lin, A., and C. H. Shen, 1995, International Money Market Integration: An Application of GARCH Model with Consideration of Missing Data. Sun Yat-Sen Management Review Vol. 3(3): 1-14. 18. Lin, H. C., and T. Zeng, 2005, Stock Market Reactions and Capital Gains Tax: Evidence from the 1985 Canadian Lifetime Capital Gains Exemption. Review of Accounting and Finance, Vol. 4(2): 49-164. 19. Myers, S. C., 1977. Determinants of Corporate Borrowing. Journal of Financial Economics, Vol. 5: 147-175. 20. Nelson, D.,1991, Conditional Heteroskedasticity in asset returns: A new Approach, Econometrica Vol. 59: 347-370. 21. Ottoo, R. E., 1998, Valuation of Internal Growth Opportunities: The case of a biotechnology company. The Quarterly Review of Economics and Finance, Vol. 38: 615-633. 22. Pakes, A., 1985, On patent, R&D and the Stock Market Rate of Return. Journal of Political Economics, Vol. 93: 390-409. 23. Pakes, A., and Z. Griliches, 1980, Patents and R&D at the Firm Level: A First Report. Economics Letters, Vol. 5:377-381. 24. Peterson, P. P, 1989, Event Study: A Review of Issues and Methodology. Quarterly Journal of Business and Economics Vol. 23: 283-308. 25. Press, E. G., and J. B. Weintrop, 1990, Accounting-Based Constraints in Public and Private Debt Agreements: Their Association with Leverage and Impact on Accounting Choice. Journal of Accounting and Economics, Vol. 12: 63-95. 26. Pricus, M., 1997, Stock Price Effects of the allowance of LIFO for Tax Purpose. Journal of Accounting and Economics, Vol. 23: 283-308. 27. Ramakrishnan, R., and J. Thomas., 1991, Valuation of Permanent, Transitory and Price-irrelevant Components of Reported Earnings. Working Paper, Columbia University. 28. Schipper, K., R. Thompson, and R. L. Weil., 1987, Disentangling Interrelated Effects of Regulatory Changes on Shareholder Wealth: The Case of Motor Carrier Deregulation. Journal of law and Economics, Vol. 30: 67-100. 29. Schwartz, E. S., and M. Moon, 2000, Rational Pricing of Internet Companies Revised. University of California at Los Angeles（Revised in June 2001）. 30. Seyhun, H. N., 1986, Insiders’ Profits, Cost of Trading, and Market Efficiency. Journal of financial Economics, Vol. 16:189-212. 31. Shaw, W. H., 1988, Measuring the Impact of Safe Harbor Lease Law on Security Prices. Journal of Accounting Research, Vol. 26: 60-81. 32. Skinner, D. J., 1993, The Investment Opportunity Set and Accounting Procedure Choice: Preliminary Evidence. Journal of Accounting and Economics, Vol. 16: 407-445. 33. Sougiannis, T., 1994, The Accounting Based Valuation of Corporate R&D, The Accounting Review, Vol.69: 44-68. 34. Strong, N., and W. Walker., 1993, The Explanatory Power of Earnings and Stock Returns. The Accounting Review, Vol. 68: 385-399. 35. Swaminathan, S., and J. Weintrop. 1991. The Information Content of Earnings, Revenues, and Expenses. Journal of Accounting Research, Vol. 29: 418-427. 36. Trahan, E. A., and P. J. Bolster, 1995, The Impact of Barron’s Recommendations on Stock Price. Quarterly Journal of Business and Economics, Vol.34: 3-16. 37. Woad, Y. G., and G. Willard, 1985, Performance Representation in Business Policy Research: Discussion and Recommendation. Paper presented at the 23rd Annual National Meeting of the Academy of Management, Dallas. | |
| dc.identifier.uri | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/9930 | - |
| dc.description.abstract | 臺灣為發展生物技術與新藥醫療器材，使其成為帶動下一波經濟轉型的主力產業，在2007年7月4日公布生技新藥產業發展條例，規定生產使用於人類及動植物用的新藥以及生產高風險醫療器材的公司，在2021年底以前可以享有較寬鬆的研究發展和股東投資抵減以及技術入股所得稅緩課等租稅獎勵優惠，對台灣生技新藥產業發展是一大利多。本文利用事件研究法(event study)研究該立法對生技新藥產業之上市上櫃公司的股價所產生的市場反應，以及股價變動高低的決定因素(包括專利權多寡、外資持股等)，以評估生技新藥產業發展條例之立法影響。本文並且對該條例與相關子法法規內容，加以闡述與評論，並參酌產業界之觀點而提出相關之建議。
實證結果顯示，在生技新藥產業發展條例立法事件演變期間，市場預期此獎勵措施將有助於刺激生技產業發展，該產業之股票也反映此利多消息，因此在消息宣布時普遍均有顯著正向的累積異常報酬。多元迴歸所得結果則指出，研發投入比例愈高者，受惠於此條例的減稅措施也愈大，而有較高的正向累積異常報酬率；專利權數較多的公司，正向的累積異常報酬並不顯著；外資持股比率及營收成長比率愈高的公司，於事件期間負向的累積異常報酬反而愈大，與預期並不相符。 | zh_TW |
| dc.description.abstract | With the aim of putting Taiwan on the map with advanced biotechnology and rejuvenating the nation's economy, our government announced The Biotech and New Pharmaceutical Development Act on July 4, 2007. The rules for the Act indicates that companies which engage in research, development, and manufacturing of New Drugs and High-risk Medical Devices used by human beings, animals and plants would enjoy extremely favorable tax breaks and rent control policies, which could foster growth in the time-and-money-consuming industry.
This study uses event study method to examine the stock market reactions towards the announcement of The Biotech and New Pharmaceutical Development Act and uses a regression model to explore the relations between abnormal stock returns and firm characteristics. In addition, problems encountered within the industry are revealed in the study and some comments and suggestions on the regulation are made. The empirical research demonstrates that the stock market reacted positively to the announcement of The Biotech and New Pharmaceutical Development Act, suggesting that the policy is regarded as an effective measure to foster growth of the local biotech and pharmaceutical industry. Moreover, the results of the regression model shows: (i) Companies with higher R&D density ratios tends to have greater abnormal stock returns. (ii) Companies with more patents seem to have greater abnormal stock returns during the period of the event, but not statistically significant. (iii) Finally, companies with greater growth ratios in operating profit and higher foreign capital appear to have less abnormal stock returns which is against the hypothesis. | en |
| dc.description.provenance | Made available in DSpace on 2021-05-20T20:50:07Z (GMT). No. of bitstreams: 1 ntu-97-R95722034-1.pdf: 745234 bytes, checksum: 86fea32639af3ee23b518237cf06b53d (MD5) Previous issue date: 2008 | en |
| dc.description.tableofcontents | 第一章 緒論
第一節 研究背景................................................................................................1 第二節 研究動機與目的 ..................................................................................2 第三節 研究架構................................................................................................3 第二章 生技產業發展現況 第一節 生技新藥產業之定...............................................................................5 第二節 全球生技產業發展概況.......................................................................6 第三節 我國生技產業發展現況.......................................................................9 第四節 生技產業之特性與發展策略及優劣勢分析.....................................13 第五節 我國生技新藥產業發展條例與其相關規定簡介.............................16 第三章 文獻探討 第一節 租稅等強制性規定改變對資本市場影響之相關研究.....................20 第二節 我國法令疑義之相關文獻.................................................................23 第四章 研究方法與研究假說 第一節 各事件之檢視......................................................................................34 第二節 研究假說之建立..................................................................................35 第三節 事件研究法..........................................................................................41 第四節 多元迴歸實證模型..............................................................................46 第五節 資料來源與樣本選擇..........................................................................50 第五章 實證結果 第一節 敘述統計分析.....................................................................................52 第二節 事件日累積異常報酬率分析.............................................................53 第三節 多元迴歸分析.....................................................................................55 第六章 研究結論、限制與建議 第一節 研究結論.............................................................................................60 第二節 研究限制.............................................................................................61 第三節 研究建議.............................................................................................62 參考文獻...................................................................................................................65 附錄一：生技新藥產業發展條例..............................................................................72 附錄二：經濟部核准生技新藥公司發行認股權憑證作業要點..............................74 附錄三：生技新藥公司研究與發展及人才培訓支出適用投資抵減辦法..............76 附錄四：營利事業適用生技新藥公司股東投資抵減辦法......................................82 | |
| dc.language.iso | zh-TW | |
| dc.title | 臺灣制定生技新藥產業發展條例之影響評估 | zh_TW |
| dc.title | The Assessment of Impact of Conducting The Act for The Development of Biotech and New Pharmaceuticals Industry | en |
| dc.type | Thesis | |
| dc.date.schoolyear | 96-2 | |
| dc.description.degree | 碩士 | |
| dc.contributor.oralexamcommittee | 陳國泰,黃美祝 | |
| dc.subject.keyword | 生物技術,新藥醫療,事件研究,累積異常報酬率,租稅獎勵,租稅政策, | zh_TW |
| dc.subject.keyword | Biotech,New Pharmaceuticals,Event Study,Abnormal Returns,Taxation Incentive,Taxation Policy, | en |
| dc.relation.page | 86 | |
| dc.rights.note | 同意授權(全球公開) | |
| dc.date.accepted | 2008-06-17 | |
| dc.contributor.author-college | 管理學院 | zh_TW |
| dc.contributor.author-dept | 會計學研究所 | zh_TW |
| 顯示於系所單位： | 會計學系 | |
文件中的檔案：
| 檔案 | 大小 | 格式 | |
|---|---|---|---|
| ntu-97-1.pdf | 727.77 kB | Adobe PDF | 檢視/開啟 |
系統中的文件，除了特別指名其著作權條款之外，均受到著作權保護，並且保留所有的權利。