人類基因體計畫於 2003 年完成人類基因解碼，開啟「後基因時代」。許多國家紛紛加 速發展生技產業，擬定策略、推動各項計畫搶佔先機，台灣亦積極將生技產業列為「兩 兆雙星」計畫的產業之一。台灣生技廠商除了在國內積極發展之外，亦從事海外直接投 資 (FDI) 以期能夠提昇自身的競爭力與效率。本研究採用非射線差額變量模型探討海外 直接投資對台灣生技廠商之經營績效影響，並進一步將其分解成純技術效率、規模效率、 及混合效率。樣本取自於台灣經濟新報資料庫，包括 63 家廠商，共計 188 筆觀測值， 研究期間為 2003 年至 2005 年。實證結果顯示：FDI 可有效提升台灣生技廠商之混合效 率及規模效率成分，且降低資本無效率；此外，台灣生技廠商較適當的研發策略為較高 之研發投資以增加新產品研發成功之機會，或專注於製造生產之低度研發投資策略。其 他發現包括：(1) 台灣生技廠商的效率偏低，尚有 73.75% 的改善空間 (2) 若忽略混合效率， 大約高估台灣生技廠商效率達 37.91%；(3) 無效率的主要來源為原物料無效率。

After the completion of human genome project (HGP) in 2003, biology went into “postgenome era.” Many countries have marked different approaches in craving out a niche in the biotech arena. Taiwan also proposed the “Two Trillions, Twin Stars plan” to advance biotech industry. Taiwan’s biotech firms not only expanded in the domestic market, but also engage in foreign direct investment (FDI) in order to enhance their competitiveness and efficiency. This study applies the slack-based measure (SBM) to analyze how FDI affects the operating efficiency of Taiwan’s biotech firms. We further decompose the technical efficiency into three components: mixed efficiency, pure technical efficiency, and scale efficiency. The data set, obtained from Taiwan Economic Journal, consists of 63 Taiwan’s biotech firms for 2003-2005. The empirical results indicate that FDI can effectively increase the mix efficiency and scale efficiency. In addition, the appropriate R&D strategies of Taiwan’s biotech firms should either invest massively in R&D in order to enhance the likelihood of development of new products, or focus on production with a little investment in R&D. Other findings include: (1) On average, Taiwan’s biotech firms could increase their efficiencies by 73.75 percent if all firms operated on the efficiency frontier; (2) If we omit the mix efficiency, we may overestimate technical efficiency about 37.91 percent; (3) The primary source of inefficiency results from the raw material inefficiency.