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題名：創造價值動態效率之研究--以臺灣生物科技產業為例
書刊名：國立虎尾科技大學學報
作者：黃郁珊 引用關係
作者(外文)：Huang, Yu-shan
出版日期：2015
卷期：32:3
頁次：頁29-47
主題關鍵詞：動態效率；創造價值效率；生物科技產業；Dynamic efficiency；Marketability efficiency；Biotechnology industry
原始連結：連回原系統網址new window
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台灣生物科技公司以醫療器材代理產業之公司價值相對較高，且公司價值之高低為公司未來發展潛力的指標，也影響取得資金成本的高低。本文除檢測產品特性不同之生物科技公司在創造價值動態效率上之差異，並將探討生物科技產業創造價值動態效率之持續性與創造價值技術之變動。本文以台灣2006年第一季～2014年第四季之26家上市生技公司為研究樣本，以Tobin's Q衡量公司價值。首先以因素分析法分別建構財務與非財務（公司治理與無形資產）等三項投入指標，並採用Sengupta（1996）兼顧隨機誤差與動態特性的二階段法來衡量動態效率。其次探討產業創造價值效率有無持續性高成長現象，最後合併各年具創造價值效率之組合，探討創造價值技術變動的趨勢。實證結果顯示，醫療器材犀業創造價值技術效率較高。在規模效率方面，以製藥犀業相對規模效率較高。各產品產業在後期創造價值技術有明顯的提升，其中文以醫療器材產業表現相對較佳。建議醫療器材產業公司進行規模調整，例如：金額的投資及設備的補助、製藥產業公司提升其財務績效搭配相對較充裕的無形資產與優良的公司治理，應能提升創造價值技術效率。
In Taiwan biotechnology industry, medical equipment companies are with relatively high value. And the company market cap represents the potential capability in the near future, which also affects the level of fundings companies can receive. In this paper, it not only describes the discrepancy of creating dynamic marketability efficiency in those biotechnology companies which provide different products, but also researches how biotechnology industry sustains dynamic marketability efficiency and creates the industrial values. In this paper, the research samples include 26 listed biotechnology companies from the first quarter in 2006 to the fourth quarter in 2014 and the approach is to use Tobin's Q to measure the company cap. First, with factor analysis methodology, there are 3 indicators including financial and non-financial (corporate governance and intangible assets). Moreover, using Sengupta (1996) measures the dynamic efficiency. Second, it also researches whether the industrial value creation efficiency achieves high growth continuously. Finally, by studying the successful cases year over year, it tries to research the trend of value creation changes. The empirical results show that medical equipment companies create higher values on technology, while pharmaceutical companies create higher value on efficiency. It is suggested medical equipment companies could adjust the company scale, such as more active investment on equipments. Pharmaceutical companies could enhance financial performance and corporate governance to increase the value in terms of technology.
期刊論文
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18.Griliches, Zvi(1981)。Market Value, R&D, and Patents。Economics Letters，7(2)，183-187。  new window
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23.Barsky, Noah P.、Marchant, Garry(2000)。The Most Valuable Resource: Measuring and Managing Intellectual Capital。Strategic Finance，81(8)，58-62。  new window
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會議論文
1.Yeh, Y. H.、Lee, T. S.(2002)。Corporate Governance and Corporate Equity Investment: Evidence from Taiwan。The 9th Global Finance Conference。Beijing, China。  new window
2.歐陽利姝、陳昌禮(2004)。生物科技產業價値創造之效率研究。第五屆全國實證經濟學論文研討會。  延伸查詢new window
3.Che, J. R.(2004)。Knowledge Capital and Productivity: An Empirical Study of Taiwanese Manufacturing Firms。2004年亞太區域研討會。  new window
4.Hwang, D. Y.、Liu, C. C.、Ouyang, L.(2003)。Balanced Performance Index and Its Implications: Evidence from Taiwan's Commercial Banks。The 11th Annual Conference on Pacific Basin Finance, Economics and Accounting。Taipei, Taiwan。  new window
5.Ouyang, L.、Chen, C. L.(2003)。Business Performance, Corporate Governance and Firm Value。臺灣經濟學會2003年年會。  new window
研究報告
1.Tavares, G.(2002)。A Bibliography of Data Envelopment Analysis。Piscataway, NJ：Rutgers University。  new window
2.Hall, Bronwyn H.(1999)。Innovation and Market Value。Cambridge, Massachusetts：National Bureau of Economic Research。  new window
學位論文
1.陳昌禮(2004)。生物科技產業價值創造之效率研究(碩士論文)。中國文化大學。  延伸查詢new window
2.劉力仁(2003)。生技製藥產業評價模式適用性之研究--以臺灣上市(櫃)公司為例(碩士論文)。中原大學。  延伸查詢new window
3.歐育誠(2000)。公司價值和系統風險關係之實證研究--以臺灣上市公司為例(碩士論文)。國立中山大學。  延伸查詢new window
4.葉玉慧(2003)。專利權、創新投資與公司價值創造關係之研究--以研發投資宣告為例(碩士論文)。國立成功大學。  延伸查詢new window
5.楊志海(1999)。技術來源、創新與生產力(博士論文)。國立中央大學，中壢市。new window  延伸查詢new window
6.徐甄璟(2003)。分紅入股制度對臺灣高科技公司獲利之影響：採聯立迴歸模型分析法(碩士論文)。國立臺灣大學。  延伸查詢new window
7.鄭俊杰(1999)。臺灣地區上市電子業財務績效評估之研究(碩士論文)。靜宜大學。  延伸查詢new window
8.盧冠嘉(2001)。臺灣生物科技公司經營效率之研究(碩士論文)。國立政治大學。  延伸查詢new window
9.吳娟娟(2002)。財務績效指標之重要性分析研究--以台灣化學工業上市公司為例(碩士論文)。中原大學。  延伸查詢new window
10.何里仁(2003)。公司治理之資訊透明度與績效評核關聯性之研究(碩士論文)。逢甲大學。  延伸查詢new window
圖書
1.Sengupta, J. K.(1995)。Dynamics of Data Envelopment Analysis: Theory of Systems Efficiency。Boston, MA：Kluwer Academic Publishers。  new window
2.行政院國家科學委員會(2013)。中華民國科學技術年鑒。  延伸查詢new window
3.經濟部工業局(2014)。2014生技產業白皮書。  延伸查詢new window
4.Zion, Ben(1984)。The R&D and Investment Decision and Its Relationship to the Firms。  new window
5.Nesta, Lionel、Saviotti, Pier-Paolo(2003)。Intangible Assets and Market Value: Evidence from Biotechnology Firms。  new window
6.Elayan, F. A.、Lau, J. S. C.、Meyer, T. O.(2001)。Executive Incentive Compensation Schemes and Their Impact on Corporate Performance: Evidence from New Zealand since Legal Disclosure Requirements Became Effective。Auckland, New Zealand：Massey University。  new window
7.葉銀華、李存修、柯承恩(2013)。公司治理與評等系統。台北：智商文化。new window  延伸查詢new window
8.Edvinsson, Leif、Malone, Michael S.(1997)。Intellectual capital: realizing your company's true value by finding its hidden brainpower。New York, NY：HarperCollins Publishers Inc.。  new window
9.Hair, Joseph F. Jr.、Anderson, Rolph E.、Tatham, Ronald L.、Black, William C.、Babin, Barry J.(1998)。Multivariate data analysis。Prentice-Hall, Inc.。  new window
10.Berle, Adolf Augustus Jr.、Means, Gardiner C.(1932)。The Modern Corporation and Private Property。Macmillan Publishing Company。  new window
 
 
 
 
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