近年來生技製藥產業是投資焦點，由於人們對醫療的需求無上限，故產業前景堪稱
無限亮麗，因此本研究選擇「製藥業」為研究對象，針對2019 年到2021 年上市櫃公司
主要探討其財報公佈前、後的經營績效變動與股價報酬率之間是否有關。實證結果顯示：
1. 製藥業僅在2019 年存在「上櫃公司」的總效率(TE)顯著優於「上市公司」，但在2020
年以後因爆發Covid-19 疫情，不僅使兩類公司的TE 均下降，而且造成兩類公司間
的TE 差異不顯著，因此疫情對「上櫃公司」的影響較不利。
2. 製藥業上市、櫃公司在財報公佈的「前一週」股票價格就能反映或預測績效的表現，
尤其是在2020 年至2021 年，不論是「純粹管理效率(PE)變動指數」或「總效率(TE)
變動指數」均與「財報發佈前、後一週的平均股價報酬率」呈顯著正相關，並且發
現主要是發生在「上市公司」。

In recent years, the biotechnology and pharmaceutical industry has become the focus of
investment, and people's demand for medical treatment has no limit, so the industry's
prospects are infinitely bright. If a drug passes clinical trials, the company's stock price will
soar. Therefore, this study will select the pharmaceutical industry as the research object, and
study whether there is a relationship between the changes in operating performance before
and after the announcement of financial reports and the return on stock prices of listed counter
companies from 2019 to 2021. The empirical results show that:
I. Only in 2019, the total efficiency (TE) of " OTC companies" was significantly better than that of "listed companies" in the pharmaceutical industry. However, due to the
outbreak of the Covid-19 epidemic after 2020, the TE of both types of companies has
declined, and the adverse impact of the epidemic on "OTC companies" is more
significant.
II. The stock prices of listed and OTC companies in the pharmaceutical industry presenting
their financial reports "one week before" can reflect or predict their performance,
especially in 2020 to 2021. Both the "Pure Efficiency (PE) Change Index" and the "Total
Efficiency (TE) Change Index" are significantly positively correlated with the "average
share price return in the week before and after the release of the financial report", and it
mainly occurs in the "listed company".