生物技術與新藥醫療器材為我國近年重點發展產業之一，政府透過許多措施協助生技醫療產業之發展，而租稅優惠就是其中之手段；在2007年，我國頒布了《生技新藥產業發展條例》，希望藉由此租稅優惠措施，給予台灣生技新藥公司一個良好成長的環境，將生技產業變成未來台灣經濟成長動力的一環。然而十年過去，生技產業的發展並未如預期的蓬勃成長，產業的變遷造成法條無法符合當下環境之所需，於是新政府便提出《生技新藥產業發展條例》修正案，希望藉由條文的修正將租稅優惠的適用範圍擴及更多使用者，並讓更多受限制之項目放寬，讓生技產業發展得以更順利發展。本文利用事件研究法(Event Study)討論在整個修法事件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，以評估《生技新藥產業發展條例》修正案之影響。
　　實證結果顯示，在《生技新藥產業發展條例》修正案之修法事件期間，市場預期此租稅優惠修法有助於刺激生技產業發展，因此在修法事件宣布時，生技上市上櫃股票普遍居有顯著正向的平均異常報酬。且投資人對於新執政黨「一致政府」修法成功的預期心理，使修法事件提早反應在市場上，與預期將在二讀通過後才能完全反應之預期並不相符。

　Biotechnology and rejuvenating have become our government’s top priority on the developing list of industry in recent years, trying to go through many ways to help the biotechnology and rejuvenating industry, and tax credit is one of the means. On July 24 2007, Taiwan government announced "Biotech and New Pharmaceutical Development Act " after the expiration of Statute for Upgrading Industry Act, hoping to use this kind of tax credit to make biotechnology and rejuvenating industry become as an economic booster for next generation. This kind of tax credit gave a great opportunity and developing environment for industry to grow up with less obstructions. However, in the past decade, the development of biotechnology and rejuvenating industry was not follow our expectation to flourish and shine in the Taiwanese industries. One of reasons why the industry couldn’t grow up well was that the change of reality was way bigger than the law could catch up, the Act couldn’t fit what biotechnology and rejuvenating industry’s need, making the industry to stock in an awkward position. Try to deal with this urgent problem, DPP government, who is the winner of presidential election in 2016, issued the amendment of " Biotech and New Pharmaceutical Development Act ", hoping to adjust the content of some article, let more emerging companies of biotechnology and rejuvenating can have the qualification to share the tax credit of original “Biotech and New Pharmaceutical Development Act”. The amendment tried to adjust the content of article number three and loosen the condition needed of application, trying to make the whole biotech industry can develop more smoothly in the future. In this paper, we use the Event Study to discuss the market response to the amendment, observing the stock price whether or not have any fluctuation during the revision period of “Biotech and New Pharmaceutical Development Act” and use the result of market response to evaluate the impact of amendment.
　　The empirical research demonstrates that the stock market reacted positively to the event of amendment “Biotech and New Pharmaceutical Development Act”, having a positive abnormal return on each announcement and movement of the government released in the revision period of amendment and also had a cumulated abnormal return in positive on the event of amendment “Biotech and New Pharmaceutical Development Act”. The market expected and looked forward about this tax credit adjustment will help stimulate the development of biotechnology industry and the stock price of biotechnology and rejuvenating companies had better performance normally during this period of time. Another point is that the investors in the market expected the result of amendment will be passed by the DPP unified government, based on this mind of successful expectation, the impact on the stock price had an early response which is not correspond with our assumption that the impact will be reflect on the pass of second debate.

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網路資料
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