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Author: 林宏哲
Hung-Che - Lin
Thesis Title: 臺灣生技產業的財務結構與融資能力研究
The Study of Financial Structure and Financing Abilities on Biotechnology Industry in Taiwan
Advisor: 謝劍平
Joseph C.P. Shieh
Committee: 陳俊男
Chun-Nan Chen
劉代洋
Day-Yang Liu
Degree: 碩士
Master
Department: 管理學院 - 財務金融研究所
Graduate Institute of Finance
Thesis Publication Year: 2017
Graduation Academic Year: 105
Language: 中文
Pages: 52
Keywords (in Chinese): 財務結構生技業融資績效
Keywords (in other languages): Financial structure, Biotechnology industry, Financing Abilities
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本研究選擇世界各國在二十一世紀中競相投入資源發展的生物科技產業為研究重心,透過回顧目前該產業的現況、融資特色與智財權保護等相關研究,接著再加以融入傳統融資理論與融資決策影響創新相關的文獻,探討生物科技產業在不同條件與階段下合適的企業融資策略。
生技產業有別於一般產業,客觀產業條件存在高度營業風險、長時間資源投入、長期間的財務回報等營業特性。本研究選取臺灣2011年到2015年總共395個公開發行的生技企業樣本其中的若干財務指標,並且將其區分為三大子產業,透過實證研究分析產業融資概況、財務結構及其影響因素,最後得出結論:臺灣股票市場對於生技股票普遍給予較高的估值,臺灣生技產業政策的鼓勵讓許多尚未獲利的生技企業得以運用股票市場籌資。其次是臺灣生技企業的負債比率與無形資產占淨值比、淨值成長比、營業收入、稅率與固定資產呈現正比;與研發費用、資產報酬率與市場價值呈現反比。臺灣生技業的行業特性包含高度無形資產累積、智慧產權高度保護、營業風險大以及研發週期和財務回報回收期限長等特性,造成其融資策略上有屬於自己的產業特色,相較其他傳統產業有所不同。


This paper select the biotech industry as the topic, which is seemed as a super-star industry in the 21st century. By reviewing the current status of this industry, financing characteristics and the protection of intellectual property rights in biotech industry, traditional capital structure theory and the researches about the impact between financing strategy and corporation innovation, this paper try to find the optimal corporate financing strategies in different conditions and stages of the biotech companies.
Biotechnology industry is different from the general industry with high business risk, long time and large investment and long-term financial return. This study selected 395 publicly-listed biotech samples in Taiwan from 2011 to 2015 and divided them into three sub-industries. Then this study analyzed the financing profiles and capital structure of these samples. Finally, it is concluded that Taiwan stock market generally gives high valuation for biotech stocks. And the encouragement of Taiwan's biotechnology industry policy allows many unprofitable biotechnology companies to raise funds from the stock market. Secondly, In Taiwanese biotech enterprises the intangible assets proportion in net value, net value growth ratio, operating income, fixed assets and tax rate are direct proportional to the debt ratio. R & D expenses, ROA and market value are inversely proportional to the debt ratio. The industry characteristics of Taiwan's biotechnology industry include high intangible asset accumulation, high intellectual property rights protection, large business risk, long development cycle and long financial return period. As a result, its financing strategy has its own industrial characteristics compared with other traditional industries.

致謝 摘要 ABSTRACT 目錄 圖目錄 表目錄 第壹章 緒論 第一節 研究背景與動機 第二節 研究目的與貢獻 第三節 研究架構流程 第貳章 文獻探討 第一節 生技業的定義與策略工具 第二節 資本結構與融資決策和科技創新相關理論 第三節 臺灣生技業的產業政策 第参章 研究方法 第一節 樣本資料來源與選取標準 第二節 研究方法架構與融資績效衡量變數 第三節 生技業內子產業分析 第四節 複迴歸分析 第肆章 實證結果與分析 第一節 敘述統計 第二節 生技業內子產業敘述性統計 第三節 複迴歸模型檢定 第伍章 結論與建議 第一節 研究結論 第二節 研究限制與建議 參考文獻 附表

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網站資料部分
1.基因泰克公司網站
https://www.gene.com/
2.經濟部工業局,「受託提供係屬科技事業暨產品或技術開發成功且具市場性意見」http://www.moeaidb.gov.tw/external/ctlr?PRO=application.ApplicationView&id=193
3.臺灣證券櫃檯買賣中心,科技事業及文創事業上櫃專區http://www.tpex.org.tw/web/link/tech_ipo.php?l=zh-tw
4.世界衛生組織
http://www.who.int/en/

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