在2002年美國發生安隆及默克藥廠(Merck)之會計弊案，使得傳統會計的績效評估及價值衡量也受到嚴重的挑戰，故學者提出經濟附加價值(EVA)為最佳績效評估指標之一。台灣生技產業是重要明星產業之一，使得生技產業的績效評估及價值衡量問題備受關注。根據過去文獻指出，，經濟附加價值比傳統績效衡量指標更適用於台灣生技產業，且產業特色及公司治理機制與企業價值具高度關聯性。
本文以2008年至2014年台灣生技上市上櫃公司為研究對象，運用迴歸分析來探討經濟附加價值與企業價值之關聯性，並探討在加入公司特徵變數後是否會影響其關聯性。綜合研究結果發現，當公司決策有助於提升經濟附加價值，則能有效提升企業價值，並且當公司降低外部董事佔董事會席次比例與提高機構投資者持股比例時，更對於提高經濟附加價值及企業價值有所助益；然而生技產業身為創新研發導向之新興產業，但在本研究中專利核准數及研發密度對經濟附加價值與企業價值之研究結果不一致，因此提升研發投資不一定能提高公司之經濟附加價值與企業價值。
In 2002 the United States occurred Enron and Merck accounting scandal, Making the performance evaluation and value measure of traditional accounting has been a se-rious challenge. Therefore, scholars have proposed Economic Value Added (EVA) is one of the best indicators of performance evaluation. Taiwan's biotechnology industry is one of the star industry. Making the performance evaluation and value measure of the biotechnology industry is a major concern. Based on past literature that EVA is more than the traditional performance measures applicable to the biotechnology industry in Taiwan, And the Corporate Governance and enterprise value with a high correlation.
In this paper, 2008-2014 Taiwan Biotech publicly traded companies for the study, Using regression analysis to explore the relevance of EVA and enterprise value, And discuss after joining the company governance variables will affect its relevance. Com-prehensive study found that when the corporate decision-making will help to enhance the EVA, it is able to effectively enhance corporate value. When the company the pro-portion of outside directors accounted for the board seats to reduce and increasing the proportion of institutional investors holding. More to improve the EVA and the enter-prise value helpful. However, the biotechnology industry as a guide of innovative re-search and development of new industries. But in this study, the number of approved patents and research and development intensity to study EVA and the enterprise value of the results are inconsistent. Therefore not be able to increase research and develop-ment investment to enhance the EVA and the enterprise value of the company.
