English  |  正體中文  |  简体中文  |  全文筆數/總筆數 : 46833/50693 (92%)
造訪人次 : 11868231      線上人數 : 468
RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.
搜尋範圍 查詢小技巧:
  • 您可在西文檢索詞彙前後加上"雙引號",以獲取較精準的檢索結果
  • 若欲以作者姓名搜尋,建議至進階搜尋限定作者欄位,可獲得較完整資料
  • 進階搜尋
    主頁登入上傳說明關於CCUR管理 到手機版


    請使用永久網址來引用或連結此文件: https://irlib.pccu.edu.tw/handle/987654321/31886


    題名: 公司價值與無形資產之非線性研究 -以台灣生物科技產業為例
    Nonlinear Analysis of Firm Value and Intangible Assets in Taiwan Biotechnology Industry
    作者: 黃郁珊
    貢獻者: 經濟學系
    關鍵詞: 生物科技產業
    縱橫門檻迴歸
    公司價值
    無形資產
    非線性研究
    Biotechnology Industry
    Panel Threshold Regression
    Firm Value
    Intangible Assets
    Nonlinear Analysis
    日期: 2016
    上傳時間: 2016-01-26 15:49:45 (UTC+8)
    摘要: 展望二十一世紀,各國政府均將生物科技產業列為國家重要發展目標,於是生技產業及廠商之發展成為學術界與實務界極欲了解之課題。生技產業之競爭優勢是建立在創新與研發能力上,故對生技產業而言極適合用無形資產來衡量其獨特之企業價值。因此,本研究欲利用縱橫門檻迴歸模型,來檢測台灣生物科技上市公司與上櫃公司,依次產業特性區分為製藥產業與醫療器材產業,探討無形資產的投入,是否因產業屬性不同,而使公司價值與影響因子之非線性關係出現變化。
    台灣製藥公司大多透過購併,或與跨國藥廠及醫藥委託研究服務機構成立聯盟,投入研發高端藥品。當研發支出比率低於最適門檻值時,擴大公司規模將能提高公司價值,且公司內部投資者了解低研發支出,較不易創造出新品,降低投資者信心,但外部法人投資將高研發支出視為高成本,難收立竿見影之效,反映出公司價值的減少。
    台灣醫療器材公司大多以小規模為主,資金調度有限,小公司面臨申請專利認證時,需先負擔龐大的研發支出成本,與背負拿到認證後不見得能與國外大廠抗衡之獲利風險。因此,常以代工為主要業務,當研發支出比率較小時,透過訂單增加,進而擴大公司規模,易於提高公司價值。而隨著研發支出比率的增加,負債比率亦增加,投資者無法預期醫療器材公司研發成果,對於高研發支出,反映為高成本支出,進而降低公司價值。
    In the 21st century, the biotechnology industry has become an important development goal for governments around the world. Hence, the development of biotechnology industry and its manufacturers has become a substantial subject in both academic and pragmatic applications. Competitive advantages of biotechnology industry are based on its innovation and research and development capabilities, therefore, using intangibles to measure its unique corporate values is most appropriate. This study intends to use the panel threshold regression model to detect Taiwan OTC listed companies and biotechnology companies, in the fields of pharmaceutical industry and medical devices industry, to explore whether the differences in the natures of the industries’ investment in intangible assets lead to changes in the impact on corporate values of causal factors.
    Most Taiwanese pharmaceutical companies perform mergers and acquisitions, or establish alliances with multinational pharmaceutical companies and pharmaceutical entrust research services to develop high end products. When the ratio of R&D spending is below the optimum threshold, expansion will be improve valuation, and the company's management understands the low R&D spending makes it more difficult to develop new products, therefore reduce investor confidence; however investors regard R&D spending as a substantial overhead cost, which is less likely to achieve immediate results, thus reflecting the reduction of firm value.
    Taiwan medical equipment firms are usually smaller with limited capital allocation, small firms face the huge cost of R&D expenditure when trying to apply patent certification, and bear the risk of losing profitability to larger foreign manufacturers. With foundry being the main business, lower R&D spending combined with increased orders can improve the firm’s economy of scale, making it easier to improve the firm’s value. When increasing R&D spending, the debt ratio also increases, investors can not predict the success of research and development of medical equipment, high R&D spending will be reflected as increased expenses, thus reducing the firm’s value.
    顯示於類別:[經濟學系暨經濟學系碩博士班] 博碩士論文

    文件中的檔案:

    檔案 描述 大小格式瀏覽次數
    index.html0KbHTML363檢視/開啟


    在CCUR中所有的資料項目都受到原著作權保護.


    DSpace Software Copyright © 2002-2004  MIT &  Hewlett-Packard  /   Enhanced by   NTU Library IR team Copyright ©   - 回饋