生技產業被譽為21世紀的明星產業，我國政府近年也將生技產業，列為國家重點發展目標之一。今日企業想在同業間取得先機，必定要在研發方面領先同業，來藉此創造最大的利潤，以利於提升企業績效。此外，有多個上市櫃公司涉嫌挪用公司資產護盤、經營權與所有權不分，進而使企業走入破產命運，於是政府臺灣證券交易所及證券櫃檯買賣中心於2002年10月4日公告「上市上櫃公司治理實務守則」，引導國內上市上櫃公司強化公司治理，以提升我國企業績效與全球競爭力。
本文以2010年至2014年台灣生技上市上櫃公司為研究對象，運用聯立方程來探討公司治理、研發支出與企業績效之關聯性，並以Tobin’s Q和ROA作為衡量企業績效指標。
綜合研究結果發現，Tobin’s Q與研發支出呈現正向顯著關係，代表投入的研發支出越高，相對企業績效也會越高。而ROA與研發支出呈負向顯著關係。此外，公司治理與研發支出未達到相關顯著關係；而企業績效與公司治理呈顯著的相互關聯性。
Biotechnology Industry has been known as star industry in the twenty-first century. In recent years, the Taiwanese government is also listed the biotechnology industry as one of the key national development objectives. Nowadays, the companies want to get a head start in the same industry must lead the industry in research and development to create the maximum profit thereby facilitate enhance corporate value. In addition, a number of listed companies suspected of misappropriating the company's assets to support the market, regardless of ownership and management rights, thereby enabling enterprises to enter the fate of bankruptcy, so the Government of Taiwan Stock Exchange and the securities counter trading center in the October 4, 2002 announcement " Listed on the OTC corporate governance code of practice, "and guide the domestic listed companies to strengthen corporate governance OTC to enhance Taiwan corporate performance and global competitiveness.
In this paper, we use the simultaneous equations to study the relationship between corporate governance, R & D expenditure and corporate performance, and use Tobin's q and ROA as indicators to measure the performance of the companies listed in OTC market from 2010 to 2014.
The results show that Tobin's q is positively correlated with R & D expenditure, and the higher the R & D expenditure is, the higher the relative performance will be. While ROA and R & D expenditure was negatively significant relationship. In addition, the corporate governance and R & D expenditure does not reach a significant correlation; and corporate performance and corporate governance were significantly correlated.
