A Study On The Relationship Between The Expenditures From The Intangible Assets And The Market Price To Book Value In Taiwan Biopharmacy

• Main Authors: Hung,Yu-Li, 洪禹利
• Other Authors: Wen-Chung Guo
• Format: Others
• Language: zh-TW
• Published: 2005
• Online Access: http://ndltd.ncl.edu.tw/handle/50485809622892257272

碩士 === 元智大學 === 管理研究所 === 94 === Because biotechnology sets a trend and creates great value, Taiwan government tries to develop his own biotechnology industry. Biopharmaceutical industry is core of the whole biotechnology industry in global development of biotechnology. With the increasing costs of land and labor, also with the competitions from developing countries, traditional industries in Taiwan have depressed for a long time.「New Knowledge Economy」effects also reveal the importance of intellectual capital, making investors search for high-tech stocks。 This study mainly discusses why there are differences between a company’s market value and book value, and it helps investors to see through the relative value of a company’s intellectual capital. The research sample in this study includes Biopharmaceutical industry in 2001 to 2005. After considering the measurability and representativeness of the variables,10 companies were selected to investigate the relationship between the expense variables from the financial statements and financial indexes, such as financial Structure, pay debt ability, operation ability, profitability and growing capability e.t.c. ,by individual correlation coefficient. The special purpose of this study is to discuss about how accounts of Biopharmaceutical income statement affect the market price to book value (PBV) in Taiwan？ And further discuss about the factors such as OER（Operating Expenses-R&D Expenses） ,OEM（Operating Expenses-Marketing Expenses）, OEA（Operating Expenses-Administrative Expenses）provide the level of information content for PBV and investigate the relative importance of the variables and the difference to financial structure of Biopharmaceutical company under different categories. We used a regression model to investigate them individually and then use a multi-regression model. The findings are: 1. There appears a positive and significant relation between the cost budget and the market price to book value (PBV). But, Sometimes, the relation is negative and insignificant . 2. The research and development (R&D), marketing and advertisement, Administrative and human related expenditure, and also their interaction do have positive effects on business valuation. The result of this research implies that there are some relations between cost that enterprises devote and market value of enterprises. And the capitalize of Cost could increase the value of financial statement. Weighing .relevance and reliability well could help not only reflect the real value of enterprises but also enhance the explanation of financial statement.