| Summary: | 碩士 === 中原大學 === 會計研究所 === 96 === Starting from 1980, Taiwan government propels biotechnology forward, establishes a comprehensive biotechnology industrial system, promotes critical biotechnology research acceleratively, and develops the biotechnology industry with international competition to expect Taiwan becomes the key link between international biotechnology research groups, and becomes the research and development, manufacture, and operation center in Asia.
This research adopts Factor Analysis and Regression Analyses to analyze the reasons affect company values; In the light of 36 biotechnology industry companies publicly traded from 1981 to 2006, the research is evaluated by MVA and Tobin'Q respectively. This research is demarcated in 1997 to divide into two periods. One is before passing “National Development investing biotechnology industry 5 years plan”, the other is after passing "National Development investing biotechnology industry 5 years plan”.
The following research results:
1. The biotechnology companies before passing the plan which were evaluated by MVA that the major factor is "profit & debt ability", evaluated by Tobin'Q that the major factors are profit and debt ability, and asset income growth ability. Biotechnology companies passed the plan, which were evaluated by MVA that the major factors are profit ability, business operation turnover ability, operation research and development ability, company and employee factor, and patents possessing ability, evaluated by Tobin'Q that the major factors are profit ability, operation research and development ability, company and employee factor, and patent possessing ability.
2. Biotechnology companies before passing the plan which were evaluated by MVA or Tobin'Q, the character of positive correlations are profit and debt ability and asset income growth ability. Biotechnology companies passed the plan which were evaluated by MVA or Tobin'Q, the character of positive correlations are profit ability, company and employee factors, patent possessing ability; the negative correlations are operation turnover ability and operation research and development ability.
3. Incipiently, besides the profit and debt ability, stable assess management and income growth are very important to biotechnology companies. In later stage when the government starts promoting biotechnology industry, the biotechnology companies are in need of profit ability to exist; however, the importance of asset and income growth are replaced gradually by the research and development ability and patent possessing.
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