| Summary: | 碩士 === 義守大學 === 管理碩博士班 === 103 === This paper uses Taiwan’s listing biotechnology companies as samples which selected biotech drugs and biotech companies to investigate. We discuss past studies have shown that R & D expenditures will help enhance the company''s value. But what relative factors affect R&D Investment willingness, resulting in Taiwan''s biotechnology industry reducing to invest in their R&D but adopting outsourcing. Thereby, we wish to provide relevant ideas as a reference when government formulating policy.
The empirical results show that the R&D investment willingness is significantly reduced, after cancelling R&D investment tax credit. Further, we discuss the relative factors which affect the R&D investment willingness, we find: (1) Abundant internal funds (free cash flow) will affect their willingness to invest, they are positive relationship. (2) The enterprise value means expected further cash flow, which is positive with R&D investment willingness.
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