本文以2003~2015年間，臺灣地區生技與醫藥產業17家公司的縱橫資料為樣本，實證估計該產業整體的投資行為。估計結果如下：Tobin’s q對投資比的影響並不顯著，而現金流量與新債務比具有顯著的負面影響。然而，近五年來Tobin’s q 的影響轉為顯著的正向。最後，就各變數對投資比的貢獻度而言，近五年來現金流變動居首位。 This thesis takes the penal data from 17 companies in Taiwan’s Biotechnology and Medicine industry as sample to estimate their investment behavior. The estimated results have shown that Tobin’s q does not significantly affect the investment ratio, while cash flow ratio and new debt ratio brings about significant effects with wrong signs during the period between 2003 and 2015. However, the sign of Tobin’s q has turned into significantly positive during the recent five years. Finally, is so far as the contribution to investment ratio is concerned, cash flow has played the most important role recently.
