| 摘要: | 摘要
我國上市上櫃公司存在一種普遍的現象，即企業的市場價值通常與其帳面價值不等。就組織管理觀點而言，公司市場價值與帳面價值的差異歸因於「無形資產」的存在，亦即，無形資產的價值左右市場價格的變動。本研究採用現金流量折現法、本益比法與實質選擇權法等企業評價方法，評價台灣上市(櫃)生技醫療產業的無形資產價值，並就其評估績效加以討論。研究結果發現，本研究欲強調之實質選擇權評價方法，在實證結果上，得到良好的驗證，顯示本研究模型，對於評估生技製藥產業的市場價格，非常具有參考價值。
Abstract
On Taiwan Stock Exchange and Over the Counter market, enterprises’ market value and the book value are always different. The viewpoints of the organization management, these differences are attributed to "intangible asset". That is, intangible asset value create market price. In Biotechnology and Pharmacy industry, the 「market value/ book value 」ratio is the highest, exceed 30 times。This research reorganizes the free cash flow model, the price-earning ratio model and real-option model, and under the idea in these three kinds of different angles, appraises Taiwan Stock Exchange and Over the Counter market Biotechnology and Pharmacy industry. The evidence implies our real-option model can provide better valuation on Biotechnology and Pharmacy industry. |