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    Title: 臺灣生物科技產業經營績效與公司治理之研究
    Other Titles: The study of measuring efficiency and corporate governance in Taiwan biotechnological industry
    台灣生物科技產業經營績效與公司治理之研究
    Authors: 洪千涵;Hung, Chien-han
    Contributors: 淡江大學財務金融學系碩士班
    邱建良;Chiu, Chien-liang;李彥賢;Lee, Yen-hsien
    Keywords: 資料包絡分析法;生物科技產業;公司治理;資訊透明度;Data Envelopment Analysis;Biotechnology;governance;Transparency
    Date: 2010
    Issue Date: 2010-09-23 15:24:48 (UTC+8)
    Abstract: 本研究利用資料包絡分析法(Data Envelopment Analysis, DEA)結合Tobit迴歸分析稱為DEA-T模式(DEA with Tobit model),本研究將DEA-T模式與Seiford and Zhu(1999)將企業經營績效分為三個階段(獲利效率、市場效率與整體效率)做結合,形成三階段DEA-T模式,分別為PDEA-T模式(Profitability Efficiency of DEA-T, PDEA-T)、MDEA-T模式(Marketability Efficiency of DEA-T, MDEA-T)與ODEA-T模式(Overall Efficiency of DEA-T),本研究將以上述三種模式討論公司治理對於生物科技產業經營績效的影響。研究結果指出在獲利效率與市場效率比較下,不論是製藥產業或醫療器材產業其獲利效率最佳公司,並非都是市場效率最佳公司。製藥產業不論是獲利效率或市場效率都較醫療器材產業差。兩產業獲利效率值在2008年金融海嘯前已開始呈現衰退情況,而市場效率值兩者最高皆在2007年。
    使用PDEA-T、MDEA-T與ODEA-T模式發現製藥產業與醫療器材產業,雖同為生物科技產業,但公司治理對兩產業的影響有部份不相同,對於獲利效率而言,製藥產業僅針對內部股權有反應,而醫療器材產業同時受內部與外部股權影響。對於市場效率而言,製藥產業同時受內部與外部股權影響,醫療器材產業僅針對內部股權有反應。外部股權在獲利效率為顯著正向影響,在市場效率為顯著負向影響,董事會規模在兩產業中同時顯著獲利效率和市場效率,或可歸因為產業特性,生物科技產業需要較大規模董事會,容易吸收重要顧客或影響力人士進入董事會,網羅各專業人才,以有效應付企業面臨的議題。資訊透明度好顯著影響獲利效率,資訊透明度不好顯著影響市場效率。綜合來說,若只單純看整體效率,則無法有效區分公司治理變數對於企業經營不同層面的影響。
      We adopt data envelopment analysis(DEA)with Tobit regression analysis, formation DEA-T mode(DEA with Tobit model). According to Seiford and Zhu(1999)defined three stages are Profitability Efficiency, Marketability Efficiency and Overall Efficiency, three stages combine DEA-T model formed PDEA-T model(Profitability Efficiency of DEA-T, PDEA-T),MDEA-T model(Marketability Efficiency of DEA-T, MDEA-T)and ODEA-T model(Overall Efficiency of DEA-T). This study using DEA-T model to analyze from 2005 to 2008 listed on Taiwan Stock Exchange and Over The Counter in Taiwan the biotechnology industry. Compared Profitability and Marketability Efficiency found that niter pharmaceutical industry or medical equipment industry the Profitability Efficiency of the best company not Marketability Efficiency is the best company. The pharmaceutical industry regardless of Profitability or Marketability Efficiency is worse than the medical equipment industry. Our PDEA-T model empirical results show pharmaceutical industry influenced by internal equity, and both internal and external equity influence medical equipment industry. For MDEA-T model find both internal and external equity influence pharmaceutical industry, and medical equipment industry influenced by internal equity. Moreover, the proportion of share holding by foreign institute is significantly positive correlated with Profitability Efficiency and negatively correlated with Marketability Efficiency, implying the short-term profit goals of the foreign institute investors sell their holdings. The number of the board members is significant positive correlated with Profitability Efficiency and Marketability Efficiency. High and low of information transparency are significant positive correlated with Profitability Efficiency and Marketability Efficiency. All in all if only using the overall efficiency cannot be branch of governance variables for the business in different levels of impact.
    Appears in Collections:[財務金融學系暨研究所] 學位論文

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