本研究主要目的是驗證台灣生技公司的創新能力對公司績效有無正
面顯著影響，並且與美國市場的結果做比較。希望藉由證明創新能力能對
公司績效有貢獻並能增加有利的投資機會使投資人對此新興產業的公司
更有信心願意投入更多資金，以解決生技公司普遍研發經費和資金不足的
困擾。關於公司績效的衡量指標，我們選取了與市場價值相關的績效指標
Tobin’s q 和以會計帳面盈餘為基礎的績效指標資產報酬率(ROA)；創新能
力則以公司的研發密集度和專利數目作為衡量的代理變數。雖然過去有很
多研究發現企業的創新能力對公司績效有顯著的正面影響，但是關於台灣
市場的相關研究卻很少。本研究針對台灣生技產業探討此結論是否同樣成
立，並與世界生技產業領導地位美國的結果做比較。
研究結果發現：美國生技公司對於研發活動的投入明顯高於台灣的公
司，但是在研究期間台灣生技公司有逐年增加對研發活動之投入的趨勢。
整體來說，創新能力對於公司與市場價值相關的績效指標Tobin’s q 的
影響在美國與台灣市場皆顯著正相關。而研發密集度對於公司以會計盈餘
為基礎的績效指標之影響只在美國是顯著負相關，在台灣的影響不顯著。
專利對於公司會計盈餘為基礎的績效在台灣與美國皆為顯著正相關。
此外，因為每個國家及產業的現況、產業發展的階段、相關的法規不
盡相同，而使得創新能力對公司財務績效的影響效果也有所差異。
雖然對創新的投入可能暫時會對會計盈餘有負面影響，但是創新能力
卻能為公司帶來更多有利的投資機會及提昇公司與市場價值相關的財務
績效。因此台灣投資人不應該短視近利，要對有良好創新能力的公司有信
心進而願意投資更多資金，如此公司募得足夠資金去提升其創新能力後，
將能在市場上更有競爭力轉而回報給投資人更好的報酬。
另一方面政府也應更積極改進和簡化對於這個新興產業和無形資產相
關的法令規章。在健全且有效率的法規環境保護之下，公司將能更順利發
展其創新能力，並能更有效率的將研發結果商品化及上市。如此，台灣生
技產業的競爭力將能逐漸提升。

The purpose of this study is to prove that firm’s innovation ability has a significantly
positive effect on firm’s performance in Taiwan biotechnology and compare the
results to those in US biotechnology industry. Through this study, we want to show
investors that firm’s innovation ability can contribute to firm’s financial performance
and increase profitable investment opportunities. Then investors can be more
confident that firm’s innovation ability can contribute to financial performance and
bring more profitable investment opportunities. Therefore, investors would be willing
to invest more capital in this industry and firms can have enough capital to do R&D
and develop innovation abilities. Tobin’s q and ROA are used to represent the
market-based performance and accounting-based performance respectively. As for the
innovation, we adopt R&D intensity and the number of patents as the proxy variables.
Although previous studies prove that innovation has a positive effect on firm’s
performance, fewer of them focus on such relationship in Taiwan biotechnology
industry. This study fills the gap by providing empirical results to examine if this
relationship is held in biotechnology industry in Taiwan.
The empirical results show that US biotechnology firms place significantly more
emphasis on R&D investment than Taiwan firms do but Taiwan firms tend to invest
more and more in R&D during the research period. As a whole, innovation has a
significant and positive effect on Tobin’s q in Taiwan and in US, and patent also has
significant and positive effect on Tobin’s q in both regions. However, R&D intensity
is negatively related to ROA only significant in US. Patent is significantly positive
related to ROA in Taiwan and in US.
In addition, the impacts of innovation on firm’s performance vary in different
countries and industries because of different development stages, degree of
competition and related regulations and so on.

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