本研究以台灣生技醫療產業為研究對象，探討首次公開發行（IPO）前後研發強度、股權結構與企業價值之關聯。本文以 TEJ 資料庫及公開說明書為資料來源，研究期間為 1996 年至 2024 年，並以政府、個人、法人、外資、前十大股東及內部人持股衡量股權結構，Tobin’s Q 衡量企業價值。實證結果顯示，IPO 事件具有重要轉折效果。在研發強度方面，IPO 前主要對內部人持股呈顯著負向影響，IPO 後則對前十大股東持股之負向效果加深，顯示研發投入會透過股權調整影響不同類型股東結構。在企業價值方面，IPO 後政府、法人、外資、前十大股東及內部人持股多由不顯著或負向轉為正向，而個人持股則呈顯著負向，顯示市場可能較偏好具監督能力之股東結構。IPO 不僅為募資事件，更重塑研發活動與股權配置之連動關係，以及市場對不同股東身分治理功能之評價，使股權結構成為影響企業價值的重要訊號。

This study examines the relationships among R&D intensity, ownership structure, and firm value before and after initial public offerings （IPOs） in Taiwan’s biotechnology and medical industry. Using data from the Taiwan Economic Journal （TEJ） database and IPO prospectuses from 1996 to 2024, ownership structure is measured by government, individual, institutional, foreign, top-ten shareholders, and insider ownership, while firm value is proxied by Tobin’s Q. The empirical results indicate that IPOs represent a key structural turning point. Before IPOs, R&D intensity negatively affects insider ownership; after IPOs, it strengthens the negative effect on top-ten shareholder ownership, indicating that R&D investment reshapes ownership
distribution. Regarding firm value, most ownership types shift from insignificant or negative effects before IPOs to positive effects afterward, while individual ownership becomes significantly negative, suggesting that the market favors ownership structures with stronger monitoring functions. Overall, IPOs not only serve as financing events but also reshape the interaction between innovation and ownership, as well as the market’s valuation of shareholder identity and governance functions, making ownership structure an important signal of firm value.

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