Dynamic Relationship between R&D Investment and Market Value in Taiwan Biopharmaceutical Industry
|關鍵字:||生技醫藥產業;研究發展;市值;成長模型;動態關聯;Biopharmaceutical Industry;Research & Development (R&D);Market Value;Growth Model;Dynamic Relationship|
Development of biotechnology and biopharmaceutical industry has been the current main trend in the worldwide. After the policy and resource investment from Taiwan government since 1980, there is a huge growth on the scope and market value of biopharmaceutical industry in Taiwan at the current stage. In the era of knowledge economy, R&D investment is the key to business growth, especially in the knowledge-intensive biopharmaceutical industry. The aim of this study is to investigate the dynamic relationship between growth trend of R&D investment and market value and studies of its exploring modulators, using multiple growth modelings with the nearly past five years (2010-2014) of the stock market listing biopharmaceutical companies in Taiwan. Results from this study indicate that both of R&D expense and market value show positive and significant trends of growth year by year, and there is a significant dymanic relationship on these growth trends. Moreover, both of these growth trends are modulated significantly by some exploratory modulators, such as firm size and recognization by government as biotechnology and new pharmaceutical companies, and type of industry significantly affects the growth trend of R&D expense only, but not that of market value as well as their dynamic relationship. It is expected that these study results provide useful recommendations on specific business strategy and government policy for development of biopharmaceutical industry in Taiwan.
|Appears in Collections:||Thesis|