藥品許可證價值攸關性之研究

The Value Relevance of Drug Permit License

本文旨在探討藥品許可證是否具價值攸關。無形資產的價值攸關性在會計研究領域已被廣泛地討論。這些研究皆證實無形資產的資訊具有正向的股價意涵。藥品許可證為企業的無形資產，亦代表未來經濟利益的來源。因此，本文預期藥品許可證提供了未來收益產生的表徵，故有助於投資人評估公司的價值。本文以1985～2015年之我國上市（櫃）製藥公司為研究對象，實證結果發現，市場對於公司取得藥品許可證給予正向的反應，且藥品許可證與公司價值具正向的關聯性。本文的研究指出，投資人將藥品許可證視為製藥公司未來經濟利益的來源，此與藥品許可證具市場價值攸關的論點相一致。

This study examines whether the drug permit licenses of pharmaceutical firms are value relevant. The issue of value relevance of accounting information related to intangibles has been discussed in accounting research for several decades. Research hasdemonstrated that information on intangibles is viewed as having positive price implications. A drug permit license is not only an intangible asset, but also represents a source of future economic benefits. Thus, we argue that drug permit licenses provide a clear indication of future revenue-generation which is relevant to investors' assessments of firm value. Our sample comprises pharmaceutical firms listed on the Taiwan Stock Exchange from 1985 to 2015. We find that stock prices react positively to drug permit license awards. We also find that there is a positive association between drug permit licenses and firm value. Our results indicates that investors view drug permit licenses as a source of future economic benefits in pharmaceutical firms, consistent with drug permit licenses being market-value relevant.