台灣生技製藥產業效率結構、市場力量與獲利能力之攸關性探討

Efficiency Structure, Market Power, and Profitability in Taiwan Biophamaceutial Industry

生物科技為政府「二兆雙星」策略性重點產業之一，居於該產業之重要性與前瞻性，本文旨在探討其效率結構，市場力量與獲利能力之關連性。本文以1995~2005年間台灣15家生技製藥廠商為研究對象，藉由DEA模式、Panel單根檢定、Panel迴歸模型（合併最小平方法、動態合併最小平方法、固定效果、隨機效果模型），評估企業內部效率結構與外在市場力量，對資產報酬率（ROA）、淨值報酬率（ROE）•每股盈餘（EPS）等3種獲利指標之影響。整合本文之實證結果，發現台灣生技製藥產業，並無法藉由專利、研發、廣告與出口等進入障礙及國際化策略，顯著提升獲利績效；換言之，台灣生技製藥廠商，主要生產專利過期產品並以內需市場為據點，而存在相當程度之效率與獲利能力改善空問：而在提昇競爭力方面，可透過內部資源之有效配置與提高外在市場力量之互補策略，據以厚植產業發展淺能。

This paper evaluates how the internal efficiency structure and external market power affect profitability in Taiwan’s biopharmaceutical sector, one of the key industries targeted in the "Two-Trillion Twin-Star " Project by the government. Data of 15 firms from 1995 to 2005 are adopted for application of data envelopment analysis and panel regressions. Measures for profitability include the return on asset, return on equity, and earnings per share. Major findings suggest that (I) there remains room for overall improvement in technical efficiency, scale efficiency, and hence profitability, as the industry used lo produces product with expired patent for the local market: (2) there seems potential for the industry lo raise competitiveness through more efficient allocation of resources and strategies that enhance the market power, as profitability rises with both ;be industry concentration and the firm-level market share.