研究發展對生技產業經營績效影響之實證研究

An Impact Study on R&D Expenses to Operational Performance of Bio-Industry in Taiwan

本研究係透過對台灣上市（櫃）生技公司進行實證，探討研發費用投入對公司經營績效之影響。以Cobb-Douglas生產函數加入研究發展密集度為解釋變數解釋公司經營績效。結果發現對營業收入淨額顯著，但係數為負值。而以同樣的模型分析稅後淨利和稅前淨利，雖然係數不顯著但呈現正值。為避免數據受其他因素所干擾，將範圍縮小至單純與本業經營活動所獲得之營業利益與營業毛利與研究發展活動的關聯，結果顯示係數皆呈現不顯著。但進一步分析在研發密集度對營業收入淨額呈現負相關，從基本敘述統計表中推論我國投入研發費用約占營業收入淨額約4%左右，不如國外大廠之研發費用佔有營業收入淨額約36%，且動輒數十億之多。因此所呈現的結果顯示研究發展費用對營業收入淨額幫助不大，甚至有投資越多，反對營業收入淨額帶來負面影響。但若考慮研究發展活動具有規模報酬變動的特性，表現則為顯著且為正向關係，此一現象表示研究發展到達一定水準後，研究發展費用投入將會帶動公司營收向上增加之作用。

The objective of this study is to evaluate the impact of bio-tech company research and development( R&D ) expenses on operational performance in Taiwan via Cobb-Douglas production function including R&D density as a variable. The empirical results indicate that R&D expense reveals negative effect to the net revenue of bio-tech industry in Taiwan. However, the R&D expense shows positive relationship to the net revenue after taxation. According to the natures of basic data, the percentage of R&D expense to total cost was only 4% in Taiwan, which was relative small to that of advanced countries. If we consider the economies of scale effect, the R&D expense shows strong positive relationship to the net revenue, which implies that the bio-tech industry is still in the stage of investment period in Taiwan. If the scale of the industry is expanded, the R&D expenses would be benefit to the operational performance as advanced countries is.