研發創新成本：台灣生技產業的研發投資與高現金持有水準之現象

The Cost of Innovation: R&D and High Cash Holdings in Taiwan Biotechnology Industry

台灣上市生技公司普遍具有較高之現金持有水準，本研究探討台灣上市生技公司的研發費用對此現象之影響。實證結果發現研發費用率與公司現金持有水準呈現顯著正相關，另外，除了企業特徵對現金持有水準具解釋力外，公司持有現金敏感度隨著時間演進也會影響公司現金持有水準。本研究進一步發現，在台灣生技產業中，製藥類的研發費用率與公司的現金持有水準呈現較為顯著的正向關係。

We observe that biotechnology companies in Taiwan tend to have higher cash holdings, and we attribute this phenomenon to their needs of R&D expenses. Accordingly, we document a significantly positive relation between cash holdings and R&D expenses, and we show that the sensitivity of cash holdings is time-dependent. Further analyses indicate that the positive relation between cash holdings and R&D expenses exists mainly among pharmaceutical companies.