臺灣生物科技產業之公司治理、研發支出與企業績效的關聯性：運用聯立方程模型

The Relationship among Corporate Governance, R & D Expenditure and Firm Performance in Taiwanese Biotechnology Industry: Evidence from Simultaneous Equations Model

生物科技產業被譽為21世紀的明星產業，臺灣也將生技產業，列為國家重點發展目標之一。企業如有健全的公司治理機制，可精進企業的經營，提升企業績效，且企業投入研發創新，也可提升競爭優勢。本文以臺灣生技產業的上市上櫃公司為樣本，採用聯立方程模型探討公司治理、研發支出與企業績效的關聯性。實證結果顯示企業績效與研發支出比率呈現顯著之正向關聯性，企業績效與公司治理具有顯著之正向相互關聯性，顯示企業績效與公司治理機制具有相輔相成的效果。本文研究成果可供臺灣生技產業的公司管理階層才擬訂提升企業績效或公司治理策略的參考，也可供主管機關及學術界之參考。

Biotechnology industry is honored as a star industry in the 21st century, and Taiwan has listed biotech industry as one of the key national development goals. If a company has a sound corporate governance mechanism, it can improve its business operations and enhance the firm performance. The enterprises that input R & D innovation can enhance competitive advantage. This paper takes the listed companies in Taiwan's biotech industry as samples, and uses the simultaneous equation model to examine the relationship among corporate governance, R & D expenditure and firm performance. The empirical results show that the firm performance has a significant positive relationship to R & D expenditure ratio, and firm performance has a significant positive interrelationship to corporate governance, indicating that firm performance and corporate governance mechanisms have complementary effects. The results of this paper can be referenced by companies in Taiwan's biotech industry to develop strategies to enhance firm performance and corporate governance, and also to the competent authorities and academia for their reference.