生醫研究與資本市場之監理──以資訊揭露（解盲）為核心

Biomedical Research and Capital Market Supervision—Focus on Information Disclosure (Unblind)

生醫研究、生技產業研發週期長、研發成功率低、風險高、資金需求大，對外籌資於此領域顯得十分重要，資金取得管道通常有二：1.公部門：政府補助或投資，如行政院國家開發基金或經濟部科專補助。2.私人：民間募資。而可成為生技產業中、長期穩定資金來源者通常是資本市場，然因研發結果有其不確定性，為避免此種不確定性成為資本市場投資之阻力，可透過適時公布研發進度及成果消弭投資者之疑慮及不確定感，因適時公布研發進度及成果之目的除了是公司對股東的揭露義務外，也是吸引潛在投資者進入市場之良方。此外，為了避免公司為了籌措資金而過度誇大研發結果（如解盲結果）或故意隱匿部分資訊，造成市場上資訊接收者因資訊不對稱之情況下，做出錯誤的投資決定，因此生技公司研發成果揭露之規範十分重要。同時，生醫領域之資訊內容之複雜可能造成投資者理解上之困難，可能因而造成私人資金不進入之募資困境，因此制訂適度資訊揭露使得資訊透明度增加，並補足資訊落差。本文認為，所謂適度揭露乃符合目的性（達到資訊對稱：透明度、理解度）手段性、比例性（成本考量）之揭露機制。舉例而言，解盲數據之解讀，如何正確解讀解盲數據，切勿落入用單一結果便進行判斷，如何引導投資者正確解讀解盲數據有其重要性，如果用適當之輔助機制協助理解解盲數據，更能幫助投資者理解數據之背後含意，其方法如：允許廠商為一定「客觀」之說明，避免過度樂觀、誇大解盲數據。本文以下內容試圖討論生技產業哪些事項具有重要性而需要揭露，相關資訊（解盲數據）若需揭露時揭露之方法、密度及應權衡之相關權益（金融監管、營業秘密、投資大眾資訊獲知權等）。

Biomedical research and biotechnology industry have a long R&D cycle, low R&D success rate, high risk, and large funding needs. It is very important to seek external funds in this field. There are two sources of funding: 1. The public sector: Government subsidies or investments, such as the National Development Fund of the Executive Yuan or the Ministry of Economic Affairs subsidies. 2. The private sector: Private fundraising. Capital market (private funding) is a medium and longterm stable source. However, due to the uncertainty of R&D results, timely announcement of R&D progress and results is not only the company’s disclosure obligation to shareholders, but also a good way to attract potential investors to enter the market. To avoid the company from overly exaggerating R&D results (such as unblinding) or deliberately concealing some information to obtain funds, proper and appropriate disclosure of information by a corporation is essential for the long term. Therefore, the standard of disclosure of the research and development results of biotechnology companies is important. At the same time, the complexity of the information content in the biomedical field may cause difficulties for investors to understand, which may result in the financing dilemma of private investment not being invested. Therefore, the formulation of appropriate information disclosure increases information transparency and fills up the information gap. The author believes that moderate disclosure is a disclosure method that meets the purpose (to achieve information symmetry: transparency, understanding) and proportionality (cost consideration).