大麥片之可溶性纖維對於降低高膽固血症倉鼠血清中膽固醇之功效評估

Effects of Barley-derived Soluble Fiber on Lowering Serum Cholesterol in Hypercholesterolemic Hamsters

前言：重大食品安全問題事件接連發生，致使台灣食品安全是否值得信賴引起社會高度關注。目的：以2011年39家台灣上市櫃生技醫療公司為研究對象，首先評估台灣上市櫃生技醫療公司在塑化劑事件後之財務績效；其次衡量台灣上市櫃生技醫療公司在塑化劑事件後之風險值；最後做台灣上市櫃生技醫療公司在塑化劑事件後之績效評估、風險衡量的整合分析。方法：選用資料包絡分析法（Dataenvelopment analysis，DEA）中的麥氏生產力分析計算多項投入與多項產出，求算決策單元之相對效率。結果：有25家之技術效率變動小於1，有9家之技術效率變動大於1；技術變動的部分，有8家呈現退步，26家呈現進步；總要素生產力的部分，有17家呈現衰退，15家呈現進步。第一季為Firm08的風險值最小，Firm 19的風險值最大，第二季則是Firm06的風險值最小，Firm12的風險值最大。低績效群組的稅後資產報酬率退步最多，高達-13.61%；中績效群組之淨值成長率退步幅度最多，高達-1.58%；高績效群組之稅後資產報酬率的變化較多，高達11.87%。結論：台灣上市櫃生技醫療公司在塑化劑事件後之財務績效明顯下降，股價風險值亦明顯升高，即台灣生技醫療公司在塑化劑事件的衝擊下，確實明顯受到負面的影響。

Purpose: Recent and continuing spate of major food safety issues have aroused wide concerns regarding food safety in Taiwan. Objective: Thirty-nine Taiwan listed biotechnology companies in 2011 were included as the subjects in this study, and the financial performance of these companies after the plasticizer event was examined, followed by measurement of value-at-risk (VaR) of these Taiwan listed companies after the plasticizer event. Finally, an integrated analysis of the performance assessment and risk evaluation of these Taiwan listed biotechnology companies after the plasticizer event was performed. Method: Data envelopment analysis (DEA)-based Malmquist Productivity Index was selected to calculate multiple inputs and outputs for measuring the relative efficiency of the decision-making units. Result: The variation value in technical efficiency of 25 companies was less than 1, whereas 9 companies had a value greater than 1. For technical variation, 8 companies showed deterioration, while 26 showed progress; based on total factor productivity, 17 companies showed deterioration while 15 demonstrated progress. The minimum VaR was found in Firm 08, whereas Firm 19 had the maximum VaR in the first quarter. In the second quarter, Firm 06 and Firm 12 had the minimum and maximum VaR, respectively. After-tax return on assets declined the most among the poor-performance group, up to -13.61%. On the other hand, the performance of the medium-performance group demonstrated the most significant deterioration, up to -1.58%, and the after-tax return on assets of the high-performance group showed the greatest variation, as high as 11.87%. Conclusion: Financial performance of these Taiwan listed biotechnology companies declined significantly after the plasticizer incident and the market value-at-risk (VaR) also showed a dramatic increase, indicating Taiwan biotechnology companies indeed were significantly adversely affected by the plasticizer event.