生物科技產業創新能力與企業價值之關聯性－－廣告支出之調節效果

The Relation between Innovation Capability and Firm Value of Biotechnology Industry - the Moderating Effect of Advertising Expenditures

本研究探討創新能力和廣告行銷費用等無形資產與企業價值之關聯性，試圖找出未來臺灣生物科技產業之發展策略，以引導出企業如何藉由提昇創新能力來帶動企業價值增加的方向。研究對象為在美國專利暨商標局申請專利之臺灣上市上櫃生物科技公司，本研究利用資料包絡分析法計算公司之創新效率以捕捉創新能力，而在衡量創新能力時亦納入創新速度之考量。研究結果發現，若將廣告之效果排除的話，則創新能力雖裨益公司之企業價值，但效果相當有限。廣告個別效果與企業價值無顯著的關係，亦即對於生技產業而言，難以純粹仰仗廣告來提昇其企業價值。不過，本研究也發現，廣告支出與創新能力有正向顯著的加乘效果，即廣告支出可以顯著地提升創新能力對企業價值的正面作用，並且廣告支出對企業價值的效益是在生技公司創新能力到達相當程度才能顯現出來。

This study examines the relation between intangible assets of innovation capability & advertising expenditure and firm value with respect to biotechnology industry. We involve innovation speed and conduct data envelopment analysis to develop the proxy of innovation capability. The result shows that innovation capability is positively associated with firm value, but the benefit of innovation capability is not obvious if the advertisement is excluded. On the other hand, the relation between advertising expenditure and firm value is insignificant, therefore, it is hard for biotechnology industry to increase their firm value by solely promoting advertisement. However, we find the advertising expenditure and innovation capability has positive interaction effect. The advertising activities can significantly enhance the effect of innovation capability on the firm value only when firms’ innovation capability reaches a certain level. That is the advertising activities have to coordinate with the innovation capability in the biotechnology industry.