台灣生物科技廠商之成本效率分析

Cost Efficiency of Biotech Firms in Taiwan

本文以Battese and Coelli（1995）的橫縱面資料、隨機邊界模型為基礎，建立超越對數函數型態的隨機成本邊界模型，運用Frontier4.1軟體，針對台灣地區三十三家上市、上櫃生物技術相關廠商，估計1998年至2000年之相對成本效率，比較新興、傳統生技相關廠商之相對成本效率，並分析研發支出、廠商規模及廠商屬性對生技廠商成本效率之影響。本文研究結果之主要發現，生技廠商逐年修正投入要素之運用，使成本效率逐年提升。研發支出與成本效率呈正相關，即研發支出愈多，愈成本有效率。生技廠商規模與成本效率呈正相關，故生技廠商規模的適度擴大，能有效提升成本效率。新興與傳統廠商之特性，在實證估計上雖不顯著，但仍是消除廠商差異性之重要因子。 This study gathers data information from 33 listed and OTC biotech firms in Taiwan during the period from 1998 to 2000. We adopt Battese and Coelli's (1995) model of stochastic frontier function to evaluate the cost inefficiency scores and inefficiency model simultaneously. Our empirical results are summarized as follows: (1) Cost efficiency scores of the sample firms improved year by year. (2) The relationship between the R&D expenditure and cost efficiency is significantly positive. (3) The relationship between a biotech firm’s scale and its cost efficiency is significantly positive. (4) The difference in new and traditional biotech firms' cost efficiencies is insignificant.

This study gathers data information from 33 listed and OTC biotech firms in Taiwan during the period from 1998 to 2000. We adopt Battese and Coelli's (1995) model of stochastic frontier function to evaluate the cost inefficiency scores and inefficiency model simultaneously. Our empirical results are summarized as follows: (1) Cost efficiency scores of the sample firms improved year by year. (2) The relationship between the R&D expenditure and cost efficiency is significantly positive. (3) The relationship between a biotech firm’s scale and its cost efficiency is significantly positive. (4) The difference in new and traditional biotech firms' cost efficiencies is insignificant.