生技醫療產業致股東報告書相似度之研究

Research on the Similarity of Letter to Shareholders in the Biotechnology and Medical Industry

本研究探討生醫產業在公司產生經濟變化、企業關鍵人力資本，以及有重大研發項目進展時，公司年報中「致股東報告書」內容相似度的變化情形。研究收集2017-2022年度間上市、櫃生醫產業公司樣本，計算「致股東報告書」文本相似度進行迴歸分析，實證結果如下：（一）文本分析顯示，生技醫療產業的致股東報告書文本相似度平均偏高（約87%）；（二）複迴歸分析指出，公司市場報酬率變動情形與致股東報告書相似度呈顯著負向關係；（三）考慮生醫產業特殊法規環境，以Heckman兩階段模型控制樣本自我選擇偏誤後，當公司發生經濟變化、關鍵人力資源較為豐富時，致股東報告書內容會較有變化，呈現相似度較低情形；最後，比較特殊上市櫃與非特殊上市櫃公司樣本中，解釋變數對相似度之影響，顯示兩者之間存在顯著不同，且影響程度取決於「特殊上市櫃」公司樣本，採用特殊上市櫃條款上市櫃者，會更額外重視研發成果的說明，提供更多非財務資訊。

This study attempts to explore the correlation between significant economic changes, key human capital changes in companies, and major R&D project progress changes, and the similarity of ''letter to shareholders''. The study sample consists of publicly listed biotechnology and medical companies from 2017 to 2022. By calculating the text similarity of ''letter to shareholders'', and conducting regression analysis, the empirical results are as follows: (1) Text analysis shows that the text similarity is generally high (about 87%), indicating that the content of shareholder reports does not vary much from year to year for most companies; (2) Multiple regression analysis indicates that there is a significant negative relationship between changes in a company's market return rate and the similarity of its shareholder reports; (3) Using the Heckman two-stage model to control sample self-selection bias, when the company undergoes economic changes and has abundant key human resources, the shareholder reports will change and show a low similarity situation; Finally, comparing the impact of explanatory variables on text similarity between specially listed and non-specially listed companies reveals a statistically significant difference. Moreover, this impact is more pronounced for specially listed companies. Specifically, when those companies listed under these special regulations experience economic changes or significant R&D progress, the similarity of the shareholder reports changes accordingly, indicating that those company are willing to provide more non-financial information to investors.