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研究生:蘇俊儒
研究生(外文):Chun-ju Su
論文名稱:由研究發展及股權結構探討美國生技類股之企業評價
論文名稱(外文):US Biotechnology Companies’ Evaluation form the Prospective of R&D Expenditure and Ownership
指導教授:王祝三王祝三引用關係
指導教授(外文):CHU-SAN EDWARDWANG
學位類別:碩士
校院名稱:國立中正大學
系所名稱:財務金融所
學門:商業及管理學門
學類:財務金融學類
論文種類:學術論文
論文出版年:2005
畢業學年度:93
語文別:中文
論文頁數:60
中文關鍵詞:三階段最小平方法最小平方法企業價值股權結構研究發展
外文關鍵詞:3SLSOLSfirm valueownershipR&D
相關次數:
  • 被引用被引用:1
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  • 收藏至我的研究室書目清單書目收藏:7
隨著公司管理權與所有權的日漸分離,管理者與股東間的代理問題越來越受到重視,而內部人持股則被視為控制代理問題的一種重要工具,因此探討內部人持股與企業價值間之研究亦相當多。如Morck et al.(1988)及McConnell and Servaes(1990)在他們的研究中,都發現了內部人持股與企業價值間存在顯著的非線性關係。而過去的研究多半將所有的公司樣本一起檢驗,並未依產業特徵的不同分離探討,因此,本研究選擇美國生技產業公司為樣本予以探討。

本研究以1988年至1993年在美國NASDAQ BIOTECH INDEX及AMEX BIOTECH INDEX所掛牌之上市公司,共計31家公司為研究樣本,研究期間為1988至1993年共計6年,進行最小平方法及三階段最小平方法迴歸分析後發現:研發支出與企業價值呈無顯著相關,可能與生技產業公司研發期長之產業特性有關;另外發現內部人持股比例與企業價值呈非線性關係,即內部人持股比例平方項與企業價值呈正相關,亦即當內部人持股增加時企業價值亦呈現增加的現象;此外亦發現董事會中外部董事比例與企業價值間呈無顯著之相關。
The issues that this paper discusses are two folds. The first is the relationship between stock ownership and firm value. The other is whether the firm’s research & development (R&D) expense affect the firm valuation.
The samples are 31 biotech companies which were listed in NASDAQ or AMEX during the period of 1988 to 1993. The results are as follows:
R&D expenses have no significant relation with firm value. This finding might be caused by long investment cycle in biotech industry. For the relationship of insider holdings with the firm value, the insider holdings has a positive impact on firm value. In addition, the percentage of outside director has no significant relation with firm value.
目 錄
第一章 緒論 1
第一節 前言 1
第二節 研究動機及目的 2
第三節 論文架構 4
第二章 文獻探討 6
第一節 生物科技製藥 6
第二節 研究發展及相關文獻 9
一、研究發展與企業價值呈正相關之實證文獻 10
二、研究發展與企業價值呈負相關或無關之實證文獻 11
第三節 股權結構及其相關文獻 13
一、股權結構與公司績效呈正相關 13
二、股權結構與公司績效呈負相關或無關 13
三、股權結構與公司績效呈非單調線性相關 14
第四節 企業價值(Tobin’s Q)及其它相關文獻 16
一、Tobin’s Q值的定義 17
二、影響企業價值(Tobin’s Q)之其它相關文獻 23
第三章 研究方法 27
第一節 假說之建立與檢測方法 27
第二節 研究樣本、研究期間及資料之來源 30
第三節 變數之操作型定義 30
第四節 估計方法及檢定 33
第五節 預期結果 35
第四章 實證分析結果 37
第一節 研究樣本之基本資料分析 37
一、變數之敘述統計結果 37
二、變數間之相關係數 38
第二節 聯立模型實證結果探討 39
一、企業價值方程式 40
二、外部董事比率方程式 44
三、內部人持股比率方程式 45
第五章 結論與建議 49
第一節 結論 49
第二節 研究貢獻 51
第三節 研究限制 52
第四節 對後續研究者之建議 52
參考文獻 54
附錄 60
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Susan R. Barnum原著,邱華賢譯,「生物技術概論」,新加坡商亞洲湯姆生國際出版有限公司,民國九十年十一月,初版二刷。

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