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研究生:黃萬華
研究生(外文):Huang, Wan-Hua
論文名稱: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
論文名稱(外文):The Relation between Innovation Capability and Firm Value of Biotechnology Industry - the Moderating Effect of Advertising Expenditures
指導教授:林秀鳳林秀鳳引用關係
指導教授(外文):Lin, Hsiu-Feng
口試委員:劉俊儒陳俊合
口試委員(外文):Liu, Chun-JuChen, Chun-Ho
口試日期:2011-07-26
學位類別:碩士
校院名稱:東海大學
系所名稱:會計學系
學門:商業及管理學門
學類:會計學類
論文種類:學術論文
論文出版年:2011
畢業學年度:99
語文別:中文
論文頁數:65
中文關鍵詞:創新速度創新效率廣告支出企業價值
外文關鍵詞:Innovation speedInnovation efficiencyAdvertising expenditureFirm value
相關次數:
  • 被引用被引用:4
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  • 下載下載:150
  • 收藏至我的研究室書目清單書目收藏:1
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,試圖找出未來台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。
本研究以於美國專利暨商標局申請專利之上市上櫃生物科技公司為研究對象,以Narin (1999) 於CHI 發表之技術週期作為創新速度之衡量指標,並利用資料包絡分析法計算公司之創新效率,探討台灣生物科技產業之創新能力與企業價值間之關聯性,且以廣告支出為調節變項。
研究結果發現,創新速度與企業價值並無顯著的相關性,若將廣告之效果排除的話,則創新效率僅裨益大公司之企業價值,對小公司則未見效益,亦即對於資源不寬裕之小型公司而言,縱使能善用研發投入經費取得無形資產,也未必能提升其企業價值。另一方面,廣告效果與企業價值亦無顯著的關係,亦即對於生技產業而言,若純粹只想廣告活動來提昇其企業價值的效果是相當有限的。不過,創新能力與廣告交互作用的實證結果顯示,創新效率與廣告支出有正向顯著的加乘效果,表示廣告活動可以顯著地提升創新效率對企業價值的正面作用,而廣告活動對創新速度提升企業價值方面並無顯著的效果,亦即發現廣告活動要配合創新效率才具有較強的加乘效果,若配合創新速度則效果並不明顯。

This study investigates the relation between the intangible assets of innovation capability & advertising expenditure and firm value, trying to find out the strategic direction of intangible assets for the Biotechnology Indutry in Taiwan, hence to guide the enterprises how to increase the firm value by lifting up theinnovation capability.
This study takes Taiwan's publicly traded biotechnology companies that applied for patents in the U.S. Patent & Trademark Office (USPTO) as the example; Narin (1999) published the Technology Cycle Time as the measurable index for innovation speed, using deta envolopment analysis (DEA) model to work out an enterprise's innovation efficiency and set the advertising expenditure as the moderating variable.
The empirical results show that the innovation speed and the firm value do not have significant association, and if the advertisement is excluded, the innovation efficiency will only benefit those large enterprises, but not for small enterprises. For those small enterprises with lack of resources, even though they can make good use of R&D funding to obtain intangible assets, they may still not be able to enhance its firm value. On the other hand, the advertisement and firm value also don't have significant association, therefore, the effect is limited if the biotechnology industry simply wishes to enhance the firm value by publishing advertisement. However, the innovation efficiency and advertising expenditure will have interaction effect; as the advertising activities can significantly lift up the innovation efficiency towards the firm value, but the advertising activities do not have significant effect on innovation speed. That is the advertising activities have to coordinate with the innovation efficiency to have interaction effect, if coordinated with the innovation speed, the effect is not obvious.

謝辭 i
中文摘要 ii
Abstract iii
目錄 iv
圖目錄 v
表目錄 vi
第壹章、緒論 1
第一節、研究背景與動機 1
第二節、研究目的 3
第三節、研究架構 4
第貳章、文獻探討 6
第一節、台灣與全球生物科技產業之介紹 6
第二節、創新能力對企業價值之影響 14
第三節、廣告支出對企業價值的影響 22
第叁章、研究設計 26
第一節、觀念性架構 26
第二節、假說發展 27
第三節、變數定義 30
第四節、研究模型 36
第五節、研究樣本、期間與資料來源 37
第肆章、 實證結果分析 38
第一節、敘述統計結果 38
第二節、迴歸分析結果 41
第三節、額外測試 44
第四節、敏感性測試 46
第伍章、 結論與建議 48
第一節、研究結論 48
第二節、研究貢獻與管理意涵 49
第三節、研究限制與後續研究建議 50
參考文獻 51



圖 目 錄
圖 1 研究架構圖 5
圖 2 生技醫藥產業涵蓋之技術領域及產品範圍 7
圖 3 我國生技產業範疇 8
圖 4 全球生技產業市場規模發展趨勢 11
圖 5 2008-2012年全球生技產業市場規模預測 12
圖 6 創新程序圖 15
圖 7 本研究之觀念性架構 26


表 目 錄
表2-1 2007-2009年 我國生技產業現況 10
表2-2 2007-2008年我國生物技術業各領域產值分佈 11
表2-3 創新投入、產出與企業價值關係之文獻彙總表 17
表2-4 創新效率相關文獻彙總表 20
表2-5 廣告與企業價值相關文獻整理彙總表 24
表3-1 變數定義彙總表 35
表3-2 樣本產業-年度分佈狀況表 37
表4-1 敘述統計量 39
表4-2 相關係數矩陣 40
表4-3 創新能力與企業價值之關係-以廣告為調節變項 42
表4-4 生技次產業之企業價值差異性 43
表4-5 企業規模對創新能力提升企業價值之影響 44
表 4-6大小公司廣告支出對創新能力與企業價值關係之
調節效果比較 45
表 4-7 廣告支出對創新能力與企業價值關係之調節效果
-前期技術週期以中位數計算 47

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