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研究生:楊嵂晴
研究生(外文):Yang, Lu-Ching
論文名稱:價值攸關的智慧資本對不同生命週期公司IPO成功的影響 - 以台灣生技產業為例
論文名稱(外文):The Relationship Between IPO Success And Value-Related Intellectual Capital - Evidence From Taiwan Biotechnology Industry
指導教授:吳啟銘吳啟銘引用關係
口試日期:2018-06-14
學位類別:碩士
校院名稱:國立政治大學
系所名稱:財務管理學系
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:2018
畢業學年度:106
語文別:中文
論文頁數:42
中文關鍵詞:台灣生技產業上市櫃公司智慧資本
外文關鍵詞:IPO success
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生技產業由於它有投資期間較長的特性,初期需要大量的資本投入且不確定性相對高,也常有多年虧損,我們較無法透過一般的財務數字走勢或財務比率去評斷一家生技公司的好壞與價值,故公說書無形資產揭露所形成的智慧資本是否價值攸關,讓公司能在不折價發行的情況下成功募得資金乃本研究的重點與不同以往文獻的 IPO 成功設計,透過實證研究找出對台灣生技產業 IPO 成功有所影響的價值攸關智慧資本。

本研究衡量三大智慧資本:創新資本、顧客資本、人力資本,分析其價值傳遞,探討是否會影響公司成功上市櫃,又為避免不同生命週期其特性有所不同,而選擇將之分拆為:成長期與成熟期,分別探討避免相互影響,並研究兩組的智慧資本影響程度差異。

以主計處之產業分類,取 2000 年至 2017 年台灣上市櫃的生技公司做為樣本,共 102 家,對半分成兩組,利用多元迴歸分析。實證發現: (1) 創新資本對成熟期公司 IPO 成功為負向顯著的影響 (2) 人力資本中的員工生產力對成熟期公司 IPO 成功為正向顯著的影響 (3) 創新資本中的研發費用、無形資產扣除商譽對成長期生技公司 IPO 成功之影響較成熟期正面;反之顧客資本中的行銷費用對成熟期的生技公司 IPO 成功之影響較成長期正面。
Due to Biotechnology Industry’s longer investment term characteristic, great amount of capital expenditure in the early stage and higher uncertainty, we can’t use general methods like financial performance to judge a biotech company’s value. So, this study will focuses on whether investors truly understand the value-related intellectual capital when intangible assets disclosed from IPO prospectus and let company’s IPO success- raising the fund without underpricing. Hoping that this thesis can find the key intellectual capital through empirical research which highly affect IPO success.

This study measures three intellectual capitals: Innovation capital, Customer capital and Human capital, and analyzes which factors will affect IPO success. To avoid ignoring the value of life-cycle which leads wrong analysis, this study separates data into two groups: growth and mature. After that, I’ll analyze the difference between levels of effects.

These samples consisted of 102 firms and are selected by DGBAS and TEJ which IPO in 2000 to 2017. By Multi factor regression method, the model suggests: (1) Innovation capital has a significantly negative effect to mature company’s IPO success. (2) Average sales in Human capital has a significantly positive effect to mature company’s IPO success. (3) R&D expense and intangible asset in Innovation capital has more positive effect to growth companies’ IPO success than mature companies. On the contrary, advertising expense in Customer capital provides more value-related information in the mature companies IPO success than in the growth ones.
摘要 i
Abstract ii
目錄 iii
圖表目錄 iv
第壹章 緒論 1
第一節 研究背景與動機 1
第二節 研究目的 4
第三節 論文架構 5
第貳章 文獻回顧 7
第一節 生技產業 IPO 成功 7
第二節 創新資本 8
第三節 顧客資本 10
第四節 人力資本 10
第參章 研究假說 12
第一節 哪一項價值攸關智慧資本和生技公司 IPO 成功有正面的關聯性 12
第二節 價值攸關智慧資本對不同生命週期生技公司 IPO 成功的影響差異.13
第肆章 研究設計 14
第一節 樣本來源與選擇 14
第二節 研究模型 19
第三節 變數定義與特性 20
第伍章 實證研究與分析 28
第一節 相關性分析 28
第二節 迴歸分析 31
第陸章 結論與建議 36
第一節 結論與意涵 36
第二節 研究限制和建議 38
參考文獻 40
中文參考文獻
1. 王文英、張清福,2004,智慧資本影響績效模式之探討—我國半導體業之 實證研究,會計評論,第 39 期,2004 年 7 月,第 89-117 頁
2. 《2017 年生技產業白皮書》,經濟部生技醫藥產業發展推動小組
3. 《中華民國 2017 生物技術與醫藥產業簡介》,經濟部生技醫藥產業發展推動小組
4. 林文政、王炯能,2006,人力資本與組織財務績效關係之探討,國立中央 大學人力資源管理研究所碩士論文
5. 邱垂昌、洪福讚,2008,在不同企業生命週期下智慧資本與企業價值關聯 性之研究,當代會計,第九卷,第二期,2008 年十一月,20 二、36 頁
6. 陳子恩,2015,平台商業模式對智慧資本投資及企業價值影響-以台灣資 訊服務業為例,國立政治大學商學院企業管理學系碩士論文
7. 傅坤泰,2001,智慧資本與企業績效評估之應用-以 IC 設計產業為例,私立輔仁大學金融學系碩士論文
8. 劉秋燕與吳新年,2017,多要素評價中指標權重的確定方法評論,
ChinaXiv 合作期刊,分類號:F224, G304
英文參考文獻
1. Azlina Rahim, Ruhaya Atan, Amrizah Kamaluddin, 2016. “Human Capital Efficiency And Firm Performance: An Empirical Study On Malaysian Technology Industry” SHS Web of Conferences 36, 2016 ICGA.
2. Becker, B. E., Husield, M. A., and Ulrich, D., 2001. “The HR Scorecard: Linking People, Strategy, and Performance, Boston: Harvard Business School Press”
3. Beldona, S.R., Chaganti, M., Habib, M. and Inkpen, A.C., 1997. “Industry variety, life-cycle stages, and performance: a dynamic perspective” Competitive Intelligence Review, Vol. 8,pp. 65-74.
4. Bernadette M. Ruf, Krishnamurty Muralidhar, Robert M. Brown, Jay J. Janney, Karen Paul, 2001. “An Empirical Investigation of the
Relationship Between Change in Corporate Social Performance and Financial Performance: A Stakeholder Theory Perspective” Journal of Business Ethics 32: 143–156
5. Black, E.L., 1998. “Life-cycle impacts on the incremental value- relevance of earnings and cash flow measures” Journal of Financial Statement Analysis, Vol. 4, pp. 40-57.
6. Carl R. Anderson, Carl P. Zeithaml, 1984. “Stage of the Product Life Cycle, Business Strategy, and Business Performance” The Academy of Management Journal, Vol. 27, No. 1 (Mar., 1984), pp. 5-24
7. Chamu Sundaramurthy, Kuntara Pukthuanthong, Yasemin Kor, 2014. “Positive and Negative Synergies Between The CEO’s and The Corporate Board’s Human Biotechnology Firms” Strategic Management Journal,35, pp845-868.
8. Chemmanur, T., 1993. “The pricing of IPOs: A Dynamic Model with Information Production” The Journal of Finance, Vol 48, No. 1 (Mar., 1993), pp. 285-304
9. Chiung-Ju Liang, Ying-Li Lin, 2008. “Which IC is more important? A life-cycle perspective” Journal of Intellectual Capital, Vol. 9 No. 1, pp. 62-76
10. David L. Deeds, Dona Decarolis, Joseph E. Coombs, 1997. “The impact of firmspecific capabilities on the amount of capital raised in an initial public offering: Evidence from the biotechnology industry” Journal of Business Venturing Volume 12, Issue 1, Pages 3, 6.
11. Ekkachai Boonchuaymettaa, Wiparat Chuanrommanee, 2013. “Management of the IPO performance in Thailand” Journal of Multinational Financial Management, 23 (2013) 272–284
12. Gary P. Pisano, 1994. “Knowledge, Integration, and the Locus of Learning: An Empirical Analysis of Process Development” Strategic Management Journal, Vol. 15, pp. 85-100.
13. Grossman, R. J., 2000. Measuring Up. HR Magazine, 45: 28-35.
14. Hand, R.M., 2005. “The value relevance of financial statements in the venture capital market” The Accounting Review, Vol. 80 No. 2, pp. 613-49.
15. Joseph H. Anthony and K. Ramesh, 1992. “Association between accounting performance measures and stock prices: A test of the life cycle hypothesis” Journal of Accounting and Economics 15 (1992) 203-227.
16. Maran Marimuthu, Lawrence Arokiasamy, Maimunah Ismail, 2014. “Human Capital Development and Its Impact on Firm Performance: Evidence From Developmental Economics” The Journal of International Social Research Volume 2 / 8 Summer 2009.
17. Muscarella, C.J., Vetsuypens, M.R., 1989. “A simple test of
Baron’s model of IPO underpricing” Journal of Financial Economics 24 (1989) 125-135.
18. Renato Sydler,Stefan Haefliger, Robert Pruksa, 2014.“Measuring intellectual capital with financial figures: Can we predict firm profitability? ” European Management Journal 32,244–259.
19. Seung B. Bach, William Q. Judge, Thomas J. Dean, 2008 “A Knowledge-based View of IPO Success: Superior Knowledge, Isolating Mechanisms, and the Creation of Market Value” Journal of Managerial Issues; Vol.XX Number4 Winter: 507-525.
20. Welbourne, T. M., A. O. Andrew, 1996. “Predicting the Performance of Initial Public Offerings: Should Human Resource Management be in the Equation” Academy of Management Journal, August, 1996, Vol.39(4), p.891(29)
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