Dissertations / Theses on the topic 'Biotech pharmaceutical industry'

<p>This study aims at introducing and describing a novel multi parameter analysis method to identify potential acquisition targets and to qualitatively and quantitatively evaluate the overall match between a target company and its acquirer. The method was tested with two recent real cases involving each an antibody based biotech company and a large fully integrated pharmaceutical company. The model was validated by comparing two independent antibody companies against the real cases, testing if they would have made better targets. It was found out that the in reality acquired companies scored highest, thus proving the validity of the method. One of the four potential targets got the highest scores for both acquirers. Consequently one of the acquired targets was only the second best match. The still independent companies would not have been better targets. The lowest scoring target company did get identical scores for both acquiring companies. Despite the proper prediction of targets, the scoring did not reveal the true underlying motives for the acquisitions, nor could significant parameters be identified to discriminate between target and non-target. This study adds a novel, valuable tool to the still limited arsenal of methods to qualitatively and quantitatively measure a match between target and acquirer solely based on publicly available data.</p>

The purpose of this study was to investigate how biotech SMEs structure their business model to deal with the industry’s challenges. The first step was to lay a theoretical foundation of the business model and clarify ambiguities surrounding the business model concept. This lead to the Business Model Canvas, which was used as tool of analysis for this thesis. Semi-structured interviews were then conducted with companies, experts and cluster managers, following the nine building blocks of the Business Model Canvas.   The results showed that two typologies of business models could be seen, which we divided in pharmaceutical biotech SMEs and non-pharmaceutical biotech SMEs. Both business models face challenges of research and development process, but to different degrees. Pharmaceutical biotech SMEs deal with long, costly and risky research process, which results in a research-centered business model. During the research period, these companies don’t generate revenues through sales. Non-pharmaceutical biotech SMEs on the other hand, face less harsh research and development processes, which allows them to market their products faster and generate revenue from sales. This results in a more customer-centric business model than the pharmaceutical biotech SMEs.

碩士<br>國立政治大學<br>智慧財產研究所<br>96<br>Regarding that Taiwan is always in the position of “technology transfer licensee”, to emphasize the goal of innovation, academic-industrial collaboration has becoming an important issue. Especially with regards to the features of bio-pharmaceutical value chain, such as compartmentalization, high risk, high return, highly knowledge-based, the investment input is thus transformed into the form of “intangible assets”before the product actually launched. Therefore, the protection and management of intellectual property is critical to bio-pharmaceutical companies. If IP is properly managed and utilized, it could become a source of competitive advantage. This thesis is based on the study of bio-pharmaceutical academic-industrial collaborations, from an industrial perspective, focusing on IP management and strategy. Four components of IP management－development, protection, management, and exploitation, is set as major constructs of this thesis. The primary goal of this study is to find important issues and key factors toward a successful collaboration. This thesis studied three bio-pharmaceutical companies, Taiwan Liposome Company, TTY Biopharm, and Pharmigene. According to results of interviews and analytical comparison, this thesis concludes some findings and suggestions as follow: 1. The IP strategy of a bio-pharmaceutical company is related to its business model. Different profitable models should apply different IP strategies. 2. The way which academia and industry allocate the IP right and interest is diversed, according to the risk and commercialization successful rate of the collaboration. Also, “patent goes first, publication goes after”is a common route. Therefore there is no collision between secrecy and openness. 3. The establishment and expansion of in-house IP department should go in accordance with the growing of company. It is necessary for an accountable one to be bio-tech educated and further received MBA training, in order to be competent to business competition and strategic planning. 4. The exploitation of collaboration is in relation to company’s core competence and complementary assets. For Taiwan bio-pharm companies, the“licensing out”model is necessary. With regards to litigation, the attitude toward litigation is related to its IP strategy and cost of litigation. 5. The industrial part in such collaboration should take an active attitude, because the academic part lacks commercialization experience. It would be helpful for industry to guide and help capturing valuable study in academia, therefore makes radical innovation an usful one.

碩士<br>國立政治大學<br>經濟研究所<br>97<br>Many countries regard biotechnology as a key industry for the future development. Governments often implement a variety of policies to help it grow rapidly. The biotech pharmaceutical industry is the main momentum for the growth of the global biotech industry. The objective of this paper is to measure the productivity and efficiency of the industry among Asian countries, and investigates the sources of the performance changes, and then hope to give some insight into the enhancement of the industry’s productivity. To pursue our goal, we adopt Battese and Coelli’s (1995) stochastic frontier approach to assess 61 biotech pharmaceutical firms during 2002-2007. The main empirical results can be summarized as follows: (1) The R&D intensity is negatively related to cost efficiency; in five countries, Japan has the highest cost efficiency. (2) On average, the cost efficiency is about 0.86, and has become worsen year after year. (3)Most of time, the industry is characterized with the increasing returns to scale. (4) The growth of total factor productivity (TFP) is mainly attributed to the scale efficiency change, and technical progress accounts for a minor source. However, technical efficiency deteriorates over time. (5) Among countries, the TFP growth rates have no significant differences, but the components show apparent differences.

碩士<br>樹德科技大學<br>應用設計研究所<br>101<br>Trademark is an identification of goods or service. It is a symbol composed of images or characters. The combination of different visual elements such as symbols, colors, shapes, characters, etc, will develop different images of firms or brands. However, making a comprehensive survey of local and overseas trademark designs, it is found that most trademarks are designed based on the preference of designers or leaders of companies and ignore the demands of consumers and users. Therefore, this study is aimed at comprehending the present situation of trademark designs and trademark privileges by literature reviews and introducing a concept of new mode of trademark designs combined with Human Factors Design (point of view of consumers), trademark law (law) and visual symbols (art) and analyzing 50 trademarks of biotechnology industry to verify this mode. Then develop the customers’ demands by Quality Function Deployment (QFD) and analyze the demands of product by deductive analysis and turn into the requirements and properties of trademark designs. Follow up is starting the trademark designing with specific principals and processes and evaluating the works by Analytic Hierarchy Process (AHP) to pick up the most appropriate trademark. The result of study is expected to construct an integrated mode of trademark designs by analyzing the property of trademark designs → combining consumers’ demands (QFD) → preparing the process of trademark designs → starting the work of designing → choosing the trademarks to perform specific works. It not only helps to improve the quality of trademark designs but also introduces an evaluation system of the development of trademark designs to industries.

碩士<br>國立交通大學<br>經營管理研究所<br>90<br>Weather people in the East or in the West all have the concept of eating good food to preserve their heath. In the past, because of malnutrition caused by bad economic situation, people have to find some natural food to keep themselves in good health, like Chinese herb. Although in the present day, people have the better nutrition because of improvement in economy, people still seek for some special dietary supplement except of daily diet. The purpose is totally different from the past. The first reason is that people want to keep in good health in order to have more quality and enjoyment in their life. The second reason is people want to prevent from the civilization diseases which are more and more popular in the modern society. And the third reason is people want to slow down the decay speed of body function since people have longer and longer life. These three reasons also explain why the functional food became so popular in the end of 80s and begin of 90s. And now we have great progress in food processing, nutrition, medicine and biotechnology. The second and the third generation functional foods put more emphasis in convenience and instant effect. The material could be natural or chemical, and the form may in liquid or capsule. The above is the opportunity for functional foods from the aspect of consumer’s demand. From the angle of supply, the earliest functional foods in Taiwan was first shown in unprofessional snack. In 70s Multi-level Marketing（MLM） become popular and make several fashionable functional foods, like pollen and glossy ganoderma. Because MLM is very suitable for selling functional foods, it was always a important channel, and even take 80% to 90% market share once. In the recent years, Taiwan’s foodstuff industry is at a standstill, and face a lot of competition in the market. This situation also happens to pharmaceutical industry, too. So there are some companies comes from these two industries try to upgrade themselves to get away from price competition. Functional foods is between drug and food, it becomes the great candidate product for them. That is why more and more companies go into functional foods market, and make the market become bustling. The scale of Taiwan’s functional foods market is essentially limited by its population. In 1997, Taiwan was also affected by the Asian Financial Crisis. In 1999, a new 「Health Foods Management ACT」was implement. It was commented for its unique definition and improper execution. And in 2001 Taiwan was allowed to join WTO, there were more and more import functional foods in the market. These facts made the Taiwan’s functional foods market in a standstill after a twenty-year rapid growth, and even the whole world market is still good. In order to break the bottleneck, functional foods makers keep to upgrade themselves. The rising “ Biotechnology” attracts the most of their attention. They hope to increase their product’s value-added, their advantage in competition and expend into new territory,「Biotech functional foods market」, by using new biotechnology. For vendors in traditional foodstuff industry and pharmaceutical industry, they are also very interested in「Biotech functional foods market」 because they can upgrade themselves to get away from price war in their current business. And also it is not so hard to get into 「Biotech functional foods market」with their current resource, and they can survive in this niche market before they go into high barrier bio-industry, like biotech medicine and gene engineering. This paper is trying to find out the strategy how to get into bio-industry for the vendors in traditional foodstuff and pharmaceutical industry. It propose that 「Biotech functional foods market」could be a niche market for them before they go into bio-industry. Several advice is also addressed in this paper for them how to succeed in the 「Biotech functional foods market」, and for the government how to help them to go into bio-industry. This paper also try to suggest the balance point between the encouragement and limitation from the government. Taiwan is becoming advanced age society and suffering from the growth in medical expenses. Functional foods can help people to prevent from many diseases. But in order to protect consumer, there should be a effect management for these functional foods, the government announce a new「Health Foods Management ACT」in 1999. Unfortunately, it was criticized for its unique definition and improper execution and made a big impact to the market. How to manage the health food market becomes a real issue. This paper begins with reference data analysis and try to find out bellows: 1. The overview and characteristics of both bio-industry and functional foods industry and then try to find the keys success factors(KSFs). 2. The challenge and opportunity for Taiwan to develop these two businesses. And then this paper using case study method to interview 3 standing vendors to have more detailed discussion. After compare the data with each other, this paper get proof to the (KSFs) got from the reference data analysis, and propose some suggestions and strategy for the vendors and government. Here are the conclusions : 1 To develop the bio-industry in Taiwan, there are a lot of challenges in front. The major ones are shortage of capital, lack of talent people, lag behind in technology, market strategy defocus, wrong channel choice, wrong product strategy, unsuitable mindset and some obstacle from government. 2 For the companies in traditional foodstuff and pharmaceutical industry, the best strategy to upgrade themselves to go into bio-industry is using roundabout approach. That is first to seek for a niche market to live on, and gather the khow-how to prepare for the higher biotechnology. There are 8 advices are addressed : develop relative technology, deepen market strategy, enhance the differentiation, reconstruct the mindset, raise and use capital efficiently, training for the employees, channel construction and position in value-chain. 3 The suggestions for the government are: improve the basic infrastructure, proper position in value-chain and revise the management rule reasonably. These could help to build up the new bio-industry in Taiwan and help traditional companies to go into this market. 4 The government should encourage the concept of “precaution is better than treatment “ to people and assist the health food vendors to grow. This would reduce the medical expenses.

碩士<br>雲林科技大學<br>商管專業學院<br>98<br>The products of biotech industry are closed link humanity’s safety while apply in the way of prophylaxes, diagnosis, therapy and rehabilitation. Meanwhile, it also the significant life commodity industry related national health, and considered as the degree of progress to national development. For instance, the higher gross national product usually recruits well-developed biotech industry such as western developed countries and Japan. The scope of biotech industry could encompass extensive range of medical products, and one of the mainstreams is medicine for human use. The scope of this study is focus on the orphan drugs which exercise to maintain rare disease’s life. This study tends to discuss the innovation profit chain of Taiwan biotech industry, and take orphan drugs as example to research through in-depth interview and secondary data then conclude ultimately as follow: 1. It still a great space for improving that biotech industry in Taiwan especially refers to orphan drugs while compare with developed countries. 2. Certain of successful orphan drugs enterprises have different operation between other medicines when they proceed marketing process. 3. Each value activity of orphan drugs should possess different abilities, endowments, knowledge then it may create returns. 4. Successful enterprises would be toward to active orphan drugs marketing to depart from the cutthroat price competition of prescription drugs category. Keywords: Rare Disease, Orphan Drugs, Innovation, Ability, Endowment, Knowledge

碩士<br>國立臺灣科技大學<br>工業管理系<br>99<br>China as the largest emerging market in the world becomes a potential place and attracts Multi-National Corporations (MNCs) to invest. However, MNCs were faced with unprecedented challenges and difficulties due to the complication and dynamic of China market. Understanding the characteristics of biotech pharmaceutical industry in China and how to enter China market becomes a fundamental issue. This study investigates biotech pharmaceutical industry and proposes a market entry model to China market. Besides, this study also discusses the core competencies when MNCs enter biotech pharmaceutical industry in China for extending their business successfully and surviving in market. Through analyzing the transcriptions form in-depth interview with experts who represented successful Multi-National Corporations in China market, this study classifies the critical factors for market entry model of biotech pharmaceutical industry. This study concludes with 2 results, the market entry model with two stages –“Market Entry Analysis” and “Market Entry Strategy” and the main Core Competencies as the element lead MNCs be successful in China.

碩士<br>國立臺灣師範大學<br>高階經理人企業管理碩士在職專班(EMBA)<br>103<br>Using “Biotech and New Pharmaceutical Development Act "to provide tax incentives to technology, personnel and funding to encourage manufacturers to invest biotech drug development. As at the end of April 2014, there have been 70 new biotechnology company have been determined, biotechnology over 163 items of new drugs. As new drugs are expected to biotech products approved for sale abroad, will help to improve our global market share of the biotechnology industry. This study with the Executive Yuan to promote "Taiwan biotech industry took off action plan", in addition to strengthening the industry value chain, the role of industrial development to complement the development of the biotechnology industry gap on the current; at the same time in response to domestic and international biotechnology industry trends, in order to development of specialty products, birth flagship company, expand investment three strategies; and with the government backbone enterprise, industry professionals rooted promoting measures such as the cross-strait bridge project, and the use of various investment incentives to accelerate the development of the biotechnology industry. In response to the competitive trends, expectations set by this study and further development strategy of Center Laboratories, Inc. In addition, by viewing the development of the biotechnology industry at domestic and international and to provide a reference and to learn from the company, hoping to form a specific reference to provide relevant decision-making body of the company and the industry, such as the time to develop strategies. This study will become a student of the internationally renowned high-quality specialty products and technical skills of medical professional manufacturers. Keywords:Taiwan biotech industry, Growth strategy analysis, Center pharmaceutical.

碩士<br>國立交通大學<br>管理學院管理科學學程<br>103<br>This study was designed to investigate the phases of clinical trials of Taiwanese biotech drugmakers announcement on whether biotech pharmaceutical companies generate significant abnormal stock return. The sample period ranges from 2002 to 2015 in Taiwan listed Biotech Pharmaceuticals Corporations. The 228 announcement date in clinical trials are collected. This study shows that during clinical trial announcement date, there is a positive abnormal return rate of 1.1728%, and study also found that the first phase of clinical trials (Phase I ) have higher abnormal returns than other stages of clinical trials. Investors will be more emphasis on new information on the market, reasonably accept their message believed, excluding part of the message he does not want to accept. This situation usually results in too far up or too far down the phenomenon of share prices. Our results are consistent with the viewpoints in De Bondt and Thaler (1985) that proposed overreaction theory, Daniel and Andrew (2010) that showed that people are interested in clinical trials which approach the time of the listing and Anurag and Nelson (2010) that indicated that the market value of drug development success.

碩士<br>國立彰化師範大學<br>企業管理學系<br>106<br>The pharmaceutical biotechnology industry is the brightest innovative industry in the 21st century. The industry covers “pharmaceuticals, medical equipment, and applied biotechnology.” All governments have vigorously promoted and fostered the development of the pharmaceutical biotechnology industry. Although Taiwan's small and medium-sized pharmaceutical companies have good technology but cannot compete with well-known foreign pharmaceutical companies because of various factors, and the scale of the Taiwan market is narrow, and the development of new drugs requires huge capital and research and development time, so many domestic pharmaceutical companies In order to respond to domestic medical needs, the production of generic drugs is necessary to make changes to move. This study takes the biotechnology pharmaceutical industry as an example, uses literature analysis to obtain the topic of expert questionnaires, and then uses the modified Delphi method to analyze and screen the facets,and integrates expert opinions to extract the key factors for the successful development of domestic biotech pharmaceutical companies. For reference by industry, as well as startups and other related institutions. 　　The results of the study show that the key factor for the success of China's biotech pharmaceutical companies is the project that places special emphasis on “research and development”. Secondly, the following suggestions should be included in the development considerations: 1. Striving for the government to imitate the importance of the biotechnology pharmaceutical industry in Europe and the United States, and increase investment in industrial development investment projects. 2. Operators should pay more attention to the listing of new drugs and research and development processes in various countries to avoid Produce similar R&D cases with peers. 3. The industry has a keen degree to observe the industrial situation, to think about how to strengthen its own value chain system and train stronger core competitiveness.

碩士<br>國立政治大學<br>智慧財產研究所<br>98<br>In the era of knowledge-based economy, the tangible assets highly-valued by traditional manufacturing industry is no more enough solely to maintain industrial competency. Intangible intellectual assets become more and more important in modern commercial competitions. The intangible assets exist and vary according to different industries. Traditional manufacturing industry looks highly upon trade secrets and brand reputation while patent is the core competency to high-tech companies. Biotech industry belongs to a high knowledge-intensive business and should emphasize more on the management of intellectual assets. Biotech industry is characterized of a complicated system, a long value chain, specialized divisions of labor, and a prolonged timeline of product development. The company assets before the successful commercialization of a product are usually intangible intellectual property and a biotech company during this period cannot be accurately evaluated from traditional financial reports. Hence, compared to other business, biotech companies should resort more actively to appropriate intangible intellectual asset management to achieve a successful redemption of its intellectual assets. This thesis will firstly through the literature study depict the current condition of Taiwan biotech industry and important issues on intellectual asset management and R&D management, inducing several principles of management. Further, the study proceeds with the principles induced to examine three new ventures in Taiwan, Taiwan Liposome Company (TLO), TaiMed Biologics, and InnoPharmax. The discussion will elaborate the practice of intellectual asset management of biotech industry in Taiwan, analyzing and comparing the accumulation of human capital, organizational capital, and relationship capital in the three cases. The study proposes that Taiwan biotech companies usually neglect the accumulation and management of R&D capacity and knowledge in the enterprise organization system. The companies in question invest their resources mostly on the development of new technology and less on other intellectual assets. However, in the long run, the competency of a biotech company accumulates while the organization develops, other than the financial capital and technology. The depreciation of knowledge management and organization system will cause fatal influences on the company. The cases in the thesis must eventually develop their own organizational capital. Biotech companies need to devise appropriate management for organizational capital and preferable career paths for researchers and engineers, to internalize the knowledge capacity of the research team into the company assets. It is not beneficial to a biotech company in the long run to expect financial supports with short-termed achievements, instead of the management and cultivation of intellectual assets. It is advised that other than hiring professional manager for investor relations, the biotech company should pay more attention to the function of CRO and CSO in the organization and sufficiently authorize them into full play. It should also focus on the operation of the organization, adjusting and devising program management to accumulate knowledge capacity, to firmly establish the core competency in a biotech company.

碩士<br>國立臺灣大學<br>會計學研究所<br>102<br>The Financial Accounting Standards Board (FASB) released a revised version of Statement of Financial Accounting Standards No. 141 (SFAS No. 141(R)) in December 2007. Accounting treatments of acquired in-process research and development (IPR&;D) in a business combination change from expensing to capitalizing as an indefinite-life intangible asset, and need to perform annual impairment test subsequently. Combining the above changes with the thriving M&;A activities trend in U.S. biotech and pharmaceuti&;#172;cal industry, this research will focus on the industry, summarize M&;A transactions including acquired IPR&;D capitalization happened in the period of 2009-2012 and inspect the appropriateness of acquired IPR&;D capitalization. Examination the association between impairment indicators and write-offs of acquired IPR&;D is also performed. Empirical results reveal that acquired IPR&;D amount and subsequent one-year operating cash flows are correlated significantly in the sample of 98 observations. Five impairment indicators are identified that being related with acquired IPR&;D impairment recogni&;#172;tion. This research also collects possible reasons that result in the impairment.

碩士<br>國立臺灣科技大學<br>工業管理系<br>98<br>This study has been conducted to answer a question “where is appropriate location in China 2nd tier cities (city level) for Companies to expand their market when they are required to overcome the competition in the 1st tier cities which is getting complex and able to expand their market?”. To answer the question, we conducted a qualitative research by combining depth interview, questionnaire survey, and Focus Group Discussion (FGD) embedded into 4 research processes which are (1) preliminary data collection through depth interview with 8 experts and literature review; (2) build the ANP components including the five city identification as the alternatives, important factors, clustering important factors to Benefits – Opportunities - Risks model through survey questionnaire with 56 experts in China which verified and validated by three experts in Taiwan; (3) construct the ANP model including the pair wise comparison and sensitivity analysis through the Focus Group Discussion with four experts in Taiwan; (4) wrap up the conclusion and research implication. Through step 1 to step 4, we underlined 5 cities from 13 cities used as the alternatives in the ANP model; defined 20 important factors; from the ANP - Benefit*Opportunities/Risks overall model, Chongqing came in first place and Suzhou ranked second. For final decision, we recommend to choose (1) Chongqing and (2) Suzhou as the first expansion location. However, this decision needs to be followed up by the company strategy to encounter risks in both cities which include the competition with MNCs and local player, dealing with cost of raw material and resources, statutory and effective tax rate, and also government efficiency problem and corruption.

碩士<br>國立高雄第一科技大學<br>科技法律研究所<br>98<br>The article will study the legal environments of the biotech and new pharmaceuticals industry and focus on the Act for the Development of Biotech and New Pharmaceuticals Industry. The result shows the related legal aspects about the local biotech and new pharmaceuticals industry has five kinds of laws and regulations including Constitutional Law, The Additional Articles of the Constitution, Science and Technology Basic Law, industrial development incentive regulations, intellectual property rights related regulations and pharmaceutical administration regulations. The differences between the Act for the Development of Biotech and New Pharmaceuticals Industry and other available regulations includes shareholders investment credits against payable income tax, the tax-defer practices of issuing new shares and subscription warrants for the top executives and technology investor. Comparing the other regulations, the Act for the Development of Biotech and New Pharmaceuticals Industry has little items of post-incentive programs and the degrees of incentive programs is not much favorite due to result-orientated practices. On the other hands, the Act for the Development of Biotech and New Pharmaceuticals Industry has some insufficiency and defectives, maybe the law making is rather hasty. It is not good enough and necessary to revise the contents or add additional incentive clauses to attract local professionals, know-how and capital to participate the biotech and new pharmaceuticals industry of Taiwan. Otherwise, considering most of the biotech and new pharmaceuticals industry locate on the Taipei City, incentive measures of Taipei City such as more tax exemptions and subsidiaries may be thought as more practical and useful.

碩士<br>國立交通大學<br>財務金融研究所<br>107<br>This study explores the impact of the “Act for the Development of Biotech and New Pharmaceuticals Industry” (the ACT) on firm value. We examine the impact from 2 perspectives: (I) intra-industry comparisons: the benefitted firms (firms approved for the ACT) are compared with the non-benefitted firms (II) inter-industry comparisons: biotechnology industry is compared with the high-technology industry. The data are collected from the TEJ database for the periods 2002-2017, and we use Tobin’s Q and B/M ratio as our proxies for firm value. This study employed the propensity score matching methods in conjunctions with the difference-in-differences methods for analysis, aiming for a less biased treatment effect. We also run the ordinary least squares regression to capture the ACT’s effect. The empirical results are as follows: (I) intra-industry comparisons: the benefitted firms are better off from the ACT and (II) inter-industry comparisons: the ACT is beneficial to the biotechnology industry. The empirical results support our hypothesis. To investigate the differences among subsample sections, we also split our data based on the criteria such as the category classification, Tobin's Q, and firm scale. The results of subsample analysis are as follows: (I) intra-industry analysis: biotechnology firms in the pharmaceutical category with small Tobin's Q can capture the positive effect of the ACT and (II) inter-industry analysis: firms with a smaller scale can capture the ACT’s positive effect. In summary, the ACT is helpful for both the benefitted biotechnology firms and the biotechnology industry, aligning with the legislative intent.

碩士<br>國立交通大學<br>財務金融研究所<br>107<br>This study examines the impact of the Act for the Development of Biotech and New Pharmaceutical Industry, which was enacted in 2007. We explore the change in the operating performance (ROA, ROE, and, ROS) of the biotech industry and high-tech industry. We select a total of 18,065 firm-year including the listed firms of the biotech industry and high-tech industry from the period between 2002 and 2017. In our paper, we first find the control firms for the treated firms by using propensity score matching (PSM). Then, we use the difference-in-difference method and OLS regression to explore the influence of the Act. On the part of intra-industry, the results are consistent to show that only ROA of approved companies has a significant increase after they obtained the benefit from the Act. In the subsample analysis, we find that the significances of the increasing ROA come from the small-sized firms and pharmaceutical firms. Compared to the high-tech industry, the ROA and ROS of the biotech firms are significantly improved after the Act enacted. In addition, we find that the significances of ROA are from the medium-sized firms instead of small- or large-sized firms. In short, from the operating performance perspective, there is evidence to suggest that the Biotech Act is an effective policy to foster the development of the biotech industry.

碩士<br>國立交通大學<br>財務金融研究所<br>107<br>In order to promote the development of the biotech industry in Taiwan, Act for the Development of Biotech and New Pharmaceuticals Industry was enacted in 2007 and R&D tax credit for eligible biotech firms was introduced. Since the enactment of the Act till now, 134 biotechnology and new pharmaceuticals corporations enjoyed the benefits of it. At the end of 2021, the Act will come into end. This study explores tax incentives of the Act relations with innovation activities. R&D expenditure is defined as innovation input and patent application, patent citation, patent adjusted citation and Citation/Application are proxy of innovation output. In this research, Propensity score matching method and Difference-in-difference test are used, which eliminate exogenous influence and present more trustworthy results about the efficacy of policy change. Regression analysis is conducted to reexamine results. We compare the innovation performance of eligible biotech firms with matched ineligible biotech firms and matched high-tech firms. The result suggests that the Act effectively stimulates eligible firms to increase their innovation input. Besides, firms are separated into subsamples based on R&D intensity and subindustry for intra-industry study and firm size for inter-industry study to find out the most influenced category by the Act. We find the Act has a stronger impact on innovative input for firm in low R&D intensity and pharmaceutical subindustry in intra-industry study. In inter-industry study, the Act has a stronger impact on innovative input when firm in small scale. Concerning quality of innovative output measured by adjusted citation, only eligible firms in inter-industry study are stimulated by the Act. Furthermore, we find the Act has a stronger impact on adjusted citation for companies with big scale. Overall, the results of quality of innovation output measured by adjusted citation are not consistently significant.

碩士<br>國立臺灣大學<br>會計學研究所<br>96<br>With the aim of putting Taiwan on the map with advanced biotechnology and rejuvenating the nation''s economy, our government announced The Biotech and New Pharmaceutical Development Act on July 4, 2007. The rules for the Act indicates that companies which engage in research, development, and manufacturing of New Drugs and High-risk Medical Devices used by human beings, animals and plants would enjoy extremely favorable tax breaks and rent control policies, which could foster growth in the time-and-money-consuming industry. This study uses event study method to examine the stock market reactions towards the announcement of The Biotech and New Pharmaceutical Development Act and uses a regression model to explore the relations between abnormal stock returns and firm characteristics. In addition, problems encountered within the industry are revealed in the study and some comments and suggestions on the regulation are made. The empirical research demonstrates that the stock market reacted positively to the announcement of The Biotech and New Pharmaceutical Development Act, suggesting that the policy is regarded as an effective measure to foster growth of the local biotech and pharmaceutical industry. Moreover, the results of the regression model shows: (i) Companies with higher R&D density ratios tends to have greater abnormal stock returns. (ii) Companies with more patents seem to have greater abnormal stock returns during the period of the event, but not statistically significant. (iii) Finally, companies with greater growth ratios in operating profit and higher foreign capital appear to have less abnormal stock returns which is against the hypothesis.