Biotech EMBA, College of Management, Taipei Medical University; Department of Finance, National Dong Hwa University; Department of Business Management, National United University; Department of Finance, National Dong Hwa University
台灣上市生技公司普遍具有較高之現金持有水準，本研究探討台灣上市生技公司的研發費用對此現象之影響。實證結果發現研發費用率與公司現金持有水準呈現顯著正相關，另外，除了企業特徵對現金持有水準具解釋力外，公司持有現金敏感度隨著時間演進也會影響公司現金持有水準。本研究進一步發現，在台灣生技產業中，製藥類的研發費用率與公司的現金持有水準呈現較為顯著的正向關係。
(150_M60580c447c4f1_Abs.pdf(檔案不存在))研究發展費用、現金持有水準、生技公司
We observe that biotechnology companies in Taiwan tend to have higher cash holdings, and we attribute this phenomenon to their needs of R&D expenses. Accordingly, we document a significantly positive relation between cash holdings and R&D expenses, and we show that the sensitivity of cash holdings is time-dependent. Further analyses indicate that the positive relation between cash holdings and R&D expenses exists mainly among pharmaceutical companies.
(150_M60580c447c4f1_Abs.pdf(檔案不存在))R&D, Corporate Cash Holding, Biotechnology Companies
生物技術產業是以研發創新為本之產業，相較其他產業而言，具有產品開發期長、投資金額龐大、風險高、屬知識及技術密集整合科技、須跨領域整合、產業結構複雜且價值鏈長、專業分工精細、以研發為導向，屬前瞻研究之技術，無形資產價值高等特性。目前台灣生技產業以中小型企業為主，對公司而言，如何具備足夠的資金以支持到研發項目的完成為相當重要之議題，也因此台灣生技公司普遍具有較高之現金持有水準。本文採用實際數據，發現台灣生物科技公司普遍持有大量之現金，並論證此高度現金持有比率取決於該企業的研發創新程度，我們同時發現公司的現金持有比率呈現逐年上升的趨勢，但此上升趨勢在高研發支出的公司更加明顯。進一步考慮子產業之屬性差異，我們發現僅有製藥類公司的研發投資水準能解釋公司的現金比率，反觀醫材類公司的研發投資水準與其持有現金比率並無明顯的關聯性，此現象之可能原因為醫材類公司可歸屬於製造業的範疇，相對能夠提供明確價值的擔保品，因此較易取得外部融資，而不需要透過現金持有來籌備其研發投資所需的資金。 本研究之結果提供台灣生物科技公司之管理階層在現金持有政策上之重要參考依據，跨時的現金持有水準現象與子產業間之差異性，亦提供經理人進行管理決策時更多面向之思維。另一方面，本研究之結論亦提供投資人觀察生技投資標的時之參考建議，當觀察到生技類股持有高比率的現金時，應判斷投資標的屬於何種類型之公司：製藥類、應用生技類或醫材類公司，若該公司屬於製藥類，則高現金持有比率可能代表公司需要現金去支應研發支出，若該公司屬於醫材類，則其現金持有比率較高時，現金存量之用途並非是為了研發支出。投資人可以此來判斷該標的持有高比率現金是否合理，據以做出投資決策。
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