本文以2003~2015年間，臺灣地區生技與醫藥產業17家公司的縱橫資料為樣本，實證估計該產業整體的投資行為。估計結果如下：Tobin’s q對投資比的影響並不顯著，而現金流量與新債務比具有顯著的負面影響。然而，近五年來Tobin’s q 的影響轉為顯著的正向。最後，就各變數對投資比的貢獻度而言，近五年來現金流變動居首位。

This thesis takes the penal data from 17 companies in Taiwan’s Biotechnology and Medicine industry as sample to estimate their investment behavior. The estimated results have shown that Tobin’s q does not significantly affect the investment ratio, while cash flow ratio and new debt ratio brings about significant effects with wrong signs during the period between 2003 and 2015. However, the sign of Tobin’s q has turned into significantly positive during the recent five years. Finally, is so far as the contribution to investment ratio is concerned, cash flow has played the most important role recently.

目錄

中文摘要I
英文摘要II
目錄III
表目錄IV
圖目錄V

目錄
第一章 緒論 1
第一節 研究動機 1
第二節 生技與醫藥產業概況 4
第三節 本文研究架構 18
第一節 企業廠商投資行為總論 19
第二節 投資資金融通問題 20
第三節  實證研究與結果 24
第三章 研究方法 27
第一節 實證投資方程式設定 27
第二節 影響近年企業投資之因素衡量 28
第四章 實證估計結果 30
第一節 資料來源與敘述統計 30
第二節 基本模型估計結果 32
第三節 各解釋變數貢獻度分析 36
第五章 結論 41
參考資料 43
附錄：樣本公司基本資料 45

表目錄
表 一 製醫產業分類及產品 7
表 二 應用生技產業分類及產品 7
表 三 2014~2015年我國生技醫藥產業現況 9
表 四 2011~2016年我國製藥產業之產值統計及推估 10
表 五 2011~2015年我國製藥產業進出口情形 12
表 六 醫療器材產業分類及產品 15
表 七 資料名稱與來源 30
表 八 敘述統計 31
表 九 基本模型估計結果 34
表 十 固定效果模型下延伸基本模型的估計結果 38
表 十一 近五年四種解釋變數對投資比貢獻度分析 39
 
圖目錄
圖 一 中華民國GDP成長率 1
圖 二 中華民國民營企業固定資本形成年增率 2
圖 三 中華民國醫療保健及社會工作服務業產出對GDP成長貢獻度 3
圖 四 醫療保健及社會工作服務業固定資本形成毛額 3
圖 五 產業範疇架構圖 6

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