题名

研發創新成本：台灣生技產業的研發投資與高現金持有水準之現象

并列篇名

The Cost of Innovation: R&D and High Cash Holdings in Taiwan Biotechnology Industry

DOI

10.6160/SYSMR.202103_29(1).0001

作者

蕭育仁(Yu-Jen Hsiao)；羅德謙(Te-Chien Lo)；楊念慈(Nien-Tzu Yang)；陳俊文(Chun-Wen Chen)

关键词

研究發展費用 ； 現金持有水準 ； 生技公司 ； R&D ； Corporate Cash Holding ； Biotechnology Companies

期刊名称

中山管理評論

卷期/出版年月

29卷1期（2021 / 03 / 01）

页次

11 - 32

内容语文

繁體中文
中文摘要

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。
英文摘要

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.
主题分类 社會科學 > 管理學
参考文献
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被引用次数
  1. 林詠庭,王茂昌(2022)。臺灣生物科技產業之公司治理、研發支出與企業績效的關聯性：運用聯立方程模型。會計與公司治理，17(2)，1-22。
  2. (2023)。租稅不確定性對現金持有及研發支出之影響：預防性動機觀點。會計與公司治理，18(2)，61-89。
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