資本結構、所有權結構與成本效率之研究－以台灣生物科技產業為例

On Capital Structure, Ownership and Cost Efficiency: A Case Study from Taiwan's Biotechnology Industry

10.6985/TBFQ.200709.0045

葉彩蓮(Tsai-Lien Yeh)；陳澤義(Tser-Yieth Chen)；陳晴榆(Ching-Yu Chen)

cost efficiency ； capital structure ； agency cost ； biotechnological industry

台灣金融財務季刊

8卷3期（2007 / 09 / 01）

45 - 64

繁體中文

本研究採用Berger and Patti(2002)的代理成本理論模式，將之修正運用在台灣生技產業分析上。即針對台灣44間生技相關廠商，建立超越對數函數型態的隨機成本模型，估計其2001年到2004年的成本效率，並以成本效率值作為公司績效指標，分析它與資本結構、所有權結構、公司風險、市場集中度與研發費用等變數之間的關聯性。 研究結果發現：1.適當的提升負債比率，有利於降低生技廠商管理者與股東之間的代理成本；2.增加管理者持股比率，可提升生技廠商的績效；3.生技產業的公司風險與市場集中度對公司績效有顯著負向的影響，而對資本結構為顯著的正向影響；4.生技產業存在研發費用的遞移效果，研發費用與公司的績效為正相關，而與資本結構則呈現負相關。

This study estimates the cost efficiency among 44 biotechnology firms during 2001-2004 by way of the translog random cost function model. We further employ the cost efficiency as the firm performance, and analyze the causal relationship with capital structure, ownership type, firm risk and market concentration, and R&D expenses. The results show that: first, the agency cost between managers and stockholders of biotechnology firms can be reduced through raising their debt ratio. Second, the firm performance can be enhanced through enlarging the stock holding ratio of managers. Third, the firm risk and market concentration will have a marked negative influence on the firm's performance, but will tend to have a clear positive effect on the firm's capital structure. Fourth, the distributed-lag effect of R&D expenses in the biotechnology industry is still in existence: the R&D expenses will promote firm performance but negatively impact capital structure.

1. 邱永和、胡均立、曹嘉麟(2003)。台灣生物科技廠商之成本效率分析。農業與經濟，31，55-78。
   連結：
2. 洪榮華、陳香如、王玉珍(2005)。公司內部治理機制與公司績效之關係－股權結構與董事會特性的觀點。輔仁管理評論，12(3)，23-40。
   連結：
3. Agn, J. S.,R. A. Cole,J. W. Lin(2000).Agency Cost and Ownership Structure.The Journal of Finance,55,81-106.
4. Berger, A. N.,E. B. D. Patti(2002).Capital Structure And Firm Performance: A New Approach To Testing Agency Theory And An Application To The Banking Industry.Finance And Economics Discussion Series 2002, 54/ Board of Governors of The Governors of The Federal Reserve System, Repec: Fip: Fedgfe: 2002~54.
5. Berger, A. N.,R. DeYoung(1997).Problem Loans and Cost Efficiency in Commercial Banks.Journal of Banking and Finance,21,849-870.
6. Berger, A. N.,T. H. Hannan(1998).The Efficiency Cost of Market Power in the Banking Industry: A Test Of the "Quiet Life: and Related Hypotheses.Review of Economics and Statistics,180,454-465.
7. Berger, P. G.,E. Ofek,D. L. Yermack(1997).Managerial Entrenchment and capital StructureDecisions.Journal of Finance,52(4),1411-1438.
8. Chen T. Y.,T. L. Yeh(1998).A Study of Efficiency Evaluation in Taiwan's Banks.International Journal of Service Industry Management,9(5),402-415.
9. Clark, J. A.,T. F. Siems(2002).X-Efficiency in Banking: Looking Beyond the Balance Sheet.Journal of Money, Credit, and Banking,34(4),987-1013.
10. Coelli T. J.,Rao S. Prasada,G. E. Battese(1998).An Introduction to Efficiency And Productivity Analysis.Boston:Kluwer Academic.
11. Coelli T.J.(1992).A Computer Program For Frontier Production Function Estimation: Frontier, Version 2.0.Economics Letters,39,29-32.
12. DeCarolis D. M.,David L. Deeds(1999).The Impact of Stocks and Flows of Organizational Knowledge on Firm Performance: An Empirical Investment of The Bio technology Industry.Strategic Management Journal,20(10),953-967.
13. DeYoung, R.(1997).A Diagnostic (1997), "Test for the Distribution-Free Efficiency Estimator: An Example Using U.S. commercial Bank Data.European Journal of Operational Research,98(2),243-249.
14. Deyoung, R. K.,K. Spong,R.J. Sullivan(2001).Who's minding the Store? Motivating and Moitoring Hired Managers at Small, Closely Held Commercial Banks.Journal of Banking and Finance,25,1209-1243.
15. Fogelberg, L.,J. H. Griffith(2000).Control and Bank Performance.Journal of Financial and Strategic Decision,13(3),63-69.
16. Fuentes R.,M. Vergara(2003).Explaing Bank Efficiency: Bank Size or Ownership Structure?.NEP-CBA-2003-03-25.
17. Hall, L. A.,B. S. Sharmistha(2002).A Study of RandD Innovation and Business Performance in the Canadian Biotechnology Industry.Technovation,22,231-244.
18. Han, K. C.,S. H. Lee,D. Y. Suk(1999).Ownership Structure and Firm Performance: International Evidence.Multinational Business Review,7(1),92-97.
19. Harvey, C. R.,K. V. Lins,A. H. Roper(2004).The Effect of Capital Structure When Expected Agency Costs Are Extreme.Journal of Financial Jconomics,74,3-30.
20. Hovakimian A.,G. Hovakimian,H. Tehranian(2004).Determinants of Target Capital Structure: The Case of Dual Debt and Equity Issues.Journal of Financial Economics,71,517-540.
21. Jagtiani, J.,A. Khanthavit(1996).Scale and Scope Economics at Large Banks" Including Off-Balance Sheet, Products and Regulatory Effects (1984-1991).Journal of Banking and Finance,20,1271-1287.
22. Jensen, M. C.(1986).Agency Cost of Free Cash Flow, Corporate Finance and Takeovers.American Economic Review,76,323-339.
23. Jensen, M. C.,R.S. Ruback(1983).The Market for Corporate Control: The Scientific Evidence.Journal of Financial Economics,11,5-50.
24. Jensen, M. C.,W. H. Meckling(1976).Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure.Journal of Financial economics,3,305-360.
25. John, Kose,L. W. Senbet(1998).Corporate Governance and Board Effectiveness.Journal of Banking and Finance,22(22),371-403.
26. Mohd, M. A.,L. G. Perry,J. N. Rimbey(1998).The Impact of Ownership Structure on Corporate Debt Policy: A Time-series Cross-sectional Analysis.The Financial Review,33,85-98.
27. Morck, R.,A. Shleifer,R. W. Vishny(1998).Management Ownership and Market Valuation: An Empirical Analysis.Journal of Financial Economics,20,293-315.
28. Morck, R.,B. Yeung(1991).Why Investors Value Multinationality.The Journal of Business,64(2),165-187.
29. Myers S. C.(1984).The Capital Structure Puzzle.Journal of Finance,39(3),575-592.
30. Myers S. C.(2001).Capital Structure.Journal of Economic Perspectives,15(2),81-102.
31. Qian G.,L. Lee(2003).Research Notes and Commentaries Profitability of Small and Medium-Sized Enterprises in High-Tech Industries: The Case of the Biotechnology Industry.Strategic Management Journal,24,881-887.
32. Roger, K. E.(1998).Nontraditional Activities and the Efficiency of US Commercial Banks.Journal of Banking and Finance,224,467-482.
33. Safieddine, A.,S. Titman(1999).Leverage and Corporate Performance: Evidencefrom Unsuccessful Takeovers.Journal of Finance,54,547-580.
34. Sathye M.(2001).X-Efficiency in Australian Banking: An Empirical Investigation.Journal of Banking and Finance,25(3),613-630.
35. Shepherd, W. G.(1997).The Economics of Industrial Organization.N.J.:Prentice-Hall.
36. Sie ms, T. F.,J. A. Clark(1997).Rethinking Bank Efficiency and Regulation, How Off-Balance-Sheet Activities Make a Difference.Federal Reverse Bank of Dallas Financial Industry Studies,December,1-12.
37. Stiroh, K. J.(2000).How Did Bank Holding Companies Prosper in the 1991s.Journal of Banking and Finance,24,1703-1745.
38. Titman S.(1984).The Effect of Capital Structure on a Firm's Liquidation Decision.Journal of Financial Economics,13,137-151.
39. 黃偉倫、許美玉(2005)。台灣農業作物生產效率之研究－資料包絡法與Malmquist生產力指數之應用與修正。台灣土地金融季刊，42(2)，85-107。
40. 葉銀華、柯承恩、蘇裕惠(2000)。中小企業財務結構與經營績效關係之研究。中山管理評論，8(2)，303-323。
41. 戴錦周、嚴月玲(2004)。資本結構、股權結構、股利政策與公司價值之互動關係－以1997至2001之台灣上市公司為例。台灣銀行季刊，55(4)，295-315。

1. 鄭秝穎(2017)。股權結構、資本結構、股利政策與台灣網絡通訊公司績效之研究。臺中科技大學財務金融研究所碩士班學位論文。2017。1-58。