我國政府將生物科技產業列為國家級重點發展的產業之一，生技產業擁有低污染、投入大量資本、高素質的生技人才、高經濟報酬、高研發費用等特色。本研究目的主要探討生技產業財務績效與股價績效，納入兩個主要變數研發費用與員工分紅，是否研發費用與員工分紅對財務績效或是股價績效有所影響。本文針對2001年至2006年間，台灣14家上市、上櫃之生技相關廠商為樣本，首先以Pearson檢定探討財務績效與股價績效是否有關連性，再以固定效果模型及隨機效果模型進行縱橫資料迴歸分析，衡量我國生技產業研發費用與員工分紅是否有助於其財務績效與股價績效之提升。實證結果顯示：財務績效與股價績效呈正相關，顯示財務績效較佳的公司會反應在股價績效上。再者，生技廠商增加研發費用和員工分紅會增進其財務績效；且無形資產增加和員工分紅，皆能提高生技廠商財務績效與股價績效。綜合以上，顯示生技廠商應重視研發費用和員工分紅制度有助於提高生物科技產廠商之財務績效與股價績效。 In Taiwan, the biotechnology industry is one of the most important industries because it owns the characteristics of low pollution, large capital, high-quality, high economic returns, and high R&D expenses. The purpose of this research is to investigate the relationship between financial performance and stock performance of the biotech industry in Taiwan as well as the degree of influence that research and development (R & D) expenses and profit bonus has on the financial performance or stock performance. We collected data of the fourteen listed or over-the-counter biotech-related firms in Taiwan from year 2001 to 2006. The procedure of this research is the following: First, the relationship of financial performance and stock performance is analyzed using Pearson test. Second, to evaluate whether or not R & D expense and profit bonus affect the financial performance and stock performance in these biotech companies, both the fixed-effects model and random-effects model are utilized to perform the analysis. Our results indicate that there is a positive relationship between financial performance and stock performance. Furthermore, increments in R & D expense and profit bonus have helped to construct a better financial performance and increments in both the intangible asset and profit bonus have helped to raise stock performance. This finding suggests that the managers of biotech companies should emphasize R&D and profit bonus in order to enhance the operating performance.
