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題名 | 研發密集度對評價模型之影響--以臺灣生技業為例=The Effects of R&D Intensity on Valuation Models--Taiwan Biotechnology |
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作者 | 鄭雯芳; 朱靜眉; 謝淑玲; 戴志璁; Cheng, Wen-fang; Chu, Ching-mei; Shieh, Shu-ling; Tai, Chih-tsung; |
期刊 | 全球商業經營管理學報 |
出版日期 | 20180900 |
卷期 | 10 2018.09[民107.09] |
頁次 | 頁99-107 |
分類號 | 469.5 |
語文 | chi |
關鍵詞 | 評價模型; 研究發展; 生物科技; Valuation model; Research development; Biotechnology; |
中文摘要 | 企業評價目的在於進行金融投資時,幫助投資人瞭解所投資的商品,應用適當的評價模型進行分析,以反映金融資產在特定時點之價值,有助於降低投資風險。由於創新導向的生物科技產業,其研發創新能力對企業價值影響甚鉅,因此本文以重視研發的台灣上市櫃生技醫療業為研究對象,瞭解研發密集度差異是否會影響各評價方法的預測效果。研究結果顯示未加權市價帳面價值法為生技資療業最佳評價模式,而研發密集度最小的群組預測準確度最高。而隨著研發密集度越高,風險及不確定性也越高,雖越難進行股票評價,但並不意謂其預測準確度會最低。 |
英文摘要 | Business valuation lets investors know about what they invest in and apply appropriate valuation models to analyze the value of financial assets at specific times as to reduce investment risks. For an innovation-oriented biotechnology industry, R&D and innovation capability have great impact on business valuation. Therefore, this study focuses on Taiwan's biotechnology and medical industries. We explore whether the differences in R&D intensity will affect the predictive effect of each evaluation method. The results show that the unweighted market-book value method is the best evaluation model for the biomedical industry. The group with the lowest R&D intensity has the highest accuracy. As R&D intensity is higher, its risk and uncertainty are also higher. Although it is more difficult to evaluate stocks, this does not mean that its prediction accuracy will be the lowest. |
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