The Relationship Between Research and Development, Patent, and Market Value in Biotechnology Industry

• Main Authors: Wu,Chiu-Mei, 吳秋梅
• Other Authors: Roan,Jin-sheng
• Format: Others
• Language: zh-TW
• Published: 2012
• Online Access: http://ndltd.ncl.edu.tw/handle/18740738225836006810

碩士 === 國立中正大學 === 會計與資訊科技研究所 === 101 === This study focuses the relationship between the market value and research and development activities(R&D). Besides, this study explores the patent can bring the benefits for stock price. After TAIWAN participated in the World Trade Organization (WTO), the challenges are from the capital and technology of foreign enterprises. Especially, the characteristic of long value chain, high-risk, high cost of research and development are belong to high knowledge based content in the biotech medical industry. So the R&D investment is accounted for mostly the form of a “expense” before the products to market. Once the results of R&D can be specifically implemented, the company will consolidate its R&D achievements by the protection and management of intellectual property. Based on appropriate planning and management after R&D results generated by the patents, companies can keep a stronger competitive advantage. This study used the listed of OTC biotech and medical companies in Taiwan from 2001 to 2011. This study aims on the effect between the stock price, R&D investment, patent quantity and types. In order to facilitate the analysis, most of the R&D expenditure is recognized in the current period of R&D expense. Using patent quantity and types analyze whether they are effective indicators. The R&D investment will affect its current operating performance and market value, if the patent are available. The results showed that R&D investment, patent quantity and types will produce positive effects on business performance. The findings of this research can be a reference for practitioners and researchers.