The Study of Financial Structure and Financing Abilities on Biotechnology Industry in Taiwan

• Main Authors: Hung-Che - Lin, 林宏哲
• Other Authors: Chang-Pying Shieh
• Format: Others
• Language: zh-TW
• Published: 2016
• Online Access: http://ndltd.ncl.edu.tw/handle/04418364655698764442

碩士 === 國立臺灣科技大學 === 財務金融研究所 === 105 === This paper select the biotech industry as the topic, which is seemed as a super-star industry in the 21st century. By reviewing the current status of this industry, financing characteristics and the protection of intellectual property rights in biotech industry, traditional capital structure theory and the researches about the impact between financing strategy and corporation innovation, this paper try to find the optimal corporate financing strategies in different conditions and stages of the biotech companies. Biotechnology industry is different from the general industry with high business risk, long time and large investment and long-term financial return. This study selected 395 publicly-listed biotech samples in Taiwan from 2011 to 2015 and divided them into three sub-industries. Then this study analyzed the financing profiles and capital structure of these samples. Finally, it is concluded that Taiwan stock market generally gives high valuation for biotech stocks. And the encouragement of Taiwan's biotechnology industry policy allows many unprofitable biotechnology companies to raise funds from the stock market. Secondly, In Taiwanese biotech enterprises the intangible assets proportion in net value, net value growth ratio, operating income, fixed assets and tax rate are direct proportional to the debt ratio. R & D expenses, ROA and market value are inversely proportional to the debt ratio. The industry characteristics of Taiwan's biotechnology industry include high intangible asset accumulation, high intellectual property rights protection, large business risk, long development cycle and long financial return period. As a result, its financing strategy has its own industrial characteristics compared with other traditional industries.