各國視生技產業為未來發展的關鍵產業，並積極推動各項政策，使生技產業能快速成長，而生技醫藥市場是促成全球生技產業成長的主要動力，為了增加我國的競爭力，希望藉由與鄰近國家醫藥產業的比較，能更了解台灣生技醫藥產業經營績效。 本研究採用Battese and Coelli (1995)隨機成本邊界法，針對2002-2007年間，日本、南韓、中國、印度與台灣等五個國家，共61家生技醫藥廠商進行實證分析，研究結果如下：(1)研發密集度增加使成本效率降低，五個國家裡，日本最具成本效率。(2)產業平均成本效率值為0.855，且有逐年惡化的趨勢。(3)整體產業平均處於遞增規模報酬階段。(4)整體而言，總要素生產力(TFP)的提升主要是因為規模成分的貢獻，其次為技術的進步，而技術效率變動率對TFP成長率為負影響。(5)各國間雖然TFP變動率不存在顯著性差異，但在規模成分、技術變動率與技術效率變動率等方面存在著顯著的差異。 / Many countries regard biotechnology as a key industry for the future development. Governments often implement a variety of policies to help it grow rapidly. The biotech pharmaceutical industry is the main momentum for the growth of the global biotech industry. The objective of this paper is to measure the productivity and efficiency of the industry among Asian countries, and investigates the sources of the performance changes, and then hope to give some insight into the enhancement of the industry’s productivity. To pursue our goal, we adopt Battese and Coelli’s (1995) stochastic frontier approach to assess 61 biotech pharmaceutical firms during 2002-2007. The main empirical results can be summarized as follows: (1) The R&D intensity is negatively related to cost efficiency; in five countries, Japan has the highest cost efficiency. (2) On average, the cost efficiency is about 0.86, and has become worsen year after year. (3)Most of time, the industry is characterized with the increasing returns to scale. (4) The growth of total factor productivity (TFP) is mainly attributed to the scale efficiency change, and technical progress accounts for a minor source. However, technical efficiency deteriorates over time. (5) Among countries, the TFP growth rates have no significant differences, but the components show apparent differences.

近年來中國大陸以其廣大的市場及較低的人力成本優勢，成為外資及台商競相投資的市場，台灣各產業莫不以進入中國市場為營運發展的重要目標。國內生技製藥產業在這一波投資中國熱中，也嘗試從生產、銷售、行銷、代工及研發等不同面向切入，以掌握商機及尋求企業的永續經營與成長。 本論文著眼於研究台商生技製藥公司在進入中國大陸市場時，所選擇的海外直接投資之進入模式分析。並以John H. Dunning對外投資之折衷理論為研究架構，從「所有權優勢」、「區位優勢」及「內部化優勢」等構面，來分析台灣生技醫藥公司的中國市場進入模式。藉由國內生技製藥公司的企業訪談及上市櫃公司公開資訊的分析，以及次級資料與公開報導的整理，以瞭解台商生技製藥公司在大陸的直接投資進入模式及影響投資決策的關鍵因素及公司優勢。 本研究共訪談國內四家生技製藥公司。研究發現，生技製藥台商在中國市場的進入模式選擇，主要可能受到區位優勢決定因素的影響，而決定因素則可分為市場導向、資源取得導向及風險評估等三項。本研究將有助於瞭解國內生技製藥業，在中國進行跨國經營與投資的決策考量，並裨益國際企業領域及國際策略管理的理論與實務發展。 / Over the past years, China has attracted much investment from Taiwan companies and foreign companies due to its advantages of board markets and low-cost labors. Companies in Taiwan also set “enter China market “as a goal in their business planning. Upon this wave of “Invest China fever” , the domestic Biotech & pharmaceutical companies have no doubt approached their business target by entering China market through different operations, that is, production, sales, marketing, out-sourcing, and research & development, etc to catch the opportunities and sustainable growth of business The objectives of the study were to analyze the entry mode of China market Taiwan biotech & pharmaceutical companies have conducted their foreign direct investment (FDI). Based on the theory of the eclectic paradigm of FDI initiated by John H. Dunning as a research framework, from the perspectives of Ownership advantages, Location advantages, and Internalization advantages, the analysis for the entry mode of FDI and the Key factors as well as company advantages to affect the decision were employed to examine both the primary data and secondary data. Primary data consisted of the interviews of domestic pharmaceutical companies and the data statistics from the Market Observation Post System (Taiwan stock market). Meanwhile, secondary data was collected from the news and the reports of the journals, magazines, and the websites. Four Biotech-pharmaceutical companies were interviewed in this study. The result shows that Location advantages may be the major factors for FDI in China of Taiwan companies. The factors consist of market -oriented, resources -oriented, and risk assessment factors. This study will contribute the strategic considerations for Taiwan international companies that operate foreign Biotechnology and Pharmaceutical business in China. This study also suggests the strategy for the international business and international management both in theory and the practice.

新藥研發是台灣生技發展的重點產業。新藥研發一般具有高投資、高風險與研發期長的特性。因此，有些公司會透過多角化的策略來分散風險。不過，在有限的資源與人力下，發展多角化的產品通常是個極具挑戰的任務。因此，本研究針對新藥研發公司，就其採取多角化的動機與策略來加以探討。 此外，在知識經濟的時代，知識已成為企業最重要的資產，如何透過有效的知識管理以提昇組織知識的價值，則是企業所重視的關鍵性議題之一。新藥研發屬知識密集產業，知識管理對於公司相當重要。因此本研究亦從知識特性的觀點（路徑相依度、不確定程度與競爭衝擊程度）來探討其對知識管理的影響。 本研究在方法上採取多重個案研究的方式，透過深入個案訪談與次級資料收集，所得到的結論如下： 1. 台灣新藥研發公司選擇多角化策略的動機相當多元。 2. 台灣新藥研發公司多角化的動機與多角化目標領域之路徑相依度有關。 3. 台灣新藥研發公司多角化目標領域技術知識的路徑相依度與競爭衝擊程度會影響其技術知識吸收的方式。 4. 台灣新藥研發公司多角化目標領域技術知識的路徑相依度會影響其組織設計、分工與人員式知識擴散的對象。 5. 台灣新藥研發公司進行多角化產品研發時，其知識蓄積活動上傾向於採取「機械-整合式」的蓄積方式。 / New drug development industry is one of the key biotech development areas in Taiwan. The nature of new drug development involves high investment, high risk and long development time. As a result, some companies develop diversification as a strategy to reduce the risk. However, the scarcity of resource and manpower makes developing diversified products particularly challenging. This study would focus on why these companies choose diversification strategy and which strategies they develop. Knowledge management is very important for companies in research-intensive industry. This study would also explore how the companies practice knowledge management on its diversified projects. In addition, this study uses technological knowledge characteristics (path dependence, degree of uncertainty, and competitive position) to analyze the effect upon knowledge management process. In this study, multiple case study method to take the way through in-depth case interviews and secondary data collection, the conclusion is as follows: 1.The reasons why new drug development companies in Taiwan underwent diversification vary a lot. 2.Synergy motivation of new drug development companies in Taiwan will affect the path dependence of technological knowledge in target areas for diversification. 3.Path dependence and competitive intensity of technological knowledge in target areas for diversification will affect the way of technical knowledge acquired in Taiwan’s new drug development companies. 4.Path dependence of technological knowledge will affect the organizational design, the division of labor and object of personnel-type knowledge diffusion 5.New drug development companies in Taiwan tend to choose 「Mechanical-Integrated」mode of knowledge Storage when the diversification activities.

本研究主要探討生技產業公開說明書之風險因子揭露對首次公開發行公司5年內的獲利能力做研究，想得知風險因子的揭露是否會影響公司獲利時間的長短。本研究以美國生技產業首次公開發行公司為研究對象，樣本期間為1997年至2012年。 許多文獻指出越來越多公司在尚未獲利前即先行上市，但公司未來的前景及獲利能力卻充滿高度的不確定性，而透過資訊的揭露可使該不確定性下降，因透過揭露，投資者可以了解公司營運狀況及表現，對公司價值能做較正確之判斷， 此時願意提供資金給公司營運，充足的資金使公司未來獲利機會上升。 本研究參考過去文獻，建立資訊揭露的四級指標加上風險因子所揭露的項目多寡，系統性地衡量生技公司公開說明書之風險因子，並以存活分析檢測假說。實證結果顯示：風險因子的內容描述越著重在某些特定資訊，例如：顧客資訊、重要員工資訊、量化資訊的表達、公司未來不確定性、財務需求時，公司未來獲利能力機會大增，而當更進一步的探究時，又發現對顧客資訊和量化資訊的表達越具體，越詳細時，也會使公司未來獲利機會上升。 / This study investigates whether disclosure of risk factors in the prospectus will influence the probability of the biotech firms to attain profitability. Data is collected for biotech companies of U.S IPOs issued from1997 to2012 as the research sample. Many extant empirical evidences indicate that the proportion of firms going public prior to achieving profitability has been increasing over time. There is considerable uncertainty regarding the long-term economic viability of these firms at the time of going public. Disclosures in the prospector may mitigate the effects of ex-ante uncertainty about firm’s value, and disclosures are potentially important means for management to communicate firm performance and governance to outside investors. Therefore, firms can raise more money by disclosing more information in IPO prospectors, because more information reperesent lower uncertainty between investors and firms.This study uses risk factors in the prospectus as concern issue and expects that the quantity of risk factors and the content or description of risk factors will influence the uncertainty and would mitigate investors’ concern. Referring to past literature, this study builds four-class index for disclosure score and uses two classifications of risk factors to systematically measure risk factors in the prospectus. The empirical results show that a biotech IPO with more information or some specific information of risk factors, like disclosures of main customers and key employees, will experience good performance after IPO. In addition, more detail descriptions in quantitative risk factors and customers’ information contributed to better performance in the future. In conclusion, disclosure of risk factors in the prospectus are related to firms’ probability of profitability after IPO as expected.

近年來在相關產業與政府的努力及人才培育之下，我國許多生技研究已有初步的規模且可說是居於亞洲領先地位。然而，這些技術在商品化應用的階段卻一直沒有重大突破與發展，難以將研發成果的實質效益挹注到產業中。研發成果商品化的過程中，必須兼備技術面、法律面、財務面、管理面的考量，面面俱到才能將初萌的技術逐步發展為成熟的商品，進而在市場上獲取實質利潤，再將獲得的資源挹注於研發活動，形成良性循環。 研發成果商品化的策略視產業特性而截然不同，在「生技醫療產業」中，因其具有「受衛生主管機關高度管制」、「商業化認證需時」、「行銷國際化」的特性，在法規面的複雜度較高，且為專案成功與否的關鍵因素之一，進行商品化評估時必須熟悉相關醫藥法規，才能著手為專案發展做正確的規畫 ，極度仰賴「跨領域」、「高度技術」與「熟稔特殊商業技巧」的人才。依各國藥物法規的不同，商品化的開發時程也受此影響，生技製藥產業之技術及研發成果必須將為達到法規規範的要求而必須投入的時間、資金、人力等各項資源納入總體可行性評估之考量依據。。因法規具有地域性，本研究無法齊備全球各國，將以美國及台灣為研究主體，台灣的法規深受世界公認醫藥法規先進的美國影響，熟知美國的法規可以預估台灣法規機構的思路；且美國藥品市場佔全世界最大規模，此外，美國也極有可能成為潛在合作廠商之所在地，因此本研究將比較美國與台灣之醫藥法規，並評估在技術研發的過程中，衛生主管機關之要求對於技術商品化過程中所產生的影響。 明確、具科學性、可預期性的法規環境能降低製藥產業於研發過程中的不確定性，提高廠商投入的意願。衛生醫療政策及藥政管理政策直接影響到醫藥法規的訂立，政府制定的法規將引導產業發展的方向，對於藥品市場有極重要的影響。一個好的政策應該能夠與國家的總體背景相匹配，法規要求應與國家發展程度及國家內需市場成比例。台灣生技製藥產業目前的困境之一，就是國內廠商在開發新藥時，為了符合台灣衛生主管機關訂定的高標準法規必須投入更多的成本，但台灣卻沒有足夠的內需市場得以支撐，造成擁有豐厚資源的國外廠商可以將符合世界（十大先進國）高標準的藥品進入台灣市場，但國內廠商卻無法立足。為解決此困境，台灣廠商一定要設法將業務範圍擴大到外需市場，以獲取足以支持藥物發展所需的資金成本。因此，了解國內、外之藥物相關法規，做出能符合各國法規要求的產品，為踏出國際外銷市場的第一步；此外，各國的智財法以及與商業相關的法律，還有其之間的互相關聯，都是技術商品化是否能夠成功至為重要的關鍵因素。本文擬就藥物法規面為討論之主軸，其間輔以智財、商業相關構面，對生技製藥產業之技術商品化之過程做一探討。在本研究所選的個案—核子醫學藥物，是眾多創新產品的一種，如果能把握技術、智財、法規、法律、國際商業運作，很有可能為台灣的藥業打開另一片天。 / In recent years, we have already developed some achievements in biotech researches in Taiwan and are in a leading position in Asia under the efforts of government and industries. However, these technologies still are slowly developed to the commercialized phase. Thus, the achievement of these researches does not benefit industry substantially. In the process of commercialization of biotech research, we have to consider all the aspects, including technology and regulation, intellectual property, finance and management. With a well-rounded development plan, technologies in the bud will gradually develop to a mature commodity, and earn fiscal profit in the market. The profit will consequently contribute to research activity. A virtuous circle will be formed. The strategies of commercialization differ considerably among industries. Regarding biopharmaceutical industry which has the properties of highly regulated by competent authorities, time consuming, heavy capital, and global marketing, the regulation assessment is not only complicate but also critical to project implementation. The required documents according by regional authorities will be a decisive factor to consider the development plan including the estimated timetable, needed resources. Due to the regulation system in US affected a lot legislation for laws in Taiwan , America and Taiwan will be the prior topics in this research. A well-developed legal framework and protection of intellectual property rights is the prerequisite for building an ideal environment where the biotechnology and pharmaceutical industries can flourish. In order to improve the environment for these industries, in recent years the government has approved the amendment and execution of related laws and regulations. Amendments have been made to related tax benefit and incentive measures of investment. Other amendments have been made which have allowed R&D results to be more easily transferred to academia and industry. Looking into the future, under the joint cooperation of industry, academia and research institutes, and with the government’s policy to fully promote the sector, it is believed that Taiwan will have well developed in the near future.

二十一世紀是知識經濟的時代，傳統製造業所看重的有形資本已不足以維持企業優勢，無形的智慧資本在新型態的企業競爭中所扮演的角色日顯重要。各行各業都有無形資產，種類性質因產業而異，傳統製造業重視營業秘密、商譽，高科技產業的專利則是公司競爭力的核心，而屬於知識高度密集產業的生技產業更需要重視智慧資本的管理。生技產業的結構複雜，價值鏈長、分工專業、產品開發期漫長，在產品成功上市之前的開發時期中，公司資產多屬於無形的智慧資本，無法從傳統的財務報表觀察其真正的企業價值。相較於其他產業，生技公司更必須訴求於正確的無形資產管理方式，方能成功兌現其智慧資本。 本研究先藉由文獻回顧統整台灣生技產業的相關現況、過去相關智慧資本管理研究以及研發管理等議題，歸納出一般性共識與管理原則。接著依循這些重點，訪談三家台灣生技公司的經理人，包括台灣微脂體、中裕新藥與因華生技，深入了解台灣產業經營實務與現況，探討其智慧資本中的人力、組織與關係資本在個案公司內的蓄積方式，從研發管理模式、組織制度設計與智財管理等面向進行綜合比較。 本研究認為研發能量與知識管理在組織制度中的蓄積，是台灣業界經營管理上常見的盲點，台灣生技新藥業者多重視新技術的研發，普遍對智慧資本其他面向的重視程度不高，但對生技產業而言，扣除資金與技術後，公司的長期競爭力往往都是在組織發展的過程中累積而來的，忽視知識管理與組織制度的養成，對於企業長久發展有關鍵性的負面影響。研究中的個案最終都必須往累積組織資本的方向邁進，若不針對組織資本的蓄積設計恰當的管理方法，為研發人才設計合適的制度與生涯發展管道，將研發團隊的知識能量內化為企業自有資產，只期望以短期的數據績效取得資金支持，忽視智慧資本的管理與培養，並非生技產業長久經營之道。建議生技公司除了聘僱專業經理人處理資金與股東的關係外，也要重視研發長與策略長在組織中的地位，大膽給予權利，調整組織的運作模式，設計出能累積公司能量的專案管理流程，才是生技公司創造競爭力之本。 / In the era of knowledge-based economy, the tangible assets highly-valued by traditional manufacturing industry is no more enough solely to maintain industrial competency. Intangible intellectual assets become more and more important in modern commercial competitions. The intangible assets exist and vary according to different industries. Traditional manufacturing industry looks highly upon trade secrets and brand reputation while patent is the core competency to high-tech companies. Biotech industry belongs to a high knowledge-intensive business and should emphasize more on the management of intellectual assets. Biotech industry is characterized of a complicated system, a long value chain, specialized divisions of labor, and a prolonged timeline of product development. The company assets before the successful commercialization of a product are usually intangible intellectual property and a biotech company during this period cannot be accurately evaluated from traditional financial reports. Hence, compared to other business, biotech companies should resort more actively to appropriate intangible intellectual asset management to achieve a successful redemption of its intellectual assets. This thesis will firstly through the literature study depict the current condition of Taiwan biotech industry and important issues on intellectual asset management and R&D management, inducing several principles of management. Further, the study proceeds with the principles induced to examine three new ventures in Taiwan, Taiwan Liposome Company (TLO), TaiMed Biologics, and InnoPharmax. The discussion will elaborate the practice of intellectual asset management of biotech industry in Taiwan, analyzing and comparing the accumulation of human capital, organizational capital, and relationship capital in the three cases. The study proposes that Taiwan biotech companies usually neglect the accumulation and management of R&D capacity and knowledge in the enterprise organization system. The companies in question invest their resources mostly on the development of new technology and less on other intellectual assets. However, in the long run, the competency of a biotech company accumulates while the organization develops, other than the financial capital and technology. The depreciation of knowledge management and organization system will cause fatal influences on the company. The cases in the thesis must eventually develop their own organizational capital. Biotech companies need to devise appropriate management for organizational capital and preferable career paths for researchers and engineers, to internalize the knowledge capacity of the research team into the company assets. It is not beneficial to a biotech company in the long run to expect financial supports with short-termed achievements, instead of the management and cultivation of intellectual assets. It is advised that other than hiring professional manager for investor relations, the biotech company should pay more attention to the function of CRO and CSO in the organization and sufficiently authorize them into full play. It should also focus on the operation of the organization, adjusting and devising program management to accumulate knowledge capacity, to firmly establish the core competency in a biotech company.

策略的目的是在特定的競爭環境中，憑藉企業的特質條件為它創造競爭地位或發展的方向，也就是創造具競爭性的差異優勢，使企業得以順利發展和持續成長。在競爭的環境中，組織能耐常會隨著時間經過而演化；演化的方式會隨著技術本身的特性、外部市場競爭強弱、與內部的組織與管理特性的差異，而有所不同。除此之外，體制環境會影響整個產業內的創新速率，因而對廠商的能耐演化造成影響。但是在環境急速變動的情況下，組織能耐要完全由內部產生不但不可能，而且其速度亦嫌過於緩慢，再加上現代企業的專業分工網絡，企業必須與客戶、供應商、甚至競爭同業合作，以獲得相關的資訊與技術；在企業的發展歷程中，如何有效提升內部經營管理及促進組織之間的知識交流與能耐移轉，便成為組織管理的重要課題。 本研究以一家台灣本土醫藥公司，在台灣生技製藥產業的架構下，創業、轉型、成長的發展歷程，仔細描述影響企業發展的關鍵因素 ─ 企業策略轉變、環境變動、能耐演化，以及企業內部管理提升，彼此之間如何相互配適，並塑造出企業的獨特發展路徑；茲藉由個案公司過去的回顧，描繪其成長的軌跡，作為其未來發展路徑的參考。 / Under the favorable government policy support and a well-established regulatory environment, there are more and more new start-up companies established in Taiwan biotechnology and pharmaceutical industry in the past dacade. However, most of the new emerging companies are still facing very difficult situation. New drug discovery is one kind of long-term time-consuming and heavily cash-investment-needed business. Besides, Taiwan is a small market in the world. The market potential can not afford to develop a R&D based local pharmaceutical company. However, biotechnology and pharmaceutical industry is a very diversified and versatile industry. Under such circumstances, how does a biotech and pharmaceutical company make use of the limited resources and scarce capital assets to identify the niche market, create a new business model, develop the corporate competence, and construct the internal operation to strengthen the core business and secure a sustainable growth in the industry? Besides, due to the evolution of the modern tools including genomic science, bioinformatics, high-through-put screening machine, and gene therapy, the speed of new drug discovery becomes much faster and much more efficient, but the product life cycle also becomes much shorter. How does a local company play in such a highly competitive, technically professional, and dramatically changed environment? This study tracks the growth path of a local pharmaceutical company to show how the key factors, which are, environmental uncertainty, the development of core competence in the firm, and the choice of a successful strategy by top management and the organization, can be manipulated in the entrepreneurial firm that grows rapidly and formalizes its structure and internal operation. The growth path of the company in the past years could be interpretated as the mutual interactions (dynamic fit) of those key factors. Evenmore, the interaction consequences influence the strategic intent to confront the changing environment, and facilitate the practice of the law and the establishment of a government policy. Besides, in order to improve the whole healthcare system in certain medical care, the company develops a new operation model to run the specific business. Traditionally, most pharmaceutical companies are pursuing market-oriented product management, instead of sales-oriented business management. Nowadays, most multi-national firms are actively involved in disease management to expand the market share of certain disease. However, how to integrate the healthcare system and strengthen individual disease management under the specific healthcare system has become a new operation model of a pharmaceutical company to a specific market segment. The company has to work together and closely with the stakeholders, such as health authorities, medical societies, patient associations, healthcare personnel, and the patients themselves to improve the whole healthcare system and even the policy of the law, regulatory, social, and welfare system in the specific medical care, as well.

在台灣的高科技產業發展中，創投扮演了重要的角色，其所提供的資金與協助促進了新創事業的成長，造就了台灣資訊電子產業的躍居世界舞台與傲人的經濟成長。2000年人類基因圖譜的解出，似乎加快了基因技術的應用與相關產業的發展，進而成為全球經濟成長的新動力，因此我國創投的投資觸角也積極地延伸到生物技術產業上。 　　過去有關創投的相關研究多集中在投資評估準則的總體性研究，甚少針對某一產業的特性不同，來做進一步的研究，特別是在生物科技產業方面，因此，本研究將針對生物技術產業的特性與創投的股東背景、經營團隊與合作網路等組成因子，來探討其所產生的投資策略與行為。 　　本研究採用個案訪談之定性研究，選擇六家在生技產業投資比重較大的國內創投公司做訪談，再依據本研究架構進行分析整理，得到了以下之結論： 　　一、 生技產業的特性對投資策略與行為之影響 　　　1. 創投因看好生技產業的成長潛力而將提高此方面的投資比重，而生技產業的投資金額以美國為最高。 　　　2. 創投在生技產業的投資階段傾向涵蓋不同的階段。 　　　3. 創投在生技產業的投資以醫藥產業及其週邊之醫療器材為主，主要考量是醫藥產業是目前為止較高報酬的領域。 　　　4. 創投在生技產業的投資區域以美國為主，其中最重要的原因與該地區之產業群聚有關。 　　　5. 創投在生技產業的投資傾向以投資組合管理及聯合同業投資來降低投資風險。 　　　6. 創投在生技產業的投資傾向不聘任外部顧問，而傾向以經營團隊之專業評估為主，再以已投資公司與事業夥伴為諮詢對象。 　　　7. 創投在生技產業的投資回收策略為上市或購併，投資回收期間並不會因為生技產業的產品開發期長而延長。 　　　8. 創投在生技產業的投資評估，著重整體性評估（不會只看技術或智慧財產權），會因事業投資階段而有不同的評估重點，投資案愈偏早期，愈著重技術與人。投資案愈偏成熟期，所需評估的項目愈多。 　　　9. 生技產業的特性雖對創投的附加價值沒有影響，但創投對生技產業的投資案有提供附加價值，會因投資案事業發展階段之不同，而提供所需之協助，附加價值則以資訊蒐集與人脈介紹為主。 　　二、創投的組成對投資策略與行為之影響 　　　1. 創投的股東對外部顧問策略、投資案源與投資評估有影響，對投資金額、投資階段、投資領域、投資區域、風險控管、回收策略與附加價值沒有影響。 　　　2. 創投的經營團隊對投資金額、投資階段、投資領域、投資區域、風險控管、外部顧問、回收策略、投資評估與附加價值有明顯的影響，對投資案源則有些影響。 　　　3. 創投的合作網路對外部顧問、投資評估與附加價值有影響，對投資案源更是有明顯影響，而對投資金額、投資階段、投資領域、投資區域、風險控管與回收策略沒有影響。　 　　三、生技產業的特性對創投的組成之影響 　　　1. 生技產業的特性對創投董事會內的股東背景沒有影響。 　　　2. 生技產業的的特性影響到創投招募技術專業之經營團隊。 　　　3. 創投未因生技產業的特性而建構新的合作網路，而傾向運用集團中原有之合作網路，尤其是過去的已投資公司，為創投主要的諮詢者。 / Venture capital plays an important role in the development of high technological industries in Taiwan. It provides the essential fund and useful assistance to promote the growth of start-up companies. Because of it, the growth of economy in Taiwan dramatically increases and Taiwan has become the kingdom of information and communication industries around the world. In the year 2000, the complete sequence of human genome has enhanced the speed of the development in the field of biotech and its associated industries. In addition, the investment in biotech industry is expected to stimulate another trend of global economic growth. Therefore, venture capital in Taiwan also actively extends its influence in the field of biotech industries. 　　The majority of researches in venture capital seems to concentrate on the overall evaluation of the general criteria of investment, few studies focused on one particular industry, especially the biotech industry and its characteristics and aspects. Therefore, this study will aim at the characteristics of biotech industry and the constituent factors of venture capital to explore the strategies and behaviors of investment. 　　A qualitative research was conducted in six important venture capital firms in Taiwan using a method of intensive personal interview. The summaries of the research findings are as follows: 　　I. The impacts of the characteristics of biotech industry on the strategies and behaviors of investment: 　　　1. Venture capital firms will increase investment percentage in biotech area because of its potential of growth, and the majority amounts of venture capital seem to be invested in the United States. 　　　2. The venture capital firms’ investments in biotech tend to cover various stages. 　　　3. The fields venture capital firms invest in biotech appear to be focused on pharmaceuticals and medical devices, because the operating return from this area is higher than any others so far. 　　　4. The location of biotech companies venture capital invested are focused on the United States, which seem to have obvious phenomenon of clustering. 　　　5. Through portfolio management and co-investment, venture capital firms can reduce risk while investing in biotech. 　　　6. Instead of relying on outside consultant when invest in biotech, venture capital firms prefer to depend on inside management teams for due diligence. In addition, the past invested firms and partners are helpful while needed. 　　　7. The exit strategies of venture capital firms are initial public offering or merger & acquisition when invest in biotech companies, and the period of investment appears to be not correlated with the long product life cycle of biotech industry. 　　　8. Instead of emphasis on technologies or intellectual properties, venture capitalists emphasize all factors which evaluating biotech companies. Their decision criteria depend on venture development stages, the earlier stages these cases are, the more important technologies and management teams are, the later stages these cases are, the more factors are considered. 　　　9. Venture capitalists add values to the biotech companies they invested, not because of the characteristics of biotech industry, but differ from development stages of cases. Most of add values are information collection and networking. 　　II. The influences of the constituent factors of VC on the strategies and behaviors of investment: 　　　1. The stockholders of venture capital affect outside consultant strategy, deal flow, due diligence, but make no influence on investment amount, venture development stage, field, location, risk control, exit strategy and value-added. 　　　2. The management teams of venture capital obviously influence investment amount, venture development stage, field, location, outside consultant strategy, risk control, exit strategy, due diligence and value-added, and make a little influence on deal flow. 　　　3. The networking of venture capital make a little influence on outside consultant, due diligence and value-added, and make obvious influence on deal flow, but do not affect investment amount, venture development stage, field, location, risk control and exit strategy. 　　III. The influences of the characteristics of biotech industry on the components of venture capital: 　　　1. The characteristics of biotech industry don’t appear to affect the background of stockholders in the board. 　　　2. Venture capital firms recruit professional management teams because of the same particular characteristics of biotech industry. 　　　3. While investing in biotech industry, venture capital firms utilize networks, especially the past invest , as their main consultants.

本研究主要探討生技產業公開說明書之風險因子揭露以及首次公開發行(IPO, initial public offering)前之策略聯盟關係對首次公開發行折價所產生之影響。本研究以美國生技產業首次公開發行公司為研究對象，樣本期間為1997年至2012年。 許多文獻指出當初級市場認購人間資訊不對稱程度越大時，IPO價值之事前不確定性(ex ante uncertainty)越高，因此以事前不確定性的概念來衡量資訊不對稱程度，並透過公開說明書中資訊之揭露作為事前不確定性的代理變數以探討其與IPO折價現象之關聯。本研究即利用公開說明書之風險因子揭露作為事前不確定性的代理變數，並預期揭露的數量多寡與內容描述將影響IPO折價。另外，由於文獻指出策略聯盟所傳達的正面訊號，可能有助於生技公司減少因產業特性所造成的不確定性，因此本研究預期生技公司於IPO前擁有策略聯盟關係將影響IPO折價。 本研究參考過去文獻，建立資訊揭露的四級指標加上風險因子所揭露的項目多寡，系統性地衡量生技公司公開說明書之風險因子，並以多元迴歸分析檢測假說。實證結果顯示：風險因子的內容描述越具量化或越具體，IPO折價越大，並且發現大公司之風險因子揭露數量與IPO折價具正向關係，而生技公司於IPO前擁有策略聯盟關係對IPO折價幅度具有顯著負向關係。研究結果顯示公開說明書之風險因子揭露及策略聯盟與事前不確定性所產生之IPO折價現象之關聯性。 / This study investigates whether disclosure of risk factors in the prospectus and the effect of strategic alliances before IPO date will influence underpricing of the biotech firms. Data is collected for biotech companies of U.S IPOs issued from 1997 to 2012 as the research sample. Much literature indicates that the greater is the information asymmetry between different investors, the higher is the ex ante uncertainty about an initial public offering’s value. Hence, the ex ante uncertainty is measured as the degree of asymmetric information. And there are a number of studies that use different measurement as a proxy for ex-ante uncertainty including disclosures in the prospectus to examine its relation to underpricing. This study uses risk factors in the prospectus as a proxy for ex-ante uncertainty and expects that the quantity of risk factors and the content or description of risk factors will influence underpricing. Furthermore, since previous studies consider that strategy alliances convey a positive signal to investors which would reduce the uncertainty from the industrial characteristics of the biotech industry and would mitigate investors’ concern, this study expects that a biotech IPO with strategic alliances before IPO date will affect underpricing. Referring to past literature, this study builds four-class index for disclosure score and uses the number of risk factors to systematically measure risk factors in the prospectus. The empirical results show that a biotech IPO with more quantitative information or some specific information of risk factors will experience higher underpricing. In addition, in larger firms the greater are risk factors disclosed no matter the quantity or the content and its description, the higher is underpricing. And there is a significantly negative relation between strategic alliances before IPO date and underpricing. In conclusion, disclosure of risk factors in the prospectus and the effect of strategic alliances are related to underpricing as expected.