無形資產係生技公司的核心競爭力來源。由於其無形資產之高度知識密集性，投資人必須仰賴公司所揭露的資訊，方能有效評估生技公司之核心競爭力。因此無形資產之揭露品質，對投資人評估生技公司而言，扮演著關鍵的角色。 / 本研究旨在探討生技公司之無形資產揭露品質。首先，本研究檢視三十六家生技公司在其民國九十六年度年報及網站上有關無形資產之揭露，並以二十三個指標評分其揭露品質。其次，本研究採用迴歸模型及無母數統計方法，分析該揭露品質與股票週轉率及報酬之關係。最後，本研究分析影響該揭露品質之公司特性。 / 實證結果顯示，生技公司之無形資產揭露品質偏低，100 分中僅得到平均31.10 分。迴歸及無母數統計結果顯示，生技公司之無形資產揭露品質與其股票週轉率及報酬之關係，皆未達顯著水準。公司特性中僅有研究發展費用佔營業收入淨額比率，與揭露品質之關係達到顯著水準，顯示生技公司研發活動會影響其無形資產揭露品質。 / Intangible assets of a biotechnology company are its major source of core competitiveness. Due to the high level of knowledge intensiveness of intangible assets, investors rely heavily on the disclosed information pertaining to such assets for effective evaluation of its core competitiveness. The disclosure quality therefore plays a key role in such evaluation. / This research aims to explore the disclosure quality of biotechnology companies pertaining to intangible assets. The sample consists of 36 biotechnology companies and 23 measures are used to rate the disclosure quality on their 2007 annual reports and websites. Next, the associations of such disclosure quality and the stock trading volume and return are analyzed, using regression models and nonparametric tests. Finally, company characteristics affecting such disclosure quality are analyzed / The empirical results indicate that biotechnology companies do not score well in disclosure quality pertaining to intangible assets, with an average of 31.10 out of 100 points. Statistically, such disclosure quality is not associated with the trading volume or return of their stocks. The ratio of research and development expense to net sales is significantly associated with the disclosure quality, suggesting that research and development activities of biotechnology companies affect their disclosure quality pertaining to intangible assets.

生技產業是一個具有豐富無形資產之產業，需透過研發活動創造無形資產，以增進產業價值。因此，生技公司所投入之研發費用係生技產業發展的重要關鍵因素。 本研究旨在探討生技公司所投入之研發費用與其股價報酬間之關係。本研究選取2003至2007年台灣40家上市櫃、興櫃之生技公司及美國76家NASDAQ之生技公司為樣本，將股價報酬作為生技公司績效之衡量變數。本研究運用敘述性統計、Pearson相關係數和複迴歸分析以達到研究之目的。 實證結果顯示，不論台灣或美國之生技公司，其研發費用、研發密度、研發生產力、市場佔有率及員工分紅，皆與股價報酬具有顯著正相關。研究結果亦證實，生技公司研發活動確實會影響股價報酬。此外，本研究亦發現，市場佔有率與研發密度之交乘項，以及員工分紅與研發密度之交乘項，皆與股價報酬呈現顯著相關。 / The biotechnology industry has abundance of intangible assets. It creates intangible assets through research and development activities to add value. Therefore, R&D plays a key role in the development of the biotechnology industry. This research aims to explore whether R&D is associated with stock returns of biotechnology companies in Taiwan and in the United States. The sample consists of 40 Taiwanese and 76 NASDAQ biotechnology companies with data from 2003 to 2007. The empirical results are as follows. R&D, patents, market shares, and employee bonus are all significantly associated with stock returns both in Taiwan and in the United States, suggesting that R&D activities of biotechnology companies affect their stock returns. In addition, the interaction of market shares and R&D intensity and that of employee bonus and R&D intensity are both significantly associated with stock returns in Taiwan and in the United States.

1970年代第一個能夠特異性剪切DNA分子的限制酶問世，開啟了快速基因操作的年代，加上二十世紀後電腦以及資訊科技的飛躍發展，持續帶動生物科技產業的進步，因此二十世紀可以說是生物科技開始大幅躍進的重要時期。 　　在近二十年以來，中國大力發展生物科技產業，做為一個新興市場，在中國生物科技公司成長歷程將可做為其它生技公司發展的借鏡，因此本研究除了搜集、分析中國重要的人才引進、人才獎勵政策、企業經營獎勵政策外，還運用個案研究方法，深入探討基因測序起家的華大基因公司在每個時期發展之策略，分析出完整的公司發展策略，以做為其它生技公司發展的參考。 　　1999年時，在華大基因創業初期，一開始先以參加國際人類基因組計劃，向中國政府爭取啟動的科研資金，初期並不以盈利為目的，當時也沒有一個確切的獲利方式，先以爭取政府的支持為首要目標，再來以增加國際、國內的知名度為輔，等待著機會的到來。華大基因在初期也加大文章發表的力度，尤其是在世界頂級的幾大生物類期刋：Cell、Nature和Science上，目前也持續不斷的在這幾個頂級期刊上發表研究成果，初期也成功的打造華大基因為世界上一流的研究機構與企業。 　　在2010年初，華大利用從銀行拿到的六億人民幣的貸款，從Illumina購買了128台的新一代測序儀Hiseq2000。隨著這批新設備的到來，2012年測序數據產出的能力已經占了全球一半以上，因此華大被外界稱為測序工廠或是測序界的富士康。隨著華大基因測序能力及知名度的提升，一些科學家及科研單位開始尋求合作，這也是華大基因第一個商業模式的產生。 　　在2013年時，華大收購了美國的基因測序儀公司CG (Complete Genomics) ，補全其缺失的上游環節。同時，它也開始與眾多的機構展開密切的合作。從前，華大主要是針對科研、醫藥上的基因測序。從醫療、科研機構獲得的收入雖然比較穩定，但是其發展潛力遠不如針對大眾人群的基因服務。人群在生育、健康、基礎科研、複雜疾病等方面都可以應用到基因測序服務方面。而且，隨著精準醫療的興起，民眾對個性化醫療服務的需求也越來越旺盛。 　　經由「五力分析」和「技術採用生命週期」分析，可以了解到華大基因從科學研究開始，先建立公司的品牌知名度，再轉入科研測序服務及科研合作收費的方向，之後再併購上游供應商，再往下游的終端消費市場，打通了整個產業鏈，掌握了在整個產業中更多的主動權及話語權。華大基因的發展策略，也提供了將來許多生技公司在中國發展時的參考。 / Since the first restriction enzyme which specifically cuts DNA came out in 1970s, the era of rapid DNA manipulation began. In addition, the development of computer science and information technology in the 20th century drives the progress of biotechnology industries. Thus, the 20th century is a critical time period of biotechnology development. In the past two decades, China has been emphasizing biotechnology industries. The development progress of biotechnology companies in China, one of the major emerging market countries, should be an important target of related studies. In this study, the information of talent import and rewards and enterprise rewards in China are collected and analyzed. Furthermore, the strategies of every stage of BGI, a company initially conducted DNA sequencing, are investigated. The study reveals the comprehensive development strategy of BGI which shall be a reference for other biotechnology companies. In 1999, BGI started as an unprofitable organization and applied start-up capital from China government with a proposal to join the international human genome project. Instead of a clear profit model, BGI aimed for official supports and international visibility in the beginning, waiting for an opportunity to come. Since then, BGI has set up efforts to publish research papers especially in high impact journals such as Cell, Nature, and Science. After years, BGI has become a first-class research institute and enterprise. Early 2010, BGI got a bank loan of 600 million RMB and bought 128 new generation sequencers Hiseq2000 from Illumina. With this new equipment, DNA sequencing output of the company reached over half of global amounts. Hence, BGI was called “sequencing factory” or “Foxconn of the sequencing industry”. As BGI’s ability and reputation rises, scientists and research institutes started to set up collaborations with the company, thereby began the initial business model of BGI. In 2013, BGI acquired a DNA sequencing company Complete Genomics (CG) in United States to fill-up the upstream vendor part. At the same time, BGI also expanded its collaborations with more institutions. Though incomes from medical and research institutions are relatively stable, the potentials of genome sequencing serving the whole human population is far more large for the company. In addition, the identification and demand toward individualized precision medicine vastly grow as precision medicine is widely accepted. With Porter Five Forces Analysis and Technology Adoption Life Cycle analysis, the business model of BGI is proposed. In the beginning, the company established brand awareness through basic scientific researches. Then, BGI turned to provide DNA sequencing and scientific research services. Afterward, the company acquired upstream vendor. Finally, BGI develops end consumer market and successfully integrates the entire industry chain, getting initiative and discourse power in the biotechnology industry. The development strategy of BGI shall provide a reference for other biotechnology companies that are aiming to develop in China.