新的商業模式、滿足市場需求的產品或者是特別的技術等都可以是新興事業體的雛形，生醫技術的概念亦是如此，又生醫產業特性與一般產業迥異，因此該事業體的育成重點將不同於一般情況。本研究以生醫取向的學術型育成中心為研究對象，以個案研究方式從育成與業者兩端來探究此類育成中心應具備的成功條件為何，進而從中了解學術型生醫育成中心該強化哪些能力以及需要具備哪些條件再給予其發展之建議。 本研究發現台灣學術型生醫育成中心對業者而言屬於前育成的概念，即業者進駐育成中心的目的並非為取得商業經營知識，而是為取得技術及自主研發能力。本研究以一般育成中心的五項經營關鍵分類並個別為其設定適合學術型生醫育成中心發展的方向，分別如下： 一、育成中心目標及營運策略的制定及貫徹：育成中心需建置明確具體的營運計畫，包含目標、人才招募、招商方法、育成制度、資金籌措等。二、育成執行團隊：學術型生醫育成中心對業者之作用為取得技術能力的跳板以及與校方溝通的管道，因此建議育成執行團隊將扮演橋樑之角色與網絡整合者之角色盡善盡美即可。三、網絡關係與資源整合：基於前一要點以及受限於校方的工商管理資源，學術型生醫育成中心應拓展其外部網絡資源以提供業者全方位的創業網絡支援，藉此創造育成中心對業者之價值。四、硬體、行政支援：提供育成中心或校方所能提供的研究設備與實驗技術列表以及各項技術移轉、產學合作計畫案之情報資訊，此舉不僅方便業者查詢使用亦有利於育成中心對外招商活動的進行。五、育成中心品牌經營：育成中心可操作來自母組織之名聲並藉由大量曝光之機會建立育成中心的知名度與品牌形象。 / New business model, demand meted product and special know-how can be a prototype entity, the concept also works in the biomedical technologies. However, characteristics of biomedical industry are distinguishing from other industries that make the incubation for biomedical enterprise different. This study is focus on academic biomedical innovation incubator in Taiwan, and tries to find out some key successful factors for their operation. The study found that the enterprise thought the academic biomedical incubator is a pre-incubate stage for them, that means they choose it for obtaining technologies and self R&D capabilities not for the business knowledge from the incubator. In conclusion, this study uses five operational keys of general business incubator as classification to define the developing suggestion for an academic biomedical incubator. As follows: First, to develop and execute the operational strategy of incubator: incubator need to develop a definite operational plan which includes objective, human resource recruiting, tenants recruiting, incubation process, finical plan, etc. Second, incubation team: academic biomedical incubator is thought a channel for obtaining technologies and a bridge to parent organization by tenants. Therefore, the team is suggested to do its best effort for the bridged-service and network relationship coordination. Third, network relationship and resources integration: based on previous point and the resource limited, academic biomedical incubator should expand its external network to provide all the entrepreneurial resource for tenants. Forth, hardware and software supporting: providing the list of what the incubator and parent organization could support or provide, which is like equipment, techniques, industry-university cooperation projects information. Fifth, incubation branding: incubator could create self-image by massive exposure and leverage parent organization’s reputation.

本研究旨在探討我國生醫產業公開說明書之資訊揭露程度對初次公開發行 (IPO, initial public offering)定價效率及次級市場投資人信念異質性程度之影響。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越高。為均衡各交易參與者之利益，發行人與承銷商將主動提升公開說明書之資訊揭露程度，以制定適當的IPO折價幅度、維持承銷商合理的承銷風險與報酬，並協助認購人適切評定IPO之價值。異質信念觀點強調次級市場投資人對企業價值看法之歧異程度越大，將導致IPO蜜月期報酬之異常現象。本研究預期若無形資產密集度越高，IPO事前不確定性越大，則IPO折價幅度越大，並預期公開說明書之資訊揭露程度將改變無形資產密集度對折價幅度之影響程度。此外，本研究預期，生醫產業IPO案件之無形資產密集度、公開說明書之資訊揭露程度及者配售情形均可能影響投資人信念異質性，進而影響掛牌初期之成交價量表現。 本研究參考國外證券主管機關之無形資產資訊揭露規範，自行建立資訊揭露指標，系統性地衡量我國生醫產業公開說明書之資訊揭露程度，並以多元迴歸分析檢測假說。實證結果顯示，我國生醫產業IPO案件之無形資產密集度對IPO折價幅度存在顯著正向影響；公開說明書之資訊揭露程度改變無形資產密集度對折價幅度之影響程度；發行人之無形資產密集度、公開說明書資訊揭露程度及初級市場配售情形皆影響掛牌初期之投資人信念異質性及價格震盪幅度。研究結果證實公開說明書之資訊揭露提供預期效益，及初級與次級市場間之資訊相互流通、交易行為相互連動之關聯性。 / This research examines how the disclosure level of prospectus influences the efficiency of IPO (initial public offering) pricing in the primary market and the degree of divergence of opinions in the secondary market. The literature of IPO underpricing suggests that ex ante uncertainty due to information asymmetry has a positive impact on IPO discount and voluntary disclosure of prospectuses may reduce the uncertainty level. This research hypothesizes that, for biotechnology companies, a greater disclosure level of prospectuses would lower the impact of intensity of intangibles on IPO discount. Further, this research hypothesizes a relation between the pricing efficiency in primary market and the level of divergence of opinions in secondary market. The empirical results from regression analyses of hand-collected data show that, for biotechnology IPOs, the disclosure level of prospectuses reduces the impact of the intensity of intangibles on IPO discount. In addition, the intensity of intangibles, disclosure level of prospectuses, and trading behaviors in the primary market have an effect on the degree of divergence of opinions in the secondary market. In sum, this research evidences the expected benefits of the increased level of voluntary disclosure of prospectuses for biotechnology IPOs.

研發計畫的評估是一個複雜且重要的問題，特別是在新興的生技醫藥產業，生技醫藥產業雖然爆發力強，卻具有研發時程長、風險大的特性，再加上投資金額龐大，回收期長，如何在有限的資源及高度的不確定性下，進行正確的投資評估變成了關乎未來公司存亡的關鍵。 一般而言，質化的評估方式，容易受決策者主觀意見所影響，造成決策品質的不確定性。而量化的評估方式，並不易讓企業管理者瞭解與使用，加上模式的限制可能只適用於某些特定情形，造成決策的真實情境無法完全由數學模式中表達出來，而降低了決策的參考性。 以藥物開發為例，針對生醫產業的特性，從評估參與人員、質化評估、量化評估、評估要求、評估標準、評估程序等不同的構面去探討與分析可能合適的研發評估模式。本論文進一步以個案訪談的方式，收集實際運作的經驗與意見，瞭解目前業界目前實務上使用的評估方式，並與先前的生醫產業評估模式對照比較，瞭解理論與實務上的落差，探討其關鍵要素，以整體的效益評估觀點，對公司決策者或研發主管提出建議。 / The evaluation for R&D project is usually regarded as an important and complicated issue for enterprises, especially in the biomedical industry. Such a concern may be highly applied to the biomedical industry, which is involved with lengthy R&D process, high level of risk, and large cost. This project, therefore, will attempt to study the appropriate approaches to determine whether a proposed R&D project is worthwhile to be launched for a biomedical enterprise with limited resources. In general, qualitative research may be involved with the evaluator’s personal experience, negatively influencing the evaluation results. On the other hand, not each of the selected models employed by quantitative research is fully compatible to evaluation process. This study suggests that either qualitative or quantitative research may not be the most appropriate tool to conduct R&D project evaluation. This study aims to use drug development as a study target and further to discuss the most appropriate evaluation approach from the five aspects, including reviewer’s professional, evaluation items of qualitative research, evaluation items of quantitative research, requirement for evaluation process, and criteria for project approval. This study also assumes that a final review process is required to be proceeded in addition to taking the above five aspects into account. This study begins with related references and collecting the opinions provided by the professionals working in the biomedical industry about real cases. Through the case study method, the study may better understand the difference between the theoretical models and real practices and further to identify the key successful factors for the evaluation model. Finally the study suggests a comprehensive evaluation model to decision makers or research managers.