根據美國生技產業協會（Biotechnology Industry Organization, BIO）的資料顯示，純研發型的生技公司難以取得投資資金，且投資者對公司的現金部位益發看重。而我國的台灣經濟研究院調查也指出國內生技廠商在研發階段所面臨到的重大困難是「資金取得不易」，這些正反應出國內外投資者對生技產業特殊性的疑慮，進而不願意投入大量資金。 為解決國內生技研發型公司資金不足之問題，本論文分析了美國生技公司籌資狀況及常使用之工具，並考量台灣生技產業所面臨之整體環境，為國內生技企業建立了具實用價值的特殊籌資工具及發行模式，以滿足不同的籌資需求及降低投資者的風險。而為驗證此一籌資工具之可行性，本論文也挑選國內一家生技研發型公司，以其業務及財務現況，進行特殊籌資工具之定價，並提供發行前後應注意之相關事項。 / According to the research report from BIO（Biotechnology Industry Organization）, it is hard for research-based biotech companies to get financing and investors are more concerned about whether the company has enough cash or not .The same result can be found in the investigation of Taiwan Institute of Economic Research（TIER）.They find out the research-based biotech companies in Taiwan encounter one difficult problem - hard to get enough money to support their R&D .All these facts just reflect the special characteristics of biotech industry and the investment trend among biotech field. The goal of this thesis is to resolve the financing problem faced by the research-based biotech companies in Taiwan, so we analyze how American biotech companies get enough financing to support their R&D, and then, construct the special financing tool for the research-based biotech companies under the economical situation in Taiwan, in order to fulfill the needs of biotech companies and reduce the investment risk. In this thesis, we use a case study to verify the pricing model of special financing tool and propose some material facts should be resolved when stocks issuing.