生技產業乃高複雜、高風險及高獲利性產業，大部分生技公司目前皆尚處於虧損階段。因此就創投觀點來看，如何避免投資到有可能泡沫化之生技公司，皆需仰賴一套良好之評價模式。
基於本研究是以創投觀點看待投資性，且目標產業是生技產業，本研究建議投資人應該選擇製藥次產業切入投資，並以財務構面作為主決策構面，同時輔以本研究所提出之定量評價因子（銷售成長率、邊際利潤率、盈餘成長率、再投資率、WACC、ROIC）及定性評價因子（研發人員人數、碩博士比例、研發費用、新產品及新發明件數）作為輔助評價。另外，本研究藉由相關文獻及研究方法之探討，建立並確認目標公司相關的評價模式。
依據此評價模式，並考量數據取得難易度及可類比否，故選擇已上市櫃之公司－台灣東洋及濟生化學為樣本分析公司。實證結果顯示，東洋的合理價值區間為每股8.97~30.83元之間；濟生的合理價值區間為每股4.37~24.74元之間。除用股價淨值比計算出濟生之評估價值較實際股價略高以外，其他皆低於實際股價，故本評價模式具實用性。 / What is a biotech company really worth? The question is often faced by corporation, venture capitals, and investors alike who may be putting their capital at risk in a biotechnology company. Unfortunately, there is no definitive answer to the question; no standardized valuation methodology can be applied universally in order to determine investment value. Additionally, there is no method to isolate any specific scenario or state with a reasonable degree of certainty, valuation of a biotech company appears to be a challengeing endeavour.
The objectives of the research are to analyze and investigate the value of biotech company from venture capital perspective. From the assessment of the research, an evaluation model to identify any potential investment opportunities in the biotech industry is considered to be effective.
| Identifer | oai:union.ndltd.org:CHENGCHI/G0923550731 |
| Creators | 張志豪, Chang, Chih Hao |
| Publisher | 國立政治大學 |
| Source Sets | National Chengchi University Libraries |
| Language | 中文 |
| Detected Language | English |
| Type | text |
| Rights | Copyright © nccu library on behalf of the copyright holders |
Page generated in 0.0019 seconds