An Empirical Study of the Relationships between R&D and Stock Price of Taiwanese Bio-pharmaceutical Industry
Date Issued
2014
Date
2014
Author(s)
Chang, Chung-Hsien
Abstract
In the 21th century, the bio-pharmaceutical industry is one of the rising star industries in the limelight. To promote the development of the bio-pharmaceutical industry, Taiwan government has promulgated the ‘Act For The Development Of Biotech And New Pharmaceuticals Industry’ which provides lots of tax incentives for the bio-pharmaceutical firms to encourage R&D and investment activities. For bio-pharmaceutical industry, R&D is one of the essential factors indispensably.
This research is focus on exploring the relationships between R&D investments, obtained-patents and the stock price of the bio-pharmaceutical firms. Based on the Ohlson(1995) Model, choosing 24 bio-pharmaceutical firms from 2008 to 2013 in Taiwan as sample for empirical analysis by Panel data.
Our empirical findings are following:
1. The R&D expenditure is significant positively affect the stock price of bio-pharmaceutical firms.
2. Obtained-patents has no significant influence on the stock price of bio-pharmaceutical firms.
3. The R&D expenditure has no deferred effects to the stock price of bio-pharmaceutical firms.
4. The firm size is significant negatively affect the stock price of bio-pharmaceutical firms.
5. The sales growth rate is significant negatively affect the stock price of bio-pharmaceutical firms.
Subjects
生技新藥產業
研發
專利權
Ohlson(1995)股權評價模型
縱橫資料
SDGs
Type
thesis
File(s)![Thumbnail Image]()
Loading...
Name
ntu-103-R01323018-1.pdf
Size
23.54 KB
Format
Adobe PDF
Checksum
(MD5):271a23bf6b23f5212d8208e0c275008f