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|標題:||Measuring Performance and Risk of Biotechnology Industry in Taiwan|
Biotechnology industry, Data Envelopment Analysis (DEA)
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|摘要:||For investors, considering return when they make stock selections is an important concern. Besides company performance, risk is another important indicator for determining investing. The aim of this study is to examine the relationships among performance, risk and return. Biotechnology has been a key development industry in many countries; its innovative R&D technology not only can solve environmental problems but also help to cure human diseases. Moreover, from a financial point of view, in spite of the global financial crisis in 2008, the biotechnology industry is still in its growth phase, and biotechnology stocks have become a popular target for investors. As a result, the biotechnology industry is considered a valuable research target. This study uses the concept of return on equity (ROE) and applies a Data Envelopment Analysis (DEA) approach to measure operating efficiency, operating effectiveness and risk. There are two evaluation processes; process 1 measures the operating performance of a company and this study separates performance from operating efficiency and operating effectiveness. In process 2, this study measures the degree of financial risk based on an equity multiplier perspective.
The empirical result shows there is no significant relationship between operating efficiency and operating effectiveness. Also, operating effectiveness affects performance more than operating efficiency does in Taiwan's biotechnology industry. Moreover, there is a relationship, not only between performance and return, but also between risk and return.|
投資人在選擇投資標的時，未來可獲得的報酬為其主要投資動機，而公司的績效為評估報酬之重要考量因子。然而除了公司績效表現外，風險為隱含在報酬中的重要因子，因此本研究主要探討「績效、報酬與風險的關係」。生物科技產業在許多國家皆已被視為重點發展產業，除了其創新研發技術可能解決未來環境問題及人類疾病外，在歷經2008年全球金融海嘯後，生物科技產業仍維持成長幅度，使得生技股在股票市場上亦為活躍的明星股，因此本研究認為生物科技產業為一值得研究對象。本研究應用股東權益報酬率(ROE)的概念，以資料包絡分析法(DEA)衡量台灣15家上市櫃生物科技公司之報酬 (Return)、績效 (Performance)及風險 (Risk)的關係。本研究分為兩步驟衡量，第一步驟衡量公司績效，應用資產報酬率(ROA)的概念，以營運效率(operating efficiency)及營運效果(operating effectiveness) 衡量公司績效；第二步驟運用公司之權益乘數程度的概念衡量公司之財務風險 。 研究結果顯示就生物科技產業而言：1.營業效率與營業效果沒有顯著的相關性，且營業效果對於公司績效表現影響較大；2.績效對於報酬之相關性顯著；3.風險對於報酬有相關性。
|Appears in Collections:||科技管理研究所|
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