第六章 結論、限制與建議
第三節 建議與未來研究方向
四、 對未來研究之建議
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權與企業營運、財務狀況、獲利能力與前景之相關性及可能的影響程度及 範圍。有鑑於此，生醫公司對於非臨床性研究或臨床試驗之規劃及執行能 力與具體的研發成果，亦為成就其關鍵無形資產之來源，重要性更甚於智 慧財產權，故建議參酌前述原則建置相關的資訊揭露規範，以提升我國生 醫產業 IPO 公開說明書之實質資訊內涵。
基於前述討論，本文建議我國證券主管機關可參酌生醫產業之特性，加強對 於前置研發期間之強制性揭露規範或自願性揭露指引，以期提升公開說明書之系 統性架構並增加該產業個體間資訊內容之可比較性，以利市場參與者有效執行資 金配置之決策，預期可同時提升我國初級與次級市場之整體效率性。
四、 對未來研究之建議
1. 現況下，由於各國主管機關對無形資產各有不同的資訊揭露規範，導致地 區別資訊揭露程度有所差異。建議可進一步討論地區別資訊揭露程度之差 異，是否影響各初級市場相對的承銷定價效率。
2. 建議可進一步探討企業掛牌後財務報導之後續揭露程度與公開說明書初始 資訊揭露程度之差異，以了解企業在後續是否維持、提升或者降低相關資 訊之揭露程度，而前述資訊揭露程度之差異對 IPO 長期之股價表現又有何 影響。
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附錄一：資訊揭露指標之評分表與計分方式
類別 項目 選項 評量項目 配分
1
智慧財產權1 1
已提出申請，尚未取得核准：1 1 1
申請日期 11 1 2
預計獲准日期 11 1 3
最新申請進度 11 1 4
說明存有「未獲核准」之風險 11 2
已取得：1 2 1
名稱 11 2 2
取得方式 11 2 3
權利有效期限 11 2 4
權利使用限制 11 2 5
訴訟風險 11 3
應用範圍：1 3 1
產權應用與技術或產品之關聯 1實際得分： A1
不適用項目數量： B1
總分： C1=10-B1
實際得分比率： D1=A1/C1
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類別 項目 選項 評量項目 配分
2
重大商業關係2 1
交易性質：2 1 1
交易類別 12 1 2
交易形式 12 2
交易對象：2 2 1
名稱 12 2 2
類型 12 3
交易範圍：2 3 1
交易標的 12 3 2
交易標的之預期用途與影響 12 4
交易期間：2 4 1
交易起迄日期或有效期間 12 5
未來現金流量：2 5 1
收付款方式與時點 12 5 2
影響收付款之重大事件 12 5 3
收付款金額之計算方式 12 5 4
歷年收付款金額 12 5 5
利益分配與成本分攤方式 12 5 6
權利及義務歸屬 12 6
限制條款：2 6 1
是否揭露有無限制條款及其內容 12 7
交易終止條款：2 7 1
交易終止情況 12 7 2
交易終止時權利義務之歸屬 1實際得分： A2
不適用項目數量： B2
總分： C2=16-B2
實際得分比率： D2=A2/C2
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類別 項目 選項 評量項目 配分
3
一般研發資訊3 1
研發活動性質：3 1 1
研究性質 13 1 2
活動性質 13 2
研究活動規劃：3 2 1
規劃基礎 13 2 2
規劃時程 13 2 3
規劃預算 13 3
研發資源：3 3 1
是否按規劃基礎分項列示歷年研發費用 13 3 2
研發單位之內部組織 13 3 3
研發人力 13 3 4
研發用有形資產 13 4
歷年研發成果：3 4 1
與歷年研發成果相關之技術或產品資訊 13 4 2
與歷史研發成果相關之營收數額 1實際得分： A3
不適用項目數量： B3
總分： C3=11-B3
實際得分比率： D3=A3/C3
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4 3
品質系統4 3 1 品質系統之相關資訊
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附錄三：變數彙總
1. 衡量 IPO 案件之「折價幅度」：初期累積超額報酬(INITIAL_CERi,t=1~5) 𝐼𝐼𝐼𝐼𝐼𝐴𝐼_𝐶𝐶𝑖,𝑡=1~5= 𝑝𝑖,𝑡
𝑝𝑖,𝑡=0
…..式(1-1) 𝐼𝐼𝐼𝐼𝐼𝐴𝐼_𝐶𝐶𝐶𝑖,𝑡=1~5= 𝐼𝐼𝐼𝐼𝐼𝐴𝐼_𝐶𝐶𝑖,𝑡=1~5− 𝐵_𝐶𝐶𝑡=1~5
…..式(1-2) 𝐼𝐼𝐼𝐼𝐼𝐴𝐼_𝐶𝐶𝑖,𝑡=1~5 :𝑖公司，在次級市場交易初期(𝑡 = 1~5)之累積報酬；
𝑝𝑖,𝑡 :𝑖公司，第𝑡日收盤價；
𝑝𝑖,𝑡=0 :𝑖公司，承銷價格；
𝐼𝐼𝐼𝐼𝐼𝐴𝐼_𝐶𝐶𝐶𝑖,𝑡=1~5 :𝑖公司，在次級市場交易初期(𝑡 = 1~5)，初期累積超額報酬；
𝐵_𝐶𝐶𝑡=1~5 :大盤指數，與𝐼𝐼𝐼𝐼𝐼𝐴𝐼_𝐶𝐶𝑖,𝑡=1~5同期間之累積指數報酬；
2. 衡量投資人「信念異質性程度」
(1) 衡量投資人信念異質性程度對交易量之影響：相對情緒差距指標(𝐶𝐶𝐼𝐴𝐼_𝐵𝑆𝐼𝑖,𝑡=1~5) A. 投資人情緒指標(Buy-sell Imbalance Index，簡稱 BSI)(Kumar & Lee, 2006)
𝐵𝑆𝐼𝑖,𝑡 = ∑ �𝑄𝐵𝐷𝑡=1 𝑖,𝑡− 𝑄𝑆𝑖,𝑡�
∑ �𝑄𝐵𝐷𝑡=1 𝑖,𝑡+ 𝑄𝑆𝑖,𝑡�
…..式(2-1.1) 𝐵𝑆𝐼𝑖,𝑡 ：𝑖公司，投資人情緒指標；
𝑄𝐵𝑖,𝑡 ：𝑖公司，第𝑡日買入張數；
𝑄𝑆𝑖,𝑡 ：𝑖公司，第𝑡日賣出張數；
�𝑄𝐵𝑖,𝑡− 𝑄𝑆𝑖,𝑡� ：𝑖公司，第𝑡日買超（賣超）張數；
�𝑄𝐵𝑖,𝑡+ 𝑄𝑆𝑖,𝑡� ：𝑖公司，第𝑡日成交量；
B. 三大法人之情緒指標
𝐼𝐿𝐿𝑎𝐿_𝐵𝑆𝐼𝑖,𝑡=1~5 =∑ �𝐼𝑄𝐵5𝑡=1 𝑖,𝑡− 𝐼𝑄𝑆𝑖,𝑡�
∑ �𝐼𝑄𝐵5𝑡=1 𝑖,𝑡+ 𝐼𝑄𝑆𝑖,𝑡�
…..式(2-1.2) 𝐼𝐿𝐿𝑎𝐿_𝐵𝑆𝐼𝑖,𝑡=1~5 ：𝑖公司，在次級市場交易初期(𝑡 = 1~5)，三大法人之情緒指標；
𝐼𝑄𝐵𝑖,𝑡 ：𝑖公司，第𝑡日，三大法人買進張數；
𝐼𝑄𝑆𝑖,𝑡 ：𝑖公司，第𝑡日，三大法人賣出張數；
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(1) BB_RATIOi,t=0：i公司，詢價圈購配售股數佔總公開承銷股數之比率，用以衡量 IPO 價值之事前 不確定性程度對詢價圈購配售情況之影響。
𝐵𝐵_𝐶𝐴𝐼𝐼𝑆𝑖,𝑡=0 = 𝐵𝐵_𝑆𝑆𝐴𝐶𝐶𝑆𝑖,𝑡=0
𝐼𝑛𝑡𝑎𝐿_𝑆𝑆𝐴𝐶𝐶𝑆𝑖,𝑡=0
…..式(5-1) 𝐵𝐵_𝐶𝐴𝐼𝐼𝑆𝑖,𝑡=0 ：𝑖公司，詢價圈購比率；
𝐵𝐵_𝑆𝑆𝐴𝐶𝐶𝑆𝑖,𝑡=0 ：𝑖公司，採取詢價圈購配售之股數；
𝐼𝑛𝑡𝑎𝐿_𝑆𝑆𝐴𝐶𝐶𝑆𝑖,𝑡=0 ：𝑖公司，總公開承銷股數；
(2) WIN_RATIOi,t=0：i公司，採取公開承銷配售方式之平均中籤率，用以衡量 IPO 價值之事前不確定 性程度對公開申購配售情況之影響。
𝑊𝐼𝐼_𝐶𝐴𝐼𝐼𝑆𝑖,𝑡=0 = 𝑊𝐼𝐼_𝑆𝑆𝐴𝐶𝐶𝑆𝑖,𝑡=0 𝐴𝑝𝑝𝐿𝐴_𝑆𝑆𝐴𝐶𝐶𝑆𝑖,𝑡=0
…..式(5-2) 𝑊𝐼𝐼_𝐶𝐴𝐼𝐼𝑆𝑖,𝑡=0 ：𝑖公司，承銷團之平均中籤率；
𝑊𝐼𝐼_𝑆𝑆𝐴𝐶𝐶𝑆𝑖,𝑡=0 ：𝑖公司，實際配售股數；
𝐴𝑝𝑝𝐿𝐴_𝑆𝑆𝐴𝐶𝐶𝑆𝑖,𝑡=0 ：𝑖公司，實際申購股數；
6. 衡量承銷商之「聲譽」：主辦承銷商辦理我國生醫產業初次上市櫃公開承銷案件之市佔率 (UDR_BIOMSi,t=0)
𝑈𝐷𝐶_𝐵𝐼𝑆𝐵𝑆𝑖,𝑡=0= 𝑈𝐷𝐶_𝐵𝐼𝑆𝑆𝑆𝐴𝐶𝐶𝑆𝑖,𝑡=0 𝐼𝑛𝑡𝑎𝐿_𝑈𝐼𝐶_𝐵𝐼𝑆𝑆𝑆𝐴𝐶𝐶𝑆𝑖,𝑡=0
…..式(6) 𝑈𝐷𝐶_𝐵𝐼𝑆𝐵𝑆𝑖,𝑡=0 ：𝑖公司之主辦承銷商，至掛牌日(𝑡 = 0)為止，辦理我國生醫產業初
次上市櫃 IPO 案件之市佔率；
𝑈𝐷𝐶_𝐵𝐼𝑆𝑆𝑆𝐴𝐶𝐶𝑆𝑖,𝑡=0 ：𝑖公司之主辦承銷商，至掛牌日(𝑡 = 0)為止，辦理我國生醫產業初 次上市櫃 IPO 案件之總公開承銷股數；
𝐼𝑛𝑡𝑎𝐿_𝑈𝐼𝐶_𝐵𝐼𝑆𝑆𝑆𝐴𝐶𝐶𝑆𝑖,𝑡=0 ：我國生醫產業，至𝑖公司掛牌日(𝑡 = 0)為止，曾辦理初次上市櫃 IPO 案件之總公開承銷股數；