生技產業投資評估之研究

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题名:	生技產業投資評估之研究
其它题名:	A Study on the Investment Evaluation of Biotechnology Industry
作者:	詹淨貞 CHING-CHEN CHAN
贡献者:	詹家昌 CHIA-CHUNG CHAN 財務金融學系碩士在職專班
关键词:	生技產業;投資評估;投資決策;資本預算 Investment Evaluation;Investment decision-making;Capital Budget;Biotechnology Industry
日期:	2015
上传时间:	2015-12-24T03:40:06Z (UTC)
摘要:	企業經營的目的是「極大化公司價值」、「極大化股東財富」並達到企業永續經營的目標。為達此目的必須不斷的尋求投資標的，設計新的投資計劃，好的投資計畫可以幫助企業成長茁壯並達成利潤目標，而完善的資本預算可提升投資的成功率，也可帶動公司非財務項目的成長。本研究即以G 生技公司的投資案為例，依照投資評價理論，以淨現值法(Net Present Value Method 簡稱 NPV )、內部報酬率法(Internal Rate of Return Method 簡稱 IRR)、獲利能力指數法(Profitability Index method 簡稱PI)、還本期間法(Payback Period Method)等評估該投資案的可行性，並依照財務運算的結果做出分析與結論，提供決策當局為投資決策的參考依據。但是投資評價方法的運用，並不只在數據呈現接受與否，而在於其後的行動方案、控制與績效評估、檢討與回饋、修正與改善，並透過資本預算產生策略性的思考，增加投資方案的價值。希望本研究所提供的方法與決策行為法則，能使企業重視資本預算，增加資本投資的成功率。 The purpose of conducting enterprises is to ‘’maximize companies’ value’’, ‘’maximize shareholders wealth’’ and reach the goal of sustainable development of the companies. In order to achieve the goals, companies need to search for investment targets and design new investment plans. Good investment plans can help businesses grow and reach their profit target, and Companies’ well designed capital budget not only can increase the chance of company success, but also help in growth of their non-financial projects. This thesis is a case study of G biotechnology company investment plan using capital budget. Methods of Net Present Value Method (NPV), Internal Rate of Return Method (IRR), Profit Index Method (PI), and Payback Period Method can be used to evaluate the feasibility of the investment plan. The analyzed results can be utilized by decision makers in finalizing their investment decision. In addition to making the decision based on the results, there are factors such as program of action, internal control and performance evaluation, review and feedback, revise and improvement that will affect the decision making. Combining these factors with capital budget will increase value of the investment. This thesis provides decision making methods and rules that will help companies understand the importance of capital budget and will increase the chance of success of companies’ investments.
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