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The Value Creation Models of Biopharmaceutical Industry -The Case of a Cell Therapy Company
No full text「創新」是科技進步的主要動力來源，更是企業創造價值的關鍵能力，在全球市場邁入知識經濟的時代，高效率且持續不斷的創新，已成為產業技術領先及企業競爭優勢之重要因素。近年來諸多暢銷藥(Blockbuster)藥品專利陸續到期，加上各國政府為了降低整體醫療費用支出，紛紛鼓勵使用學名藥(Generic drugs)，專利藥品銷售額往往在專利到期後隔年急遽下降，形成所謂的專利懸崖(Patent cliff)現象。然而，對生技製藥產業而言，持續性的研究開發與技術創新，並透過創新技術或產品取得專利保護，以確保產品成功上市後，能免於競爭而賺取超額利潤，才是生技製藥公司永續經營的重要關鍵因素。 細胞治療(Cell therapy)即是近年來相當熱門的新興生物技術，為再生醫學(Regenerative medicine)領域中最重要的一環，主要就是利用健康的細胞來進行修復、取代已受損或壞死的細胞以及因疾病、外傷而受損的組織或器官。儘管目前細胞治療技術或產品尚屬於萌芽階段，但對於創新效率不彰或能量飽和的大型製藥公司而言，極具潛力成為延續企業創新價值及突破專利懸崖窘境的利器。本研究主要透過新創公司Juno Therapeutics Inc.進行個案研究，探討生技製藥產業的創新技術如何創造價值，透過文獻比對瞭解細胞治療產業現況及未來的發展趨勢，藉由新創公司的商業營運模式進行架構分析，瞭解新興細胞治療領域之價值創造策略及模式，評估細胞治療產業是否有機會融入全球生技製藥產業價值鏈，成為創造營收的嶄新動能。 研究結果發現，個案透過公司核心能耐的轉化，形成其價值主張包含提供創新CAR及TCR技術、鎖定未被滿足的醫藥需求市場、緊密結合尖端臨床醫療機構以及客製化個人醫療產品及服務，作為細胞治療技術之價值創造策略。此外，藉由產業關鍵成功因素之掌握，個案以臨床試驗療效展現技術創新價值，同時經由對美國FDA審查時效及法規的高度熟稔，以滿足為未滿足的醫藥需求(Unmet medical need)市場，作為公司核心之價值創造模式。 研究結果也發現，細胞治療技術相當新穎，產品特性無法與現有藥物比擬，技術專利涵蓋範圍評價不易，創新技術的臨床試驗成效才是價值創造的重要關鍵。隨著再生醫學領域將朝細胞治療領邁進，整體市場價值將橫跨癌症標靶(Targeted)藥物及幹細胞藥物市場。根據IMS health統計，2013年癌症藥物市場約910美元，癌症標靶藥物約占46%，約418億美元，而由Visiongain研究指出，2016年全球幹細胞市場將達88.8億美元，意謂著全球細胞治療產業至少超過500億美元，細胞治療產業將改變再生醫學傳統模式並提升整體產業價值，成為全球生技製藥產業價值鏈創造營收的嶄新動能。Innovation would be the major driving force for industry evolution; moreover, it is the core competence for a corporate value creation, as global market towards knowledge-based economy, to have a high efficiency and continuous innovation become the key success factor for corporate to keep their competitive advantage and the capabilities of advanced technology among industry. Recently, many blockbuster patents have expired, and governments have been encouraging the use of generic drugs in order to reduce overall healthcare cost, and this result to the phenomenon of Patent Cliff as patented drugs expired and the sales would be dramatically drops in the next year. However, to acquire patents through continuous R&D and technological innovation can be the most important element for biopharmaceutical industry to ensure they are able to gain from premium profit instead of competition while product launched. Cell therapy is the emerging biotechnology and the most important part of regenerative medicine that utilize healthy cells to repair, replace damaged or necrotic cells and due to illness, injury and damaged tissues or organs. Although cell therapy technologies or products still belong infancy, it has a great potential to become the drive for the continuation of the value innovation and the breakthrough of patent cliff dilemma, especially in big pharma or startup biotech company. In this study, a startup company, Juno Therapeutics Inc. has conducted as a case study to explore how innovative technologies in biopharmaceutical industry create values; this study also includes the status quo of the cell therapy industry and the views on future trends through literature review and various market research reports. An aim to comprehend the strategy and model of the value creation in the emerging cell therapy field via analyzing the business model of this startup case study, this analysis result can be used in cell therapy industry to increase revenue momentum and an assessment whether it’s an opportunity to integrate into the value chain of global biopharmaceutical industry or not. From this case study, we found that the transformation of core competence would formulate its value proposition, which includes providing innovative CAR and TCR technology, focusing on the unmet medical needs market, collaborating closely with advanced clinical institutions, as well as customizing personal medical products and services, the value creation strategy of cell therapy technology would base on these moves. In addition to the key success factors (KSFs) managed effectively, this case demonstrates technological innovation value via the efficiency of clinical trials, and familiar with the US FDA regulations and processes; to fulfill the unmet medical need markets, these are the KSFs for shaping this case company''s value creation model. We also found from this study that the cell therapy technology is lacking spec benchmarking reference base due to its too new to the market and hard to compare with the current products. Only the efficacy of clinical trials would dominate the key of industry success, which is the most important element to the value creation. Along with the regenerative medicine field towards cell therapy field, the market value will be crossing the targeted cancer and stem cell therapy market. According to the IMS health and Visiongain statistics, in 2013, the targeted cancer drug market was around 8.88 billion in 2016. It means the global cell therapy market will reach more than $50 billion and become the new momentum to generate revenue for global biopharmaceutical industry
Uncertainty in Information Asymmetry and Corporate Bond Yield Spreads
No full text本研究利用1997年到2010年的美國債券資料來探討資訊不對稱的不確定性如何影響公司債券利差，同時考慮期間結構與總體環境因素對此效果的影響。實證結果顯示，在控制文獻中影響公司債券利差重要的解釋變數後，資訊不對稱的不確定性對公司債券利差有顯著正向的影響，表示債券資訊不對稱的不確定性越高時，債券利差會越大。研究結果亦發現此資訊不對稱的不確定性效果特別對短期債券有顯著的影響。此外，總體環境也會影響資訊不對稱的不確定性對公司債券利差的效果，在經濟景氣較好時，資訊不對稱的不確定性對公司債券利差的正向效果會被削弱。The study examines how uncertainty in information asymmetry influences corporate bond yield spreads using American data from 1997 to 2010, and considers the effects of term structure and macroeconomic conditions on that. Empirical results show that the effect of uncertainty in information asymmetry significantly explains corporate bond yield spreads when controlling for variables well known in the literature. Bonds with higher uncertainty in information asymmetry tend to have higher yield spreads. In addition, this uncertainty in information asymmetry effect is especially noticeable among short-term bonds. Macroeconomic conditions also affect the uncertainty in information asymmetry effect on bond yield spreads. The positive relationship between a firm’s bond yield spreads and uncertainty in information asymmetry becomes weaker when economic growth rate is higher
The Study on Relationship among Research Resource, Portfolio Turnover, and Mutual Fund Performance
No full text本文旨在探討基金週轉率之高低是否影響其操作績效，以及經理人研究資源多寡是否影響基金之週轉率及績效。研究期間自2005年1月至2014年12月為止，研究對象包括台灣地區投資國內股票型共同基金，計有117個樣本，藉以觀察基金週轉率與績效之關聯性，實證結果發現：高週轉率基金的交易費用較高，操作績效較差。另外，以2010年1月至2014年12月共117檔台灣之投資國內股票型共同基金及32家投信為樣本，分析經理人研究資源對週轉率與績效之影響，發現研究資源與週轉率呈反比、但與操作績效則呈正比，此一結果顯示當經理人擁有較多資源時，由於易獲取可賺取超額報酬的資訊，故可有效減少週轉率並降低交易費用，使基金操作績效較佳。This paper examines the interaction between mutual fund performance and portfolio turnover by using 117 Taiwan domestic equity mutual funds data from the time period of 2005 to 2014. Empirical result indicates that funds with higher portfolio turnovers exhibit higher transaction costs and inferior performance compared with funds having lower turnovers. Furthermore, we use the data of 117 Taiwan General Equity Mutual Funds from 2010 to 2014 and 32 asset management firms to investigate the correlation among the research resource, mutual fund performance, and its portfolio turnover. We found that there is a significantly negative relationship between the research resource and portfolio turnover. Moreover, there is a positive relationship between the research resource and fund performance in corresponding period of time. The findings support the assumptions that fund managers who have more resources are easily to get information which can help them win excess returns. By getting useful information, fund managers can have less transaction costs, lower portfolio turnover and better fund performance
The Impact of Bank’s Ownership on Its Prudential Behavior – An Evidence of China
No full text中國的國有商業銀行於2003年後開始實施股份制改革，內容涵蓋引入機構投資人、戰略投資人及社會公眾投資人，以及對公司治理結構進行改革，國有商業銀行改革完成後成為大型商業銀行，截至2014年底中國共有5家大型商業銀行，與12家股份制商業銀行組成了中國主要的銀行業。 回顧了許多開發中國家銀行私有化的成果，實證顯示私有化後的獲利或成本等績效表現有好壞不一的情形，因此本論文不以績效表現衡量私有化效果，而以放款謹慎程度作為衡量標準，得出了大型商業銀行在2008-2014年間，放款的謹慎程度比股份制商業銀行及城市商業銀行差的結論。以中國A股上市的16家銀行作為樣本，包含5家大型商業銀行、8家股份制商業銀行及3家城市商業銀行，探討在金融海嘯時期，中國政府為了支撐經濟，於2008年11月推出了四萬億經濟刺激計畫，針對特定產業及地區經濟要求銀行放款，故雖然原有的國有商業銀行已轉型成為非政府100%持有的大型商業銀行，但放款行為仍受到政策強烈的影響，使其較為不謹慎，而股份制商業銀行與城市商業銀行的大股東雖仍多為國有企業，但實證結果顯示較不會受到政府政策的影響。State-owned commercial banks in China underwent shareholder reform after 2003. The process included inviting institutional investors, strategic investors and public investors and reforming company’s governance. After that, state-owned commercial banks became large commercial banks. At the end of 2014, there were 5 large commercial banks and 12 joint-equity banks in China which consist the main banking system. Reviewing the results of bank privatization in developing countries, banks didn’t always perform well. Because of that, this thesis use bank prudential behavior as a measurement to observe the effect of privatization, and the conclusion is, from 2008 to 2014, large commercial banks’ level of prudence is poorer than joint-equity banks’. Using 16 banks listed in A-stock, including 5 large commercial banks, 8 joint-equity banks and 3 urban commercial banks, to examine whether large commercial banks would be affected by government policies or not during financial crisis. In order to boosting economy growth, Chinese government asked banks to lend to assigned industries. Although 5 large commercial banks wasn’t 100% owned by the Chinese government, their lending behavior has been deeply controlled by the government. Surprisingly, joint-equity banks, which most of the shareholders were national enterprises, weren’t affected by the policy seriously
Announcement Effects of Stock Recommendations
No full text本研究透過事件研究法（Event Study），以市場模式（Market Model）探討券商發佈之投資評等的資訊內涵及其對股票異常報酬之影響。針對投資評等進行四階段的分析，第一階段：全體券商發佈之投資評等之資訊內涵；第二階段：券商投資評等語言之資訊內涵；第三階段：本國及外資券商所發佈的投資評等之資訊內涵差異；第四階段：本國及外資券商發佈之不同等級投資評等的資訊內涵差異。研究結果顯示：(一)券商評等以正面評等為主，占所有評等的半數，本國券商偏向避免發佈負面評等，其負面評等數量僅占其所有評等的2.3%；(二)中立評等在投資人眼中並不中立，當發佈中立評等時，其異常報酬變化與負面評等趨勢類似，唯在程度上比起負面評等緩和；(三)券商發佈正面評等時是異常報酬率上昇幅度開始趨緩之時：無論是外資或是本國券商都在發佈正面投資評等前四天就出現異常報酬率，發佈日後異常報酬反而從發佈前的大幅上昇轉變為緩步上昇；(四)當外資券商發佈負面評等時，在發佈日異常報酬率會略為下降，但第二日後恢復發佈前水準，反觀本土券商的異常報酬則在發佈後一路下滑。We examine how stock recommendations relate to abnormal return (AR). Through event study, we used market model to estimate expected returns on each stock, and observed how AR changes before and after the issue dates of stock recommendations. There are four stages of analysis including: (1) How stock recommendations relate to AR; (2) How different level of stock recommendations relates to AR; (3) How different issuers of stock recommendations relate to AR; (4) How different issuers and level of stock recommendation relate to AR. The results indicate that: (1) Stock recommendations tend to be positive, more than half of the total are positive. The local stock recommendations issuers’ negative recommendations contribute only 2.3% of total. (2) Neutral is perceived as negative, the AR shows the same pattern, but smaller in scale. (3) The positive recommendation does not relate to massive growth in AR. AR shows a greater growth before event date than after. (4) After the negative recommendations issued, those come from local issuers relate to a continuous decline in AR, while those come foreign issuers relate to a decline in event date only
Cross-border Mergers and Acquisitions: the Role of Regional Trade Agreements
No full text近年來，許多大型的區域貿易協定紛紛簽訂，例如由美國主導的跨太平洋戰略經濟伙伴關係協定、由中國主導的區域全面經濟伙伴協定。無論在各產業，公司為了規模經濟或是快速打入某個海外市場等原因，從而進行跨國併購。但過去文獻卻鮮少討論有關區域貿易協定在跨國併購上的意義。 本文致力於研究區域貿易協定在跨國併購案中所扮演的角色及其影響的程度。本研究以SDC資料庫篩選，在2008年至2014年間的跨國併購案，共23,600個樣本，對樣本進行橫斷面資料與追蹤資料之多元迴歸分析以了解跨國併購的影響因素。藉由檢視在一樁跨國併購案當中，交易雙方的國家各自已簽訂的區域貿易協定數量的差異個數，對於跨國併購案發生的機率有無顯著性的影響。實證結果顯示，區域貿易協定對於跨國併購發生的機率在統計上具顯著的影響性。 本研究於實務上的意義在於，當企業面臨跨國併購決策，在選擇目標公司時，可選擇相較於自身國家而言，簽訂區域貿易協定數量較多的國家。而其背後隱含的策略性考量是，即便主併公司所處的國家並未簽訂多數的區域貿易協定，也可透過這樣的選擇，讓主併公司能夠在併購目標公司後，享有這些區域貿易協定所帶來的好處。In recent years, many “mega-regional” trade agreements have been signed, such as the United States-led Trans-Pacific Partnership (TPP) and the China-led Regional Comprehensive Economic Partnership (RCEP). No matter what industry that companies are in, due to the economies of scale, rapidly enter a foreign market or many other reasons, so that cross-border mergers and acquisitions. However, the existing literature has focused little on the implications of regional trade agreements on cross-border mergers and acquisitions. This paper contributes to the role of regional trade agreements and their impact on cross-border mergers and acquisitions. I use a sample of 23,600 cross-border mergers between 2008 and 2014 to conduct the multiple regression analysis. The empirical results show that the difference of regional trade agreements between acquirer country and target country does have a statistically significant impact on cross-border mergers and acquisitions The managerial implication of the result is that, when firms decide to purchase another firm abroad, a good choice of target firm is the one which is in a country with more numbers of regional trade agreements. It also implies that even if the acquirer is in a country, of which the government has not signed many regional trade agreements with other countries, could benefit from the regional trade agreements through this decision
Organizational Form, Board of Directors and Cash Holdings: Evidence from the U.S. Property-Liability Insurance Industry
No full text本研究以美國產險業為例，使用股份保險公司中的公開上市公司和非公開上市公司，以及相互保險公司的樣本，討論產險公司在不同的所有權結構之下，董事會的成員的獨立程度和公司現金持有量之間的關係。 本研究發現，在所有權結構方面，股份保險公司的現金持有量，會多於相互保險公司的現金持有量。而在股份保險公司中，公開上市公司的現金持有量，會多於非公開上市公司的現金持有量。另外，不管是何種所有權結構的產險公司，董事會的成員的獨立程度，皆和公司的現金持有量呈現負相關。This paper uses U.S. property-liability insurance industry as an example, including samples from publicly-traded stock insurance companies, privately-held stock insurance companies and mutual insurance companies, examining the impact of the degree of independence of the board of directors on insurers’ cash holdings under different ownership structures. Based on our findings regarding ownership structure, stock insurance companies have more cash holdings than mutual insurance companies. Among stock insurance companies, publicly-traded companies have more cash holdings than privately-held companies. Furthermore, the degree of independence of the board of directors has a negative relationship with insurers’ cash holdings under all kinds of ownership structures
Effects of Structure Design of Donor-Acceptor Conjugated Polymers on Photoelectric Properties via Quantum Mechanical Calculations
No full text電子予體─電子受體共軛高分子為近年來被廣泛研究的高分子太陽能電池材 料。如何藉由共軛高分子的結構設計來提升光電轉換效率是最重要的議題。共軛 高分子的能階、能隙是影響光電轉換效率的重大因素。因此在本研究中，我們利 用量子力學中的密度泛函理論研究電子予體─電子受體共軛高分子的光電性質。 我們選擇三種電子予體單體fluorene、CPT、BnDT 和三種電子受體單體BT、 DPP、TPD。我們計算這些交替共聚合物的HOMO 能階、LUMO 能階與能隙。 因為BnDT-DPP 的能階與能隙最接近理想值，所以BnDT-DPP 有最大的光電轉換 效率。在共軛高分子中，取代基也是影響能階與能隙的重要因素。我們在聚噻吩 接上推電子基和拉電子基形成交替共聚合物。推電子基包含羥基、胺基和甲氧 基。拉電子基包含氰基、醛基、羧基和硝基。我們發現羥基、甲氧基、氰基和醛 基使分子鏈構形較為共平面，因此OH-CN、OH-CHO、OCH3-CN 和OCH3-CHO 的組合有較低的能隙。最後我們探討取代基的數量和排列方式對共軛高分子的影 響。推電子基與拉電子基的組合會比只有推電子基或只有拉電子基更好。AT-NT 有最低的能隙。Donor-acceptor conjugated polymers are polymer solar cells materials which are widely researched in recent years. How to promote the power conversion efficiency by structure design of conjugated polymers is the most important issue. Energy level and band gap of the conjugated polymers are major factors which affect the power conversion efficiency. Thus, in this study, we use density functional theory of the quantum mechanics to investigate the photoelectric properties of the donor-acceptor conjugated polymers. We choose three donor units, fluorine, CPT, BnDT and three acceptor units, BT, DPP, TPD.We Calculate the HOMO, LUMO and band gap of these alternating copolymers. Because the energy level and band gap of BnDT-DPP are the closest to ideal value, BnDT-DPP has maximum power conversion efficiency. In conjugated polymers, substituents are also important factors which affect the energy level and the band gap. We join electron-donating groups and electron-withdrawing groups to polythiophenes, becoming alternating copolymers. Electron-donating groups include hydroxy, amino and methoxy groups. Electron-withdrawing groups include cyano, formyl, carboxyl and nitro groups. We find hydroxy, methoxy, carboxyl and formyl make the chain conformation coplanar, so the combination of OH-CN, OHCHO, OCH3-CN and OCH3-CHO have lower band gap. Last, we investigate the effects of amount and rearrangement of substituents on conjugated polymers. The combination of electron-donating groups and electron-withdrawing groups is better than only electron-donating groups or only electron-withdrawing groups. AT-NT has the lowest band gap
Process Development for Rapid Self-Assembly of PPV-b-PMMA Block Copolymer
No full text硬桿-柔曲嵌段共聚物(rod-coil block copolymers)因其在奈米微影技術及可撓曲性光電材料等領域的龐大應用潛力而一直是學術界的研究重點。藉由調控鏈段間的作用力強度與體積分率，可以獲得各種有序微相分離的奈米尺度結構。然而，在過去的研究中，由於硬桿–柔曲嵌段共聚物受到硬鏈段間過強的作用力，以及硬鏈段與軟鏈段間也同時具有過強作用力的影響，導致此類共聚物即使在相當高溫且相當長的時間進行退火，也難以形成有序結構，前人的對策多利用化學改質的方式來抑制過強的作用力，以促進有序結構的形成，但須耗時耗費同時也阻礙了電子傳遞跟原本良好的光電特性。 在本研究中，我們發展了一套方法來協助PPV-b-PMMA這一嵌段共聚高分子來有效的形成高度有序的奈米結構並對其製程進行改良開發，藉由在熱退火時加入高沸點的選擇性添加劑(PV、DBP與NEP)，來增加高分子的流動性，使得硬桿-柔曲嵌段共聚物便能在較低溫與較短時間內達到熱平衡與有序結構。然而，由於這些高沸點的添加劑無法在熱退火的過程中揮發完全，並可能會影響到材料本身的功能性與奈米結構。 因此，我們改良了兩種熱退火的系統，分別稱為開放系統與真空系統，讓高沸點添加劑有更多空間可以協助揮發與有更高的動能來提升鏈段的遷移能力。藉由適當的控制與利用熱退火環境，實驗後我們不但可以在製程中以不改變高分子化學結構的方式，且在更低的溫度及更短的退火時間內就獲得更為高度有序的奈米結構，例如在真空退火系統中僅只需1.5hr便可形成極高度規整的層狀結構，且在退火過程中能除去所有的添加劑。使用本技術為自組裝共聚物形成有序的結構提供有效及節省能源的製程方法。Rod-coil block copolymers have long been a research interest for their great potentials in nanolithography and flexible optoelectronics applications. By adjusting interactions between segments and their volume fractions, one can acquire various nanoscale morphologies. However, the segment interactions of rod-rod and rod-coil of the copolymers are very strong, the formation of ordered structure is rather difficult even they are annealed under a fairly high temperature for a long time. To promote the formation of ordered structure of rod-coil block copolymer, chemical modifications of side chain or main chain are usually used to suppress interactions, but that affects the original physical properties of pristine copolymers. In this work, we’ve developed a facile method to form a highly ordered nanostructure of PPV-b-PMMA at low temperature and short time without any chemical modification. By adding high boiling point selective additives in the copolymer, the thermodynamic equilibrium of ordered structure can be reached with relatively low temperature and short time. If the high boiling point additive cannot remove during the annealing process completely that will affect the chemical and physical properties of the copolymer. Therefore, we further improve the process by treating the samples under different annealing environment. Two new systems are investigated: open system and vacuum system as compared with the original confined system (sample annealed in a metal washer). The additive has more room to facilitate the movement of copolymer and to be evaporated effectively during the annealing. By optimizing the annealing condition, we can not only retain the nanostructure of the copolymer, but also improve the quality of ordered structure without presence of any additive. For example, vaccum system can help copolymer to form structure in 1.5hr annealing period. This technique provides an efficient and energy-saving process for self-assembly copolymers to form highly ordered structures