| 研究生: |
林智慧 LIN, CHIH HUI |
|---|---|
| 論文名稱: |
影響國內投資人將生技類股納入股票投資組合之決定性因素研究 The Determinants of the Investors for Investing Biotechnology and Medical Care Stocks in Taiwan Securities Market |
| 指導教授: |
康信鴻
Kang, Hsin-Hong |
| 學位類別: |
碩士 Master |
| 系所名稱: |
管理學院 - 高階管理碩士在職專班(EMBA) Executive Master of Business Administration (EMBA) |
| 論文出版年: | 2016 |
| 畢業學年度: | 105 |
| 語文別: | 中文 |
| 論文頁數: | 74 |
| 中文關鍵詞: | 生技醫療 、知覺風險 、產品屬性 、品牌信任 |
| 外文關鍵詞: | Biotechnology and medical care, Perceived risk, Product attribute, Brand trust |
| 相關次數: | 點閱:131 下載:13 |
| 分享至: |
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爰因生技醫療產業特性特殊,所需研發時間較一般產業為長,資金需求也較強,產品開發前期除倚賴大股東長期財務支援外,在公司營運達到一定成績後,透由股票成功辦理登錄證券市場,除了可由證券市場籌措資金,相關籌資管道及投資機會亦較增加,而為維護原有股東之長期利益以及開發潛在投資人的關注,除維持與專業投資法人之持續資訊溝通外,作為公司投資人關係維護單位,了解什麼是吸引國內投資人將生技醫療類股納為其股票投資組合之決策因素為本研究之課題。
本研究參考Stone和Gronhaug(1993)所提出知覺風險六構面觀點、Kotler(1997)五層次產品屬性、以及Park,Jaworski與MacInnis(1986)對於品牌的觀點、加上人口統計變數共四個構面,以問卷調查方式,探討知覺風險、產品屬性、品牌信任與人口統計變數構面何者為影響國內投資人將生技類股納為其股票投資組合之決定性因素。
本研究問卷共計回收205份,有效樣本數為199份;運用SPSS、EViews等相關統計軟體進行敘述性統計分析、因素與信效度分析、差異性分析、線性機率模型(Linear Probability Model, LPM)等相關檢定,並建立迴歸方程式模型討論之,共得到以下研究結果與發現:
(1) 知覺風險構面中,「政府政策支持生技產業」及「大盤類股多頭走勢在生技類股」正向顯著影響國內投資人決定是否將生技類股納為股票投資組合,而「生技類股日成交量偏低」呈現負向影響,表示成交量高低亦是投資人決定股票投資組合的重點之一,至於「財經分析師推薦」反而呈現不顯著,表示投資人並不完全信任所謂名嘴推薦,而整體來看時,知覺風險構面則仍呈顯著影響;
(2) 產品屬性構面中,生技類股「產品開發時間長且產業不易理解」,關係著對於投資人的投資回報,呈現顯著負向影響,而「經濟不景氣時,生技類股的股價相對較為抗跌」,此點得到普遍認同,具顯著正向影響。而在生技類股的高本益比、高股價淨值比特性,研究結果顯示投資人不是太在意,而就整體而言,產品屬性對於是否將生技類股納為股票投資組合的決策影響仍呈顯著;
(3) 品牌信任構面中,研究結果雖然多數對於個別生技醫療公司「隸屬於形象良好集團」以及「公司治理評鑑優良」等因素呈正向支持,但最終統計結果,這些因素並不會對於其決定是否將生技類股納為其股票投資組合時具顯著影響;
(4) 人口統計變數構面中,僅有中高「月收入」族群呈現正向顯著影響,收入較高的投資人比較願意將生技類股納入為其股票投資組合中,這可能是因為生技類股的股價普遍過高,具一定收入以上較無經濟負擔的投資人比較能負擔的起其股價波動及長期投資,而一般上班族收入者,以及「性別」、「年齡」、「是否有過生技醫療產業相關職業經歷」以及「教育背景是否與生技醫療相關」等因素,則均對於投資人是否將生技類股納為其股票投資組合不具顯著影響。
This research constitute with four dimension which are “Perceived risk”(Stone & Gronhaug (1993)), “Product attribute(Kotler (1997))”, “Brand” (MacInnis(1986)) and “Population statistics variables”, using survey to investigate the “Perceived risk”, “Product attribute”, “Brand trust” and “Population statistics variables” aspect on which affect the factors to invest the Biotechnology and medical care stocks.
This research has 205 surveys, 199 effective surveys, Using related statistics software SPSS, EViews etc. to perform descriptive statistics, factor analyses, reliability analyses, differential analyses, linear probability model, etc. related testing to establish regression model for discussion.
This research conclusion is as follows:
(1) Under “Perceived risk” dimension, “Government support”, “Market on Biotechnology and medical care stock” present positive impact, “low volume” present negative impact, and overall it is significant to invest.
(2) Under “Product attribute” dimension, “Long development characteristic” which related to investor’s return performance, is in negative impact, but “stable stock price on economic recession” present positive impact and overall it is significant to invest.
(3) Under “Brand trust” dimension, all factors are not significant impact to invest.
(4) Under “Population statistics variables” dimension, only “Salaries in above average” is significant to invest, and other factors are insignificant to invest.
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網站部分
1. IMS Health
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2. 公開資訊觀測站
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4. 台灣神隆
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5. 嘉實資訊系統XQ贏家
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6. 聯合國經濟社會事務處(the Department of Economic and Social Affairs of the United Nations)
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