我國政府為提升國內製藥業的水準積極推動【國際標準查廠規範】(簡稱PIC/S)認證。有鑑於PIC/S 針對醫藥產業之軟、硬體進行嚴謹的審查及評估，對生技製藥產業產生巨大衝擊，思考探討企業投入資本支出後，約莫遞延多久才可反應於公司經營績效上，以供企業進行資本支出決策時之參考。
本文藉由迴歸模型進行分析，針對台灣西藥及生技製藥業為研究對象，評估企業重大資本支出後，以對資產報酬率（ROA）、股東權益報酬率（ROE）、自由現金流量率(FCF)、稅前息前折舊前淨利率(EBITDA)、股價淨值比(PB)及普通股報酬率(RTN)等六種經營績效指標之影響。以1998~2012 年間、共41 家，177 筆資料，進行探討，實證結果發現:
一、重大資本支出後對ROA、ROE、EBITDA 在第四期皆呈現正向顯著影響。
二、重大資本支出後對FCF 於當期呈現反向顯著影響。
三、重大資本支出後對PB 於當期呈現正向顯著影響。
四、重大資本支出後對RTN 於第二期呈現正向顯著影響。
五、在控制數方面，營收成長率與研發費用，初期皆對經營績效呈現顯著負值影響；公司規模對經營績效有正向顯著貢獻。
整合本文之實證結果，顯示台灣製藥產業是值得投入資本支出以因應法令轉變。「取得PIC/S 認證」是業界新的基本門檻，但絕非獲利保證，後續產銷的獲利能力才是決定企業能否繼續生存的關鍵。故台灣西藥及生技製造產業在此次重大資本支出後，應積極拓展營收與未來長期營運規劃，創造足夠的報酬。

In order to enhance the level of the domestic pharmaceutical industry, Taiwan government is actively promoting the Pharmaceutical Inspection Co-operation Scheme (referred to as PIC /S) certification. In view of the PIC/S rigorous review and assessment of the pharmaceutical industry for software and hardware, Taiwan pharmaceutical industry faces a tremendous impact. This study mainly explores the effect of substantial capital expenditure on the pharmaceutical corporate performances in Taiwan with 41 companies and 177observations from 1998 to 2012. Empirical findings show: First, capital expenditures significantly and positively affect ROA, ROE, EBITDA in the fourth period. Second, capital expenditures show a significant negative impact on FCF. Third, capital expenditures show a significant positive impact on PB in the current period. Fourth, capital expenditures show a significant positive impact on PB in the second period. Fifth, for some important control variables, revenue growth and R&D costs are showing significant negative impacts on business performance in early phases, and company size has a significant contribution to operating performance.
The results of this paper show that Taiwan's pharmaceutical industry is worth investing in capital expenditures in response to changes of the law. Pursuing PIC/S certification is the new basic threshold of the industry, but not a profit guarantee. Sales follow-up is the key to determine the profitability of the enterprise. Therefore, the pharmaceutical manufacturing industry in Taiwan after major capital expenditures should actively expand revenues and future long-term operational planning to create enough reward.

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