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系統識別號 U0026-2306201221134000
論文名稱(中文) 新產品創新之價值專享性研究-以製藥產業為例
論文名稱(英文) Value appropriability of new product innovation: Evidence from the pharmaceutical industry
校院名稱 成功大學
系所名稱(中) 企業管理學系碩博士班
系所名稱(英) Department of Business Administration
學年度 100
學期 2
出版年 101
研究生(中文) 黃明超
研究生(英文) Ming-Chao Huang
學號 R48941106
學位類別 博士
語文別 英文
論文頁數 76頁
口試委員 指導教授-張紹基
指導教授-方世杰
召集委員-張元杰
口試委員-康敏平
口試委員-曾瓊慧
口試委員-周信輝
中文關鍵字 價值專享性  新藥核准  製藥產業  事件研究法 
英文關鍵字 Value Appropriability  New Drug Approval  Pharmaceutical Industry  Event Study 
學科別分類
中文摘要 新產品創新對廠商具有價值創造的效果,然而廠商往往無法完全取得新產品創新所產生的利益,遂衍生出價值專享性(value appropriability)之議。因此,為了釐清廠商在新產品創新活動中,價值創造與價值專享之間的關係,並凸顯價值專享能力對於廠商獲利之重要性,且更具體地衡量廠商在新產品創新活動中實際取得之利益,本研究以Teece (1986)所提出之PFI架構為基礎,參酌過往有關價值專享性之研究,整合並延伸PFI架構,以探討價值專享性對廠商獲利能力的影響。
本研究認為廠商價值專享性之決定因素,主要可分為四個構面:創新特定之專享性,互補性資產,市場競爭程度,以及技術來源模式。創新特定之專享性係從創新本身之技術出發,強調技術內涵所賦予之價值保護機制;互補性資產從價值鏈的觀點出發,探討價值鏈下游活動如何提升廠商之專享性;市場競爭為產業層級之探討,旨在討論替代產品如何影響廠商之專享性;最後,源自對廠商技術策略的觀察,技術來源不啻影響廠商之創新績效,亦決定創新之價值劃分,為決定廠商專享能力之重要因素。
本研究使用事件研究法為分析工具,採用美國食品藥物管理局(FDA)之新藥核准為事件標的,並搭配相關之專利資訊,以實際驗證價值專享性各構面與新藥核准後之股票市場反應之影響。新藥核准樣本取自橘皮書,製藥廠商均為公開發行公司,本研究共蒐集446件FDA新藥核准事件。實證結果顯示,創新特定之專享性,互補性資產,以及技術來源模式等三構面均顯著影響廠商之獲利專享性。
英文摘要 Previous studies suggested that new product innovations have the capacity to create and appropriate value, characteristics that are both required to achieve sustained competitive advantage. However, the value created by an organization through the introduction of a new product or process may not be wholly captured by the organization. Based on the concept of profiting from technological innovations (Teece, 1986), the current study attempts to explain the magnitude of stock market responses to new product innovations through the lens of appropriability, where appropriability is determined by the innovation-specific appropriability, complementary assets, market competition (these dimensions are derived from Teece’s building blocks), and technology sourcing modes.
The approvals of new drug applications in the pharmaceutical industry are collected as the sample of new product innovations. In addition, the new drug applications with patent information can help to explore the role of patents on the project level. This study uses event study analysis to access the market value of new product innovations and expects to shed lights on research of appropriability. The results of the regression analysis confirmed that pharmaceutical firms inventing patent portfolios around the core technology, accumulating more experiences with new product applications, and self-generating technology, are the determinants of profitability on new product innovation.
論文目次 Contents…………………………………………………………………………………………………………………I
Tables and Figures…………………………………………………………………………………………………III
Chapter 1. Introduction ………………………………………………………………………………………1
1.1. Introduction…………………………………………………………………………………1
1.2. Purposes of Research …………………………………………………………………………………3
1.3. Conceptual Framework……………………………………………………………………………………5
Chapter 2. Literature Review and Hypothesis……………………………………6
2.1. New Product Introduction and Event Study………………………………6
2.2. Event study in the Pharmaceutical Industry…………………………9
2.2.1. The Effect of Policy Change/Statement…………………………………9
2.2.2. The Effect of FDA Decisions…………………………………………………………10
2.3. Value Creation and Value Appropriation…………………………………13
2.3.1. Value Creation and Value Appropriation……………………………13
2.3.2. Characteristics of Appropriability………………………………………15
2.3.3. Mechanisms of Appropriability……………………………………………………18
2.3.4. The Innovation-specific Appropriability…………………………23
2.3.5. Complementary Assets……………………………………………………………………………25
2.3.6. Market Competition…………………………………………………………………………………28
2.4. The Wealth Effect of Technology Sourcing Modes……………30
2.4.1. The Nature of Multi-sourcing Technology ………………………30
2.4.2. Technology Sourcing Modes Determinants……………………………32
2.4.3. The Effect of Technology Sourcing Modes on
Appropriability…………………………………………………33
2.5. Empirical Framework……………………………………………………………………………………36
Chapter 3. Methodology and Measurement………………………………………………37
3.1. The Context: Pharmaceutical Industry………………………………………37
3.2. The Sampling: NDAs in the Orange Book……………………………………38
3.3. The Event Study Methodology………………………………………………………………40
3.4. Measurement…………………………………………………………………………………………………………42
3.4.1. Dependent Variables………………………………………………………………………………42
3.4.2. Independent Variables…………………………………………………………………………42
3.4.3. Control Variables……………………………………………………………………………………44
Chapter 4. Empirical Results…………………………………………………………………………47
4.1. Summary of NDAs………………………………………………………………………………………………47
4.2. Results of Event Study……………………………………………………………………………49
4.3. Results of Regression………………………………………………………………………………52
4.3.1. Empirical Results of Hypothesis 1…………………………………………52
4.3.2. Empirical Results of Hypotheses 2 and 3…………………………53
4.3.3. Empirical Results of Hypothesis 4…………………………………………54
4.3.4. Empirical Results of Full Model and Robust Test……56
4.3.5. Summary of Hypotheses and Empirical Results………………57
Chapter 5. Conclusions and Limitations………………………………………………58
5.1. Discussion……………………………………………………………………………………………………………58
5.2. Conclusions…………………………………………………………………………………………………………60
5.2.1. Theoretical Contributions………………………………………………………………60
5.2.2. Practical Implications………………………………………………………………………62
5.3. Limitations and Suggestions………………………………………………………………63
Reference……………………………………………………………………………66
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