策略聯盟能傳遞價值訊號嗎？以生技製藥初次上市公司為例

A Quality Signal of Alliance: Evidence on Biopharmaceutical IPOs

投資者對於初次上市公司（ IPO ） 的過度預期， 致使IPO 抑價（ IPO underpricing）現象普遍存在。基於訊號理論，本研究希冀藉由觀察IPO企業之策略聯盟次數、結構配適，分別與IPO抑價、公開發行後營運績效之關聯性，提出可供投資者正確判斷IPO企業價值之有效訊號，俾減緩IPO市場資訊不對稱之現象。本研究以1986～2011年期間於美國證券市場中IPO的305家生技製藥公司於IPO前的策略聯盟活動為樣本，結果發現：一、IPO前的策略聯盟次數並非為一項可減緩IPO異常之有效訊號，其不僅增加IPO抑價，亦與公開發行後長期營運績效無顯著關聯；二、IPO企業之策略聯盟結構配適度，不僅可舒緩IPO抑價程度，亦與IPO後長期營運績效具有正相關，為一可有效降低IPO市場資訊不對稱之訊號。綜上，本研究在策略聯盟活動與彰顯IPO企業價值上的發現，填補IPO文獻在探討資訊不對稱議題上的不足。

The literature of IPO underpricing or post-IPO underperformance has long been accumulating, but yet to have conclusive evidence on the determinants of these anomalies. Based on the signaling theory, the present study aims to examine whether a startup’s IPO underpricing and its post-IPO performance are explainable by its pre-IPO alliance activities. In a sample of 305 biopharmaceutical IPOs in the US during 1986~2011, the study shows that the pre-IPO alliance number does not signal well the IPO anomaly due to its lack of explanatory power on post-IPO performance. By contrast, the alliance management capability, proxied by the alliance fit, functions as a significant determinant of softened IPO underpricing and better post-IPO performance. Our findings contribute to the IPO literature and strategy research by generating implications for startups and investor community, both of which make decisions under information asymmetry.