大型企業會提早購買創意嗎？以生技製藥產業為例

Abstract

企業透過授權交易商業化創新對於獲取競爭優勢至關重要，特別是在生技製藥產業中。本研究建構一個兩期連續投資模型，分析被授權方在授權交易中的抉擇，即應於早期階段簽署授權契約，或延遲至後期再進行投資。理論上，市值較大的企業更傾向於承擔風險，並在創新開發的早期即購買創意，以促進產品開發與商業化，從而建立市場競爭優勢。本研究運用生技製藥產業的授權交易數據，探討被授權方的市值是否以及在何種程度上影響授權交易的時機。實證結果顯示，當被授權方的市值增加時，授權交易的發生時機顯著提前，且此趨勢無論企業規模大小皆成立。此外，相較於中小型企業，大型企業在早期階段購買創意的可能性顯著更高。本研究的發現可為生技製藥產業的商業開發與授權專業人士提供參考，協助其制定策略，在全球市場中尋找早期創新項目的潛在買家。

The commercialization of innovation through licensing is essential for firms seeking competitive advantages, particularly in the biopharmaceutical industry. This study constructs a two-stage sequential investment model to examine the decision-making process of licensees: whether to enter into licensing agreements during the early stages of innovation or to delay investment until later phases. Theoretically, firms with higher market capitalization are more likely to assume greater risk and engage in early-stage licensing to accelerate product development and commercialization, thereby enhancing their market positioning. Utilizing a dataset of licensing transactions in the biopharmaceutical sector, this research investigates whether, and to what extent, a licensee’s market capitalization influences the timing of licensing decisions. Empirical findings reveal that an increase in market capitalization is significantly associated with earlier licensing, and this relationship holds consistently across firms of varying sizes. Furthermore, large firms demonstrate a substantially greater likelihood of acquiring innovation at early stages compared to small and medium-sized counterparts. These results offer practical insights for professionals involved in business development and licensing in the biopharmaceutical field, supporting strategic efforts to identify early-stage innovations and their potential buyers in global markets.