IPO前策略聯盟如何減緩IPO異常現象? 以1986-2011年生技製藥IPO企業為例

Abstract

The IPO market has long been haunted by IPO anomaly on the first trading day. Although strategic alliance along with other strategic actions of IPO firms are viewed as a way to reveal growth potential, the literature wheels out few explanations for why IPO firms still fail to soften the information asymmetry problem by signaling to investors. In response to the recent calls for more sustained solution to both IPO anomaly and post-IPO performance, the study aims to firstly understand the effects of pre-IPO alliance experience on the incidence of IPO anomaly and post-IPO performance, and secondly investigate the repairing effect of alliance fit on post-IPO performance. In a sample of 305 biopharmaceutical IPOs during 1986-2011, this study shows that the pre-IPO alliance experience relates negatively to post-IPO performance due to signal misfit and IPO hidden information. The former is caused by the limited attention of investors to correctly interpreting all the signals from IPO firms, while the latter refers more to incomplete information about an IPO firm’s alliance experience available to the public. However, the study also evidences the contribution of alliance fit, in terms of the alignment among partner type, collaborative goal and governance modes, to enhancing post-IPO performance but softening the negative influence of IPO hidden information on post-IPO performance.