바이오벤처기업의 협력에 미치는 영향에 관한 연구-선호하는 파트너 유형과 주가에 미치는 영향을 중심으로

This paper investigates which types of partners biotech firms prefer among various partners located upstream, horizontally, and downstream of the industrial value chain according to the innovation stage and functional area of the collaboration and analyzes the stock market's evaluation of various collaborations. Data from 913 collaborations entered into by 71 biotech companies listed on the KOSDAQ market between 2001 and 2022 were analyzed to determine the types of partners and their functions in each innovation stage. Event study methodology was used to measure the stock market's short-term evaluation of collaborative activities by innovation stage and the types of partners in each innovation stage. This study suggests that biotech managers should strive to collaborate with downstream partners, actively consider technical collaborations with horizontal partners in the drug discovery stage, and develop a collaboration strategy that ensures that the outputs of collaborations with upstream partners lead to commercial outcomes. In addition, at the government level, it is necessary to improve regulations and support policies to encourage collaborations between downstream partners.