제약․바이오산업의 특허 소송이 IPO 철회 및 상장 후 성과에 미치는 영향

This study investigates the impact of patent litigation on firm outcomes during the Initial Public Offering (IPO) process within the pharmaceutical and biotechnology industry. In this sector, firm value is predominantly driven by intangible technological assets, and information asymmetry is highly pronounced. While prior research emphasizes patent quantity and quality, this study focuses on patent litigation as a critical market-interpreted signal. Drawing on signaling theory, we conceptualize patent litigation as a costly, observable event that conveys negative signals regarding technological uncertainty. We further argue that the interpretation of such signals is contingent upon firm-specific resources and institutional contexts. Using a sample of IPO-track firms in Korea and the United States from 2010 to 2023, we employ logit and OLS regression models to analyze IPO withdrawal decisions and post-listing performance. The findings reveal that patent litigation significantly increases the likelihood of IPO withdrawal and weakens post-IPO performance. However, these adverse effects are attenuated for firms possessing high patent quality and R&D intensity, suggesting that internal technological capabilities serve as a strategic buffer. Additionally, the impact varies across institutional environments, reflecting differences between regulation-oriented and market-oriented systems. This research contributes to the literature by reframing patent litigation as a context-dependent signal in capital markets.