Journal of the Korea Academia-Industrial cooperation Society (한국산학기술학회논문지)

The Korea Academia-Industrial cooperation Society (한국산학기술학회)
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The Impact of Alliance on Market Value of the Bio-pharmaceutical Firm in Korea

국내 제약·바이오기업들의 제휴가 기업의 시장가치에 미치는 영향

  • Kwon, Haesoon (School of Management of Technology, Sungkyunkwan University) ;
  • Lee, Heesang (School of Management of Technology, Sungkyunkwan University)
  • 권해순 (성균관대학교 기술경영전문대학원) ;
  • 이희상 (성균관대학교 기술경영전문대학원)
  • Received : 2017.01.03
  • Accepted : 2017.07.07
  • Published : 2017.07.31
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Abstract

This paper analyzed the impact of alliances on the market value of the 106 bio-pharmaceutical companies listed on the KOSPI or KOSDAQ in Korea by using the 'Event study methodology'. Although general alliances did not impact the corporate value significantly, in the analysis corresponding to the alliance type, R&D alliances created positive value, as technology acts as an important factor for the alliance. Among the R&D alliances, 'Technology Transfer alliances', in particular 'Development Technology Transfer alliances', had a positive influence on the corporate value. We interpret these differentiated results as market tends to screen for types of alliances. Meanwhile, we confirmed that the possibility of a stock price increase before the alliance announcement is high by analyzing the impact of the timing of corporate alliance announcements on the company value. It can be inferred that the possibility of information leakage is high. This paper analyzes the impact of alliances for managers and practitioners seeking to create value for domestic bio-pharmaceutical companies, and suggests the need to prevent information leakages by establishing a suitable policy.

본 논문은 국내 유가증권시장(KOSPI 및 KOSDAQ)에 상장된 106개의 제약 바이오기업을 대상으로 사건연구방법론(Event study methodology)을 이용하여 제휴 체결이 기업의 시장가치에 미치는 영향을 연구하였다. 연구 결과, 국내 제약 바이오산업에서 모든 제휴가 기업의 시장가치에 유의미한 영향을 주지는 않았지만 제휴 유형에 따른 분석에서 기술력이 제휴 체결의 주요인으로 작용하는 연구개발 제휴는 기업의 시장 가치에 긍정적인 영향을 주는 것으로 나타났다. 연구개발 제휴 중에서는 기술 이전 제휴, 특히 개발기술 이전 제휴가 기업 가치에 더 긍정적인 영향을 주었다. 이는 제휴 유형별로 차별화된 평가를 받는다는 것으로 해석되었다. 한편, 제휴 체결이 기업가치에 반영되는 시점을 확인한 결과, 내부 정부 유출로 제휴 공시 전 주가 상승 가능성이 높다는 것을 확인하였다. 이는 국내 제약 바이오산업 내 제휴와 관련하여 사전정보유출 가능성이 높다고 해석된다. 본 논문은 국내 제약 바이오 기업의 가치 창출을 위해 제휴의 방향을 모색하는 경영자들과 실무자들에게 제휴의 효과를 실증적으로 입증해 준다. 또한 제휴 체결 전 정보 유출 방지를 위해 정보 관리 및 이와 관련된 제도적 보완이 필요할 것으로 판단된다.

Keywords

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