Williams David R, Young Carlton C
Department of Management, Walker College of Business, Appalachian State University, USA.
J Health Care Finance. 2006 Winter;33(2):39-54.
This study examines the stock market reaction and other financial aspects of all biopharmaceutical firms that had an initial public offering (IPO) between 1996 and 2005. Overall, increases in stock price at the close of the first day averaged 20.9 percent while the stock price of those firms that went public and survived until the end of 2005 stock price increased by only 7.7 percent on average. Sixty-nine percent of the firms that went public during this period were still trading at the end of 2005, with the majority of those de-listed being acquired or merged. Three-fourths of all biopharmaceutical IPOs had venture capital investors. Venture capitalists owned 47.4 percent of all common stock outstanding prior to the IPO on average.
本研究考察了1996年至2005年间进行首次公开募股（IPO）的所有生物制药公司的股市反应及其他财务方面情况。总体而言，首日收盘时股价平均上涨20.9%，而那些上市并存活至2005年末的公司股价平均仅上涨7.7%。在此期间上市的公司中有69%在2005年末仍在交易，其中多数被摘牌的公司是被收购或合并。所有生物制药公司首次公开募股中有四分之三有风险资本投资者。风险资本家在首次公开募股前平均拥有所有已发行普通股的47.4%。
