IDEAS home Printed from
   My bibliography  Save this paper



  • 本庄, 裕司
  • 長岡, 貞男
  • 中村, 健太
  • 清水, 由美


本稿は,バイオテクノロジー分野におけるスタートアップ期の企業(以下,「バイオスタートアップ」と呼ぶ)のうち,とくに,株式公開企業 (public firm) を対象に,ベンチャーキャピタル (venture capital; VC) からの資金調達および新規株式公開 (initial public offering; IPO) を通じた資金調達の実態を分析する.本稿で得られた知見は以下のとおりである.(1) バイオテクノロジー分野では,研究開発投資の規模が大きく,その不確実性が大きいことから,VC はバイオスタートアップの資金調達に大きな役割をはたしており,また,比較的に初期の段階からVC による投資がみられている.(2) 一般的にIPO は市況の影響を受けやすいが,バイオスタートアップのIPO は市況と関係なく継続的にみられている.ただし,(株価)時価総額は市況によって大きく変動しており,2002 年から2003 年および2012 年後半から2013 年は他の時期よりも相対的に高い時価総額となっている.(3) バイオスタートアップへの投資は規模が大きくリスクも高いことから,VC がバイオスタートアップに投資する場合,段階的投資やシンジケーションを利用する傾向がみられている.バイオスタートアップは平均5 回の投資ラウンドを経験しており,また,平均15 社のVC がバイオスタートアップの投資に参加している.ただし,投資ラウンド数やシンジケーションの大きさが必ずしも良好な時価総額につながるとは限らない.(4) IPO は,バイオスタートアップへの投資に対する資金回収および株式市場へのアクセスを通じた資産規模拡大の機会として機能している.(5) バイオスタートアップは,IPO を通じて研究開発を拡大するが,IPO が短期的な売上高の改善につながっていない.日本の新興市場では,赤字であっても成長性のある企業のIPO を認めることで,こうした企業の市場での資金調達やVC による投資の回収につながっており,こうした点で新興市場の役割が機能している.他方,バイオスタートアップについて,投資ラウンド数やシンジケーションの大きさが必ずしも良好な時価総額につながらないことや,市況と関係なくIPO がみられることは,日本のVC による投資能力の限界を示唆している.将来的に,バイオテクノロジー分野で効率的にイノベーションを実現していくためには,リスクを分散できる産業組織の進化が大きな鍵を握る.そのためには,バイオスタートアップおよびリスクキャピタルの相互の拡大が求められる.こうした好循環を形成していくうで,バイオスタートアップに資金を提供するVC の能力の強化は重要な役割をはたすと考えられる.

Suggested Citation

  • 本庄, 裕司 & 長岡, 貞男 & 中村, 健太 & 清水, 由美, 2015. "バイオスタートアップの新規株式公開と資金調達," IIR Working Paper 15-01, Institute of Innovation Research, Hitotsubashi University.
  • Handle: RePEc:hit:iirwps:15-01

    Download full text from publisher

    File URL:
    Download Restriction: no

    References listed on IDEAS

    1. Johannes Koenen & Martin Peitz, 2012. "The Economics of Pending Patents," Chapters,in: Recent Advances in the Analysis of Competition Policy and Regulation, chapter 3 Edward Elgar Publishing.
    2. Palangkaraya, Alfons & Jensen, Paul H. & Webster, Elizabeth, 2008. "Applicant behaviour in patent examination request lags," Economics Letters, Elsevier, vol. 101(3), pages 243-245, December.
    3. Helen Weeds, 2002. "Strategic Delay in a Real Options Model of R&D Competition," Review of Economic Studies, Oxford University Press, vol. 69(3), pages 729-747.
    4. Francesca Cornelli & Mark Schankerman, 1999. "Patent Renewals and R&D Incentives," RAND Journal of Economics, The RAND Corporation, vol. 30(2), pages 197-213, Summer.
    5. Richard Gilbert & Carl Shapiro, 1990. "Optimal Patent Length and Breadth," RAND Journal of Economics, The RAND Corporation, vol. 21(1), pages 106-112, Spring.
    6. Goto, Akira & Motohashi, Kazuyuki, 2007. "Construction of a Japanese Patent Database and a first look at Japanese patenting activities," Research Policy, Elsevier, vol. 36(9), pages 1431-1442, November.
    7. Pakes, Ariel S, 1986. "Patents as Options: Some Estimates of the Value of Holding European Patent Stocks," Econometrica, Econometric Society, vol. 54(4), pages 755-784, July.
    8. Deng, Yi, 2007. "The effects of patent regime changes: A case study of the European patent office," International Journal of Industrial Organization, Elsevier, vol. 25(1), pages 121-138, February.
    9. Ted O'Donoghue & Suzanne Scotchmer & Jacques-François Thisse, 1998. "Patent Breadth, Patent Life, and the Pace of Technological Progress," Journal of Economics & Management Strategy, Wiley Blackwell, vol. 7(1), pages 1-32, March.
    10. R. Glenn Hubbard, 1994. "Investment under Uncertainty: Keeping One's Options Open," Journal of Economic Literature, American Economic Association, vol. 32(4), pages 1816-1831, December.
    11. Suzanne Scotchmer, 1999. "On the Optimality of the Patent Renewal System," RAND Journal of Economics, The RAND Corporation, vol. 30(2), pages 181-196, Summer.
    12. NAGAOKA Sadao & John P. WALSH, 2009. "The R&D Process in the U.S. and Japan: Major findings from the RIETI-Georgia Tech inventor survey," Discussion papers 09010, Research Institute of Economy, Trade and Industry (RIETI).
    13. Yamauchi, Isamu & Nagaoka, Sadao, 2013. "Does the outsourcing of prior art search increase the efficiency of patent examination?," IIR Working Paper 13-12, Institute of Innovation Research, Hitotsubashi University.
    14. Dietmar Harhoff & Stefan Wagner, 2009. "The Duration of Patent Examination at the European Patent Office," Management Science, INFORMS, vol. 55(12), pages 1969-1984, December.
    15. Alfons Palangkaraya & Elizabeth Webster & Paul H. Jensen, 2011. "Misclassification between Patent Offices: Evidence from a Matched Sample of Patent Applications," The Review of Economics and Statistics, MIT Press, vol. 93(3), pages 1063-1075, August.
    16. Carmen Matutes & Pierre Regibeau & Katharine Rockett, 1996. "Optimal Patent Design and the Diffusion of Innovations," RAND Journal of Economics, The RAND Corporation, vol. 27(1), pages 60-83, Spring.
    Full references (including those not matched with items on IDEAS)

    More about this item


    Access and download statistics


    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:hit:iirwps:15-01. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Digital Resources Section, Hitotsubashi University Library). General contact details of provider: .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.