2025年3月24日，SJTU-SMU DBA 2018級黃皓宇同學(xué)在交大安泰迎來了他論文的答辯時刻。SJTU導(dǎo)師石先蔚教授，SMU導(dǎo)師傅方劍教授及胡子寒教授，一起參加并見證了黃皓宇同學(xué)的畢業(yè)答辯。

論文題目

風(fēng)險資本增值服務(wù)對資本融資結(jié)果的影響：中國生物科技初創(chuàng)企業(yè)的研究

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作者簡介

黃皓宇是一位經(jīng)驗(yàn)豐富的醫(yī)藥領(lǐng)域高管，目前在SJTU-SMU DBA攻讀博士學(xué)位。他曾于輔仁大學(xué)就讀食品與營養(yǎng)科學(xué)學(xué)士學(xué)位，并進(jìn)一步取得輔仁大學(xué)（AACSB認(rèn)證）高級技術(shù)工商管理碩士學(xué)位。他的博士研究主要集中在風(fēng)險資本動態(tài)、生物技術(shù)創(chuàng)新和高風(fēng)險行業(yè)戰(zhàn)略治理的交叉領(lǐng)域，這得益于他在全球制藥和生物技術(shù)公司的多年經(jīng)驗(yàn)積累。在專業(yè)領(lǐng)域，皓宇擁有超過28年的醫(yī)療行業(yè)發(fā)展經(jīng)驗(yàn)，包括擔(dān)任信瑞諾醫(yī)藥(SanReno Therapeutics)首席執(zhí)行官、武田（Takeda）中國腫瘤學(xué)副總裁、百特(Baxter)中國腎臟護(hù)理總經(jīng)理及艾伯維(AbbVie)臺灣區(qū)總經(jīng)理等變革性角色。他的研究興趣深深植根于實(shí)際挑戰(zhàn)，例如優(yōu)化生物科技初創(chuàng)企業(yè)的投資后干預(yù)措施，應(yīng)對復(fù)雜的監(jiān)管，以及增強(qiáng)新療法的商業(yè)化策略。其重要工作成就體現(xiàn)在：加快了SanReno在中國的臨床試驗(yàn)注冊三期關(guān)鍵研究的注冊，成功領(lǐng)導(dǎo)了跨境并購談判。

閑暇時間，黃皓宇喜歡和醫(yī)療保健領(lǐng)域嶄露頭角的領(lǐng)導(dǎo)者交流。他分配在職業(yè)、學(xué)術(shù)與家庭的時間比較均衡，這些又激發(fā)了他的創(chuàng)造力和韌性。他致力于將科學(xué)創(chuàng)新與可持續(xù)商業(yè)影響相結(jié)合，其職業(yè)生涯和學(xué)術(shù)追求印證了這一點(diǎn)。

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論文摘要

中國的生物技術(shù)行業(yè)經(jīng)歷了前所未有的增長，這得益于諸如“中國制造 2025”等國家戰(zhàn)略舉措以及上海科創(chuàng)板等資本市場的擴(kuò)張。風(fēng)險投資（VC）在這一轉(zhuǎn)變中發(fā)揮著關(guān)鍵作用，其作用已超越了單純的財務(wù)投資，還提供諸如戰(zhàn)略指導(dǎo)、監(jiān)管導(dǎo)航和網(wǎng)絡(luò)促進(jìn)等關(guān)鍵增值服務(wù)（VAS）。然而，這些非財務(wù)干預(yù)措施對初創(chuàng)企業(yè)融資成功的影響程度仍鮮為人知。本論文探討了風(fēng)險投資（VC）如何助力生物技術(shù)初創(chuàng)企業(yè)的估值增長和資本獲取，同時考慮了融資階段、風(fēng)險投資的專業(yè)化程度以及市場狀況的差異。

研究基于資源基礎(chǔ)觀（RBV）和信號（Signaling）理論，采用混合方法，結(jié)合了對 30 名風(fēng)險投資家和生物技術(shù)高管的半結(jié)構(gòu)化訪談所獲得的定性見解（研究1），以及對 143家初創(chuàng)公司創(chuàng)始人和高管的調(diào)查數(shù)據(jù)進(jìn)行的定量分析（研究2）。定性研究結(jié)果揭示了風(fēng)險投資干預(yù)的四個關(guān)鍵維度：資源基礎(chǔ)（股權(quán)、專業(yè)知識）、監(jiān)督平衡、戰(zhàn)略一致性和融資的有利條件。早期階段的初創(chuàng)企業(yè)受益于直接的運(yùn)營支持，而后期階段的公司則需要戰(zhàn)略治理以優(yōu)化融資結(jié)果。然而，在有經(jīng)驗(yàn)領(lǐng)導(dǎo)的初創(chuàng)企業(yè)中，風(fēng)險投資的監(jiān)督與創(chuàng)始人自主權(quán)之間存在緊張關(guān)系。回歸分析的實(shí)證結(jié)果表明，與普通風(fēng)險投資家相比，生物技術(shù)專業(yè)風(fēng)險投資家在 A 輪之后推動了更高的估值增長，這突顯了特定領(lǐng)域?qū)I(yè)知識的重要性。風(fēng)險投資的深度參與能提升資源匱乏的早期初創(chuàng)企業(yè)的融資成果，但在后期可能會限制其自主性。此外，新冠疫情后的市場情緒和監(jiān)管政策變化更傾向于擁有強(qiáng)大臨床研發(fā)管線的初創(chuàng)企業(yè)，進(jìn)一步塑造了風(fēng)險投資策略。

本研究拓展了風(fēng)險投資理論，闡明了無形的風(fēng)險投資資源——戰(zhàn)略網(wǎng)絡(luò)、監(jiān)管敏銳度和聲譽(yù)信號——如何在高風(fēng)險領(lǐng)域補(bǔ)充金融資本，并填補(bǔ)了對于biotech產(chǎn)業(yè)以及中國特定研究空白。研究結(jié)果為風(fēng)險投資家、生物技術(shù)企業(yè)家和政策制定者提供了切實(shí)可行的見解，倡導(dǎo)量身定制的投資策略、明智的投資者選擇以及監(jiān)管改革以支持生物技術(shù)創(chuàng)新。通過將定性深度與定量嚴(yán)謹(jǐn)性相結(jié)合，本論文為中國生物技術(shù)生態(tài)系統(tǒng)中風(fēng)險投資不斷演變的角色及其對全球創(chuàng)新驅(qū)動型產(chǎn)業(yè)的更廣泛影響提供了全面的視角。

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導(dǎo)師信息

FU Fangjian

Dissertation Committee Chair

(fjfu@smu.edu.sg)

Full-time Faculty

Associate Professor of Finance,Lee Kong Chian School of Business

Shi Xian Wei

Co-Supervisor

(xianwei.shi@sjtu.edu.cn)

Full-time Faculty

Assistant Professor of organization Behavior, ACEM, SJTU

HU Zihan

Committee Member(s)

(zihanhu@smu.edu.sg)

Full-time Faculty

Assistant Professor of Economics,School of Economics,SMU

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Abstract

China’s biotech sector has experienced unprecedented growth, driven by national strategic initiatives such as Made in China 2025 and the expansion of capital markets like the Shanghai STAR Market. Venture capital (VC) plays a pivotal role in this transformation, extending beyond financial investment to provide critical value-added services (VAS), including strategic guidance, regulatory navigation, and network facilitation. However, the extent to which these non-financial interventions influence startups’ financing success remains underexplored. This dissertation examines how VCs contribute to biotech startups' valuation growth and capital access, considering variations in funding stage, VC specialization, and market conditions.

Grounded in the Resource-Based View (RBV) and Signaling Theory, the study employs a mixed-methods approach, integrating qualitative insights from 30 semi-structured interviews with venture capitalists and biotech executives (Study 1) and quantitative analysis of survey data from 143 stakeholders (Study 2). The qualitative findings reveal four key dimensions of VC intervention: resource foundation (equity, expertise), supervision balance, strategic alignment, and enabling conditions for financing. Early-stage startups benefit from hands-on operational support, while later-stage companies require strategic governance to optimize financing outcomes. However, tensions arise between VC oversight and founder autonomy, particularly in startups with experienced leadership.

Empirical results from regression analyses demonstrate that biotech-specialized VCs drive higher valuation growth in post-A rounds compared to generalist VCs, underscoring the importance of domain-specific expertise. Intensive VC involvement enhances financing outcomes for resource-constrained early-stage startups but may constrain autonomy at later stages. Additionally, post-COVID shifts in market sentiment and regulatory policies have favored startups with robust clinical pipelines, further shaping VC investment strategies.

This research extends venture capital theory by elucidating how intangible VC resources—strategic networks, regulatory acumen, and reputational signaling—complement financial capital in high-risk sectors. The findings provide actionable insights for venture capitalists, biotech entrepreneurs, and policymakers, advocating for tailored investment strategies, informed investor selection, and regulatory reforms to support biotech innovation. By synthesizing qualitative depth with quantitative rigor, this dissertation offers a holistic perspective on the evolving role of VCs in China’s biotech ecosystem and its broader implications for global innovation-driven industries.

SJTU – SMU DBA

項(xiàng)目簡介

SJTU – SMU DBA項(xiàng)目是上海交通大學(xué)安泰經(jīng)濟(jì)與管理學(xué)院與新加坡管理大學(xué)李光前商學(xué)院聯(lián)合舉辦的一個高等學(xué)位教育項(xiàng)目，結(jié)合了中西方頂尖學(xué)術(shù)力量，立足中國、放眼全球、旨在培養(yǎng)集應(yīng)用、管理、研究大成于一體的企業(yè)家和管理者。本項(xiàng)目充滿了創(chuàng)新與挑戰(zhàn)精神，在課程設(shè)置上側(cè)重研究理論與方法的傳授，在應(yīng)用研究上追求商業(yè)實(shí)踐與學(xué)術(shù)的結(jié)合。學(xué)員從不同的視角來探索全球商業(yè)社會，在系統(tǒng)學(xué)習(xí)和論文答辯后，獲得新加坡管理大學(xué)工商管理博士學(xué)位。

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