{"title":"解除对创新资本的管制:《就业法案》对生物技术初创企业的影响","authors":"Craig M Lewis, Joshua T White","doi":"10.1093/rcfs/cfac039","DOIUrl":null,"url":null,"abstract":"We examine real outcomes for biotech startups going public around the Jumpstart Our Business Startups (JOBS) Act. Reduced compliance costs associate with greater innovation capital formation as biotech IPO volume and proceeds increase after the JOBS Act. Biotechs, which conduct over 30% of IPOs since 2012, go public with products earlier in the FDA approval process and more frequently target rare diseases and cancer. Consistent with our survey evidence that managers use compliance savings to invest in R&D, we link the JOBS Act to post-IPO increases in project-level development, such as new patents, clinical trials, and staffing of laboratories. Post-JOBS Act product candidates are more likely to reach key milestones in the FDA approval process and these startups fail at lower rates. Benefits accrue to shareholders without sacrificing financial reporting quality. Our results demonstrate how tailoring regulations for startups can provide economic and societal benefits.","PeriodicalId":44656,"journal":{"name":"Review of Corporate Finance Studies","volume":"55 1","pages":""},"PeriodicalIF":1.9000,"publicationDate":"2022-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Deregulating Innovation Capital: The Effects of the JOBS Act on Biotech Startups\",\"authors\":\"Craig M Lewis, Joshua T White\",\"doi\":\"10.1093/rcfs/cfac039\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"We examine real outcomes for biotech startups going public around the Jumpstart Our Business Startups (JOBS) Act. Reduced compliance costs associate with greater innovation capital formation as biotech IPO volume and proceeds increase after the JOBS Act. Biotechs, which conduct over 30% of IPOs since 2012, go public with products earlier in the FDA approval process and more frequently target rare diseases and cancer. Consistent with our survey evidence that managers use compliance savings to invest in R&D, we link the JOBS Act to post-IPO increases in project-level development, such as new patents, clinical trials, and staffing of laboratories. Post-JOBS Act product candidates are more likely to reach key milestones in the FDA approval process and these startups fail at lower rates. Benefits accrue to shareholders without sacrificing financial reporting quality. Our results demonstrate how tailoring regulations for startups can provide economic and societal benefits.\",\"PeriodicalId\":44656,\"journal\":{\"name\":\"Review of Corporate Finance Studies\",\"volume\":\"55 1\",\"pages\":\"\"},\"PeriodicalIF\":1.9000,\"publicationDate\":\"2022-12-01\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Review of Corporate Finance Studies\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.1093/rcfs/cfac039\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q2\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Review of Corporate Finance Studies","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1093/rcfs/cfac039","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q2","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
引用次数: 0
摘要
我们考察了生物技术初创企业根据《创业创业启动法案》(Jumpstart Our Business startups，简称JOBS)上市的实际结果。在JOBS法案之后，随着生物技术IPO数量和收益的增加，合规成本的降低与创新资本形成的增加有关。自2012年以来，超过30%的ipo是由生物科技公司进行的，它们的产品在FDA审批过程中上市的时间更早，而且更频繁地针对罕见疾病和癌症。与我们的调查证据一致，管理者使用合规节省来投资研发，我们将JOBS法案与ipo后项目级开发的增加联系起来，例如新专利，临床试验和实验室人员配备。后jobs法案的候选产品更有可能在FDA的批准过程中达到关键里程碑，这些初创公司的失败率更低。股东在不牺牲财务报告质量的情况下获得利益。我们的研究结果表明，为创业公司量身定制的法规可以带来经济和社会效益。
Deregulating Innovation Capital: The Effects of the JOBS Act on Biotech Startups
We examine real outcomes for biotech startups going public around the Jumpstart Our Business Startups (JOBS) Act. Reduced compliance costs associate with greater innovation capital formation as biotech IPO volume and proceeds increase after the JOBS Act. Biotechs, which conduct over 30% of IPOs since 2012, go public with products earlier in the FDA approval process and more frequently target rare diseases and cancer. Consistent with our survey evidence that managers use compliance savings to invest in R&D, we link the JOBS Act to post-IPO increases in project-level development, such as new patents, clinical trials, and staffing of laboratories. Post-JOBS Act product candidates are more likely to reach key milestones in the FDA approval process and these startups fail at lower rates. Benefits accrue to shareholders without sacrificing financial reporting quality. Our results demonstrate how tailoring regulations for startups can provide economic and societal benefits.
期刊介绍：
The Review of Corporate Finance Studies (RCFS) is dedicated to publishing high-quality research in the expansive field of Corporate Finance. The journal seeks original contributions, reviewing papers based on their unique insights into Corporate Finance. This encompasses a wide spectrum, including a firm's interactions with stakeholders, capital markets, internal organization structure, compensation mechanisms, corporate governance, and capital management. RCFS also welcomes research in financial intermediation, financial institutions, microstructure, and the implications of asset pricing for Corporate Finance. The journal considers theoretical, empirical, and experimental papers for review.
京公网安备 11010802042870号
京ICP备2023020795号-1
分享
求助内容：
应助结果提醒方式：
扫码关注我们
