2
特朗普周一在其位于佛州棕榈滩的私人俱乐部海湖庄园举行了新闻发布会，他在发布会上谈到了俄乌冲突。
025年3月24日，SJTU-SMU DBA 2018级黄皓宇同学在交大安泰迎来了他论文的答辩时刻。SJTU导师石先蔚讲授，SMU导师父方剑讲授及胡子寒讲授，全部进入并见证了黄皓宇同学的毕业答辩。论文题目
风险成本升值就业对成本融资扫尾的影响：中国生物科技初创企业的讨论
1
作家简介
黄皓宇是一位教化丰富的医药限度高管，目下在SJTU-SMU DBA攻读博士学位。他曾于辅仁大学就读食物与养分科学学士学位，并进一步取得辅仁大学（AACSB认证）高档期间工商料理硕士学位。他的博士讨论主要辘集在风险成本动态、生物期间立异和高风险行业政策贬责的交叉限度，这成绩于他在人人制药和生物期间公司的多年教化积聚。在专科限度，皓宇领有逾越28年的医疗行业发展教化，包括担任信瑞诺医药(SanReno Therapeutics)首席实行官、武田（Takeda）中国肿瘤学副总裁、百特(Baxter)中国肾脏顾问总司理及(AbbVie)台湾区总司理等变革性脚色。他的讨论兴味深深植根于实质挑战，举例优化生物科技初创企业的投资后搅扰算作，应付复杂的监管，以及增强新疗法的生意化策略。其伏击责任建立体当今：加速了SanReno在中国的临床测验注册三期关节讨论的注册，奏效指点了跨境并购谈判。
散漫时辰，黄皓宇心爱和医疗保健限度崭露头角的指点者疏通。他分拨在任业、学术与家庭的时辰比较平衡，这些又激励了他的创造力和韧性。他戮力于于将科学立异与可握续生意影响相诱惑，其干事糊口和学术追求印证了这极少。
2
论文纲要
中国的生物期间行业阅历了前所未有的增长，这成绩于诸如“中国制造 2025”等国度政策举措以及上海科创板等成本市集的膨胀。风险投资（VC）在这一瞥变中阐扬着关节作用，其作用已高出了单纯的财务投资，还提供诸如政策提醒、监管导航和辘集促进等关节升值就业（VAS）。讨论词，这些非财务搅扰算作对初创企业融资奏效的影响过程仍鲜为东说念主知。本论文探讨了风险投资（VC）怎么助力生物期间初创企业的估值增长和成本获取，同期研讨了融资阶段、风险投资的专科化过程以及市集现象的互异。
讨论基于资源基础不雅（RBV）和信号（Signaling）表面，迪士尼彩乐园3官网接受搀和要领，诱惑了对 30 名风险投资家和生物期间高管的半结构化访谈所得回的定性见识（讨论1），以及对 143家初创公司首创东说念主和高管的访问数据进行的定量分析（讨论2）。定性讨论扫尾揭示了风险投资搅扰的四个关节维度：资源基础（股权、专科常识）、监督平衡、政策一致性和融资的有意条目。早期阶段的初创企业受益于平直的运营支持，尔后期阶段的公司则需要政策贬责以优化融资扫尾。讨论词，在有教化指点的初创企业中，风险投资的监督与首创东说念主自主权之间存在弥留关连。精致分析的实证扫尾标明，与曩昔风险投资家比拟，生物期间专科风险投资家在 A 轮之后鼓舞了更高的估值增长，这凸显了特定限度专科常识的伏击性。风险投资的深度参与能教训资源匮乏的早期初创企业的融资效果，但在后期可能会限度其自主性。此外，新冠疫情后的市集情感和监管政策变化更倾向于领有繁多临床研发管线的初创企业，进一步塑造了风险投资策略。
本讨论拓展了风险投资表面，证据了无形的风险投资资源——政策辘集、监管强横度和声誉信号——如安在高风险限度补充金融成本，并填补了关于biotech产业以及中国特定讨论空缺。讨论扫尾为风险投资家、生物期间企业家和政策制定者提供了切实可行的见识，倡导量身定制的投资策略、理智的投资者采取以及监管矫正以支持生物期间立异。通过将定性深度与定量严谨性相诱惑，本论文为中国生物期间生态系统中风险投资不休演变的脚色偏执对人人立异运转型产业的更庸俗影响提供了全面的视角。
3
导师信息
FU Fangjian
Dissertation Committee Chair
Full-time Faculty
Associate Professor of Finance,Lee Kong Chian School of Business
Shi Xian Wei
Co-Supervisor
Full-time Faculty
Assistant Professor of organization Behavior, ACEM, SJTU
HU Zihan
Committee Member(s)
Full-time Faculty
Assistant Professor of Economics,School of Economics,SMU
4
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
方法简介
SJTU – SMU DBA方法是安泰经济与料理学院与新加坡料理大学李光前商学院荟萃举办的一个高等学位素养方法，诱惑了中西方顶尖学术力量，安身中国、放眼人人、旨在培养集哄骗、料理、讨论大成于一体的企业家和料理者。本方法充满了立异与挑战精神，在课程开垦上侧重讨论表面与要领的传授，在哄骗讨论上追求生意履行与学术的诱惑。学员从不同的视角来探索人人生意社会，在系统学习和论文答辩后，得回新加坡料理大学工商料理博士学位。
讨论电话：021-52301020
阅读更多
柔软“交大安泰高管素养\"