The Impact Of Pharmaceutical Mergers And Acquisitions On Technological Innovation Of Pharmaceutical Companies

Since the new century,in the context of the increasingly perfect and developing capital market in China,mergers and acquisitions have occurred more and more frequently.Enterprises often have different motivations in the decision-making of M&A strategy.Some enterprises are to form scale advantages and scope economies.Some enterprises are to acquire new technologies and products,and others are to expand sales channels.Even some M&A event is just a temporary impulse of management.Due to the increasing importance of mergers and acquisitions,especially for high-tech industries such as the pharmaceutical industry,mergers and acquisitions,as a means of external innovation,are bound to play a greater role in the impact of technological innovation performance.Based on the research of capital market,this paper studies the impact of mergers and acquisitions in the pharmaceutical industry on the technological innovation of pharmaceutical companies from the perspective of management accounting.This is in line with the country’s emphasis on the pharmaceutical industry and the direction of development,and also in line with the future development trend of the pharmaceutical industry.First of all,this paper combs the relevant literature and theory of medical mergers and acquisitions and enterprise technology innovation,and then combines the actual situation of China’s pharmaceutical industry,puts forward the research hypothesis,and then selects the negative binomial regression model as the research method according to the characteristics of the sample.We investigate the impact of M&A events in China’s pharmaceutical industry on technological innovation after mergers and acquisitions in the 10 years from 2008 to 2017.After empirical tests,this paper draws valuable research conclusions:First,the mergers and acquisitions in the pharmaceutical industry can significantly improve the technological innovation performance of enterprises after mergers and acquisitions.Second,the technological mergers and acquisitions in the pharmaceutical industry is more effective in promoting the technological innovation performance of enterprises.The impact of non-technical mergers and acquisitions is limited.And the first and second years after the technology merger and acquisition event is more likely to improve the technological innovation performance of the enterprise.Third,in the pharmaceutical mergers and acquisitions,The greater the relative knowledge of the pharmaceutical industry,the more likely it is to inhibit technological innovation after mergers and acquisitions,but the more common the technical aspects of mergers and acquisitions,that is,the higher the technology relevance,the more obvious the improvement of technological innovation after mergers and acquisitions.The impact of technology relevance can last until the third year after the M&A event.The conclusions of this paper can provide some decision support for the management of the company from the perspective of capital market research,and also enrich the research on enterprise innovation management.