The Influence Of Transnational Mergers And Acquisitions Driven By R&D Cooperation On Innovation Performance

For technology-intensive industries represented by pharmaceutical industry,innovation performance is not only the source of industry development,but also the guarantee of enterprise competitiveness.There are two ways to improve innovation performance: one is to improve innovation performance through independent research and development;the other is to obtain innovation resources from outside and absorb and transform them to improve innovation performance.However,the internal independent research and development has always been faced with the problems of high research and development cost and long research and development cycle,so most enterprises obtain innovation resources from the outside through overseas investment.Due to historical reasons,the technical capacity of Chinese pharmaceutical enterprises is still to be improved compared with that of developed countries,so transnational mergers and acquisitions have become a powerful means to obtain external innovation resources.With the deepening of "One Belt And One Road" policy and supply-side reform,the process of cross-border mergers and acquisitions in the pharmaceutical industry develops rapidly.Since 2014,the scale and number of cross-border mergers and acquisitions in China's pharmaceutical industry have witnessed explosive growth,and many local pharmaceutical companies have gone abroad to seek innovation.However,through the review of relevant literature,this paper finds that the impact of cross-border mergers and acquisitions on innovation performance has not yet been concluded.Therefore,this paper hopes to improve relevant theories to some extent by studying the impact of cross-border mergers and acquisitions on innovation performance under specific conditions.Therefore,the topic of this paper is: the impact of cross-border mergers and acquisitions driven by r&d cooperation on innovation performance.This paper adopts the case study method to carry out analysis.In order to make the conclusion more general,the multi-case study mode based on grounded theory is further selected.In this paper,the screening criteria were first set,based on which four cases of cross-border mergers and acquisitions of Chinese pharmaceutical enterprises from 2013 to 2017 were selected,and then a wide range of materials related to both sides of the mergers and acquisitions were collected.Next,according to the mode of "item-by-item replication" of multiple case studies,this paper first analyzes the representative case of beida pharmaceutical co.,LTD.,then adopts the research method of coding and decoding to further decompose the collected data,improve the level of abstraction,summarize the core categories and explore their logical connections,and obtain certain results.Then analyze the other three cases one by one,and supplement the results of single case analysis with the new category,so as to build a more general model,and then analyze the model based on the case,and finally form a complete conclusion.After the above research process,this paper has obtained two main results.First,the general process of improving the innovation performance of Chinese pharmaceutical enterprises through r&d cooperation and cross-border mergers and acquisitions is as follows: Chinese pharmaceutical enterprises are not strong in independent innovation,so they enter into r&d cooperation alliance with overseas enterprises.After the progress of cooperation,Chinese pharmaceutical enterprises,out of their own development needs,initiate cross-border mergers and acquisitions with partners to further improve their innovation performance.Second,after analyzing the process come to a conclusion: in this paper,the research and development cooperation to drive the implementation of transnational mergers and acquisitions and in the process of cross-border m&a impact on innovation performance has the adjustment function,on the one hand,to promote the positive impact on innovation performance of transnational m&a,on the other hand reduced the negative effect on innovation performance of transnational m&a.Therefore,cross-border m&a driven by r&d cooperation improves innovation performance.To sum up,this paper adopts the relatively new research method of grounded theory,improves the theoretical system of relevant research,and provides references for the development of pharmaceutical enterprises and industries,which has theoretical and practical research value.