Research on the Impact of Technology Mergers and Acquisitions on Firm Performance: An Empirical Analysis Based on Chinese Pharmaceutical Enterprises

Temporarily accepted

There is intense competition among pharmaceutical companies with the rapid growth of the global pharmaceutical industry. In recent years, China has been steadily increasing the reform of the medical system. Technology mergers and acquisitions (M&A) in the Chinese pharmaceutical industry have emerged in this complex political and economic background. This study conducts an empirical study from the two perspectives of financial performance and innovation performance, based on the unbalanced panel data of Chinese listed pharmaceutical companies from 2012 to 2022. The impact of technology M&A on firm performance is analyzed in terms of the heterogeneity of firm characteristics. At the same time, the relationship between R&D investment in technology M&A and firm performance is examined. The results show that technology M&A can promote the performance of pharmaceutical companies, and R&D investment has a mediating effect on the impact of technology M&A on corporate performance. Based on the above findings, this study enriches the relevant literature on technology mergers and acquisitions in the pharmaceutical industry, provides warnings and suggestions for pharmaceutical companies to improve corporate performance through technology mergers and acquisitions, and provides reference material for future policy formulation.