| The medical industry is closely related to the health status of Chinese people.With the rapid development of national strength,the scale of the pharmaceutical industry is gradually growing.The aging of population,the acceleration of urbanization,the implementation of the new rural cooperative medical care system,the national list of essential drugs and the new medical reform policy all put forward higher requirements for the development of the pharmaceutical industry.At present,China is increasingly strict in the policy and supervision of the pharmaceutical industry,with the overall growth rate of the pharmaceutical manufacturing industry slowing down and the market competition in the industry fierce.In order to realize the benign development of the pharmaceutical industry,the importance of mergers and acquisitions cannot be ignored.Listed companies are typical representatives of the pharmaceutical industry in China.Therefore,the study on the mergers and acquisitions(M&A)performance of listed companies in the pharmaceutical manufacturing industry has its practical significance.First of all,based on the literature review at home and abroad,this paper analyzes the impact of M&A behavior on the economic performance and innovation activities of listed companies from the theoretical level.Then the empirical study is conducted based on the panel data of listed pharmaceutical companies in China from 2009 to 2018.Based on previous studies,an empirical model was established to analyze the dynamic causal relationship between M&A behavior and corporate performance through fixed effect model,and the heterogeneous influence of different M&A types on corporate performance was explored according to the industrial chain relationship of the pharmaceutical industry.This paper finds that the effect of m&a on corporate performance is nonlinear in time and there is a certain lag effect This means that at different time points,the impact coefficient of M&A on performance is different.In terms of resource integration and personnel management,both sides of the merger and acquisition have a run-in process,so the impact of the merger and acquisition activity will be reflected after a period of time.To be specific:First,mergers and acquisitions of listed pharmaceutical companies have a significant effect on economic performance.It is found that horizontal m&a and upstream M&A can improve the company’s economic performance.The relationship between M&A and economic performance is not significant.Secondly,there is a positive correlation between m&a and innovation input of pharmaceutical companies,and a negative correlation between M&A and innovation output.There is a significant positive correlation between R&D input and innovation output.Compared with M&A,R&D investment has a cumulative effect on innovation output,and continuous R&D investment is of great significance to the improvement of a company’s competitiveness and development ability.Thirdly,mergers and acquisitions in different industrial locations have different influences on innovation activities.The two sides of horizontal m&a and upstream M&A in the industrial chain are similar in terms of technology and knowledge,etc.The technology resource integration and knowledge absorption and transformation are faster after M&A,which can further promote enterprises to increase R&D investment.There is no significant correlation between M&A and innovation investment in the downstream industry chain.In terms of innovation output,mergers and acquisitions in the upstream of the industrial chain can promote innovation output in the short term and inhibit innovation output in the medium and long term.Horizontal M&A,downstream M&A and multiple M&A are negatively correlated with innovation output.Finally,this paper summarizes the main conclusions,and puts forward relevant policy Suggestions from the perspective of enterprises and the government,in order to promote the performance of listed companies in the pharmaceutical industry M&A. |
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