| In recent years,with the rapid development of China’s pharmaceutical industry and the steady advancement of medical reform,pharmaceutical companies have set off a wave of technology mergers and acquisitions,and more and more enterprises intend to obtain technical resources through mergers and acquisitions,continue to tap their own innovation capabilities,and thus provide strong support for the long-term development of enterprises.In the context of the 14 th Five-Year Plan for the pharmaceutical industry to accelerate product innovation and industrialization technology breakthroughs,whether technology mergers and acquisitions can be used as a powerful way to enhance the innovation ability of enterprises,and what is its mechanism,this is the focus of scholars’ attention,and it is also an issue that enterprises and the government attach importance to.This paper takes the acquisition of Shengtai Biotechnology by Tonghua Jinma Technology as a case study to explore whether the innovation performance of Tonghua Jinma can be improved after the implementation of technology acquisition.Firstly,the relevant literature on the impact of technology mergers and acquisitions on innovation performance is sorted out and analyzed,and it is found that the conclusions reached by scholars are different.Then,the industry data of pharmaceutical enterprises are used for empirical analysis.Then,the data of M&A enterprises are selected,the data envelopment analysis method is used to explore the impact of technology M&A on their innovation performance,and combined with the relevant data of case enterprises,the mechanism of technology M&A affecting the innovation performance of enterprises is explored from the knowledge base view,absorption capacity theory and market power theory.Finally,based on the above analysis,conclusions and enlightenment are given.It is found that technology M&A has a promoting effect on the innovation performance of case enterprises in a certain period of time,and further analysis shows that the absorption capacity of M&A enterprises enables them to better identify,acquire,integrate and utilize external resources to improve innovation performance.This paper focuses on pharmaceutical companies and provides a new perspective for the research on the impact of technology mergers and acquisitions on innovation performance.In the study of technology M&A of pharmaceutical enterprises,the path of enterprises to achieve innovation performance improvement in the process of technology M&A is clarified through specific case studies,and the impact of technology M&A on the innovation performance of enterprises is improved to a certain extent. |
