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ORIGINAL RESEARCH article

Front. Public Health
Sec. Health Economics
Volume 12 - 2024 | doi: 10.3389/fpubh.2024.1419305
This article is part of the Research Topic Sustainable and Mission-oriented Innovation in Economic Systems and Governance for Equitable Global Health and Wellbeing View all 4 articles

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

Provisionally accepted
Jialin Yang Jialin Yang jiawen li jiawen li Wang Su Wang Su Yuwen Chen Yuwen Chen *
  • Shenyang Pharmaceutical University, Shenyang, China

The final, formatted version of the article will be published soon.

    There is intense competition amongst pharmaceutical companies with the rapid growth of the global pharmaceutical industry. In recent years, China has continuously increased the reform of the medical system. Technology mergers and acquisitions (M&A) in China's pharmaceutical industry have emerged in this complex policy and economic background. This paper conducts an empirical study from the dual perspectives of financial performance and innovation performance, based on unbalanced panel data of Chinese listed pharmaceutical firms from 2012-2022. The impact of technology M&A on firm performance is analysed in terms of the heterogeneity of firm characteristics. Meanwhile, 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 M&A in the pharmaceutical industry, provides warnings and suggestions for pharmaceutical companies to improve corporate performance through technology M&A, and provides reference materials for future policy formulation.

    Keywords: Technology mergers and acquisitions, pharmaceutical companies, Firm performance, R&D, innovation, Fixed Effects, mediating effects

    Received: 18 Apr 2024; Accepted: 19 Jul 2024.

    Copyright: © 2024 Yang, li, Su and Chen. This is an open-access article distributed under the terms of the Creative Commons Attribution License (CC BY). The use, distribution or reproduction in other forums is permitted, provided the original author(s) or licensor are credited and that the original publication in this journal is cited, in accordance with accepted academic practice. No use, distribution or reproduction is permitted which does not comply with these terms.

    * Correspondence: Yuwen Chen, Shenyang Pharmaceutical University, Shenyang, China

    Disclaimer: All claims expressed in this article are solely those of the authors and do not necessarily represent those of their affiliated organizations, or those of the publisher, the editors and the reviewers. Any product that may be evaluated in this article or claim that may be made by its manufacturer is not guaranteed or endorsed by the publisher.