Stock payment, state ownership and innovation performance in China's pharmaceutical M&Ms

Gespeichert in:

Autor*in:	Yu, Poshan [verfasserIn] Hu, Yingzi [verfasserIn]

Format:	E-Artikel
Sprache:	Englisch

Erschienen:	2022

Schlagwörter:	Innovation mergers and acquisitions R&D stock payment

Übergeordnetes Werk:	Enthalten in: The Chinese economy - Abingdon, Oxon : Routledge, Taylor & Francis, 1997, 55(2022), 5, Seite 380-396
Übergeordnetes Werk:	volume:55 ; year:2022 ; number:5 ; pages:380-396

Links:	Link aufrufen Link aufrufen Link aufrufen

DOI / URN:	10.1080/10971475.2021.1996554

Katalog-ID:	1815958669

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allfields	10.1080/10971475.2021.1996554 doi (DE-627)1815958669 (DE-599)KXP1815958669 DE-627 ger DE-627 rda eng Yu, Poshan verfasserin (DE-588)1235094081 (DE-627)1760126349 aut Stock payment, state ownership and innovation performance in China's pharmaceutical M&Ms Poshan Yu and Yingzi Hu 2022 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier Innovation (dpeaa)DE-206 mergers and acquisitions (dpeaa)DE-206 R&D (dpeaa)DE-206 stock payment (dpeaa)DE-206 Hu, Yingzi verfasserin (DE-588)1240786328 (DE-627)1769695192 aut Enthalten in The Chinese economy Abingdon, Oxon : Routledge, Taylor & Francis, 1997 55(2022), 5, Seite 380-396 Online-Ressource (DE-627)35716671X (DE-600)2093995-4 (DE-576)273899643 1558-0954 nnns volume:55 year:2022 number:5 pages:380-396 https://www.tandfonline.com/doi/pdf/10.1080/10971475.2021.1996554 Verlag lizenzpflichtig https://doi.org/10.1080/10971475.2021.1996554 Resolving-System lizenzpflichtig https://www.tandfonline.com/doi/epub/10.1080/10971475.2021.1996554 Verlag lizenzpflichtig GBV_USEFLAG_U GBV_ILN_26 ISIL_DE-206 SYSFLAG_1 GBV_KXP SSG-OLC-PHA GBV_ILN_11 GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_32 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_63 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_90 GBV_ILN_95 GBV_ILN_100 GBV_ILN_101 GBV_ILN_110 GBV_ILN_120 GBV_ILN_151 GBV_ILN_152 GBV_ILN_224 GBV_ILN_285 GBV_ILN_370 GBV_ILN_647 GBV_ILN_702 GBV_ILN_2001 GBV_ILN_2003 GBV_ILN_2005 GBV_ILN_2006 GBV_ILN_2007 GBV_ILN_2009 GBV_ILN_2010 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2015 GBV_ILN_2020 GBV_ILN_2021 GBV_ILN_2025 GBV_ILN_2026 GBV_ILN_2027 GBV_ILN_2034 GBV_ILN_2048 GBV_ILN_2050 GBV_ILN_2055 GBV_ILN_2057 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2065 GBV_ILN_2068 GBV_ILN_2088 GBV_ILN_2093 GBV_ILN_2106 GBV_ILN_2108 GBV_ILN_2111 GBV_ILN_2112 GBV_ILN_2113 GBV_ILN_2118 GBV_ILN_2122 GBV_ILN_2129 GBV_ILN_2143 GBV_ILN_2147 GBV_ILN_2148 GBV_ILN_2152 GBV_ILN_2153 GBV_ILN_2190 GBV_ILN_2232 GBV_ILN_2336 GBV_ILN_2470 GBV_ILN_2472 GBV_ILN_2507 GBV_ILN_2548 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4046 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4242 GBV_ILN_4246 GBV_ILN_4249 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4335 GBV_ILN_4338 GBV_ILN_4393 GBV_ILN_4700 AR 55 2022 5 380-396 26 01 0206 4185266502 x1z 07-09-22 26 00 DE-206 The Chinese pharmaceutical industry has seen rapid development, with industrial mergers and acquisitions (M&As) increasing over the recent years. However, the studies focused on the characteristics and identified limited impacts of these M&As. This paper then intends to fill the gap by analyzing 393 completed M&As deals in China's pharmaceutical industry from 2004 to 2016 concerning 54 firms. This paper found that: (1) firms' innovation performance is higher when the industrial M&As activities are intensive. (2) M&As activity improves firms' innovation output while overly frequent M&As exert negative effects on innovation output. Stock payment is negatively associated with firms' innovation output. (3) Firms' innovation performance is statistically different between state-owned enterprises (SOEs) and non-SOEs. Firms' innovation performance does not vary whether the acquisition was conducted by SOEs or non-SOEs. Apart from providing empirical evidence, this paper, in turn, proposes policy implications for further innovation development in the Chinese pharmaceutical industry.
spelling	10.1080/10971475.2021.1996554 doi (DE-627)1815958669 (DE-599)KXP1815958669 DE-627 ger DE-627 rda eng Yu, Poshan verfasserin (DE-588)1235094081 (DE-627)1760126349 aut Stock payment, state ownership and innovation performance in China's pharmaceutical M&Ms Poshan Yu and Yingzi Hu 2022 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier Innovation (dpeaa)DE-206 mergers and acquisitions (dpeaa)DE-206 R&D (dpeaa)DE-206 stock payment (dpeaa)DE-206 Hu, Yingzi verfasserin (DE-588)1240786328 (DE-627)1769695192 aut Enthalten in The Chinese economy Abingdon, Oxon : Routledge, Taylor & Francis, 1997 55(2022), 5, Seite 380-396 Online-Ressource (DE-627)35716671X (DE-600)2093995-4 (DE-576)273899643 1558-0954 nnns volume:55 year:2022 number:5 pages:380-396 https://www.tandfonline.com/doi/pdf/10.1080/10971475.2021.1996554 Verlag lizenzpflichtig https://doi.org/10.1080/10971475.2021.1996554 Resolving-System lizenzpflichtig https://www.tandfonline.com/doi/epub/10.1080/10971475.2021.1996554 Verlag lizenzpflichtig GBV_USEFLAG_U GBV_ILN_26 ISIL_DE-206 SYSFLAG_1 GBV_KXP SSG-OLC-PHA GBV_ILN_11 GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_32 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_63 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_90 GBV_ILN_95 GBV_ILN_100 GBV_ILN_101 GBV_ILN_110 GBV_ILN_120 GBV_ILN_151 GBV_ILN_152 GBV_ILN_224 GBV_ILN_285 GBV_ILN_370 GBV_ILN_647 GBV_ILN_702 GBV_ILN_2001 GBV_ILN_2003 GBV_ILN_2005 GBV_ILN_2006 GBV_ILN_2007 GBV_ILN_2009 GBV_ILN_2010 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2015 GBV_ILN_2020 GBV_ILN_2021 GBV_ILN_2025 GBV_ILN_2026 GBV_ILN_2027 GBV_ILN_2034 GBV_ILN_2048 GBV_ILN_2050 GBV_ILN_2055 GBV_ILN_2057 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2065 GBV_ILN_2068 GBV_ILN_2088 GBV_ILN_2093 GBV_ILN_2106 GBV_ILN_2108 GBV_ILN_2111 GBV_ILN_2112 GBV_ILN_2113 GBV_ILN_2118 GBV_ILN_2122 GBV_ILN_2129 GBV_ILN_2143 GBV_ILN_2147 GBV_ILN_2148 GBV_ILN_2152 GBV_ILN_2153 GBV_ILN_2190 GBV_ILN_2232 GBV_ILN_2336 GBV_ILN_2470 GBV_ILN_2472 GBV_ILN_2507 GBV_ILN_2548 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4046 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4242 GBV_ILN_4246 GBV_ILN_4249 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4335 GBV_ILN_4338 GBV_ILN_4393 GBV_ILN_4700 AR 55 2022 5 380-396 26 01 0206 4185266502 x1z 07-09-22 26 00 DE-206 The Chinese pharmaceutical industry has seen rapid development, with industrial mergers and acquisitions (M&As) increasing over the recent years. However, the studies focused on the characteristics and identified limited impacts of these M&As. This paper then intends to fill the gap by analyzing 393 completed M&As deals in China's pharmaceutical industry from 2004 to 2016 concerning 54 firms. This paper found that: (1) firms' innovation performance is higher when the industrial M&As activities are intensive. (2) M&As activity improves firms' innovation output while overly frequent M&As exert negative effects on innovation output. Stock payment is negatively associated with firms' innovation output. (3) Firms' innovation performance is statistically different between state-owned enterprises (SOEs) and non-SOEs. Firms' innovation performance does not vary whether the acquisition was conducted by SOEs or non-SOEs. Apart from providing empirical evidence, this paper, in turn, proposes policy implications for further innovation development in the Chinese pharmaceutical industry.
allfields_unstemmed	10.1080/10971475.2021.1996554 doi (DE-627)1815958669 (DE-599)KXP1815958669 DE-627 ger DE-627 rda eng Yu, Poshan verfasserin (DE-588)1235094081 (DE-627)1760126349 aut Stock payment, state ownership and innovation performance in China's pharmaceutical M&Ms Poshan Yu and Yingzi Hu 2022 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier Innovation (dpeaa)DE-206 mergers and acquisitions (dpeaa)DE-206 R&D (dpeaa)DE-206 stock payment (dpeaa)DE-206 Hu, Yingzi verfasserin (DE-588)1240786328 (DE-627)1769695192 aut Enthalten in The Chinese economy Abingdon, Oxon : Routledge, Taylor & Francis, 1997 55(2022), 5, Seite 380-396 Online-Ressource (DE-627)35716671X (DE-600)2093995-4 (DE-576)273899643 1558-0954 nnns volume:55 year:2022 number:5 pages:380-396 https://www.tandfonline.com/doi/pdf/10.1080/10971475.2021.1996554 Verlag lizenzpflichtig https://doi.org/10.1080/10971475.2021.1996554 Resolving-System lizenzpflichtig https://www.tandfonline.com/doi/epub/10.1080/10971475.2021.1996554 Verlag lizenzpflichtig GBV_USEFLAG_U GBV_ILN_26 ISIL_DE-206 SYSFLAG_1 GBV_KXP SSG-OLC-PHA GBV_ILN_11 GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_32 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_63 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_90 GBV_ILN_95 GBV_ILN_100 GBV_ILN_101 GBV_ILN_110 GBV_ILN_120 GBV_ILN_151 GBV_ILN_152 GBV_ILN_224 GBV_ILN_285 GBV_ILN_370 GBV_ILN_647 GBV_ILN_702 GBV_ILN_2001 GBV_ILN_2003 GBV_ILN_2005 GBV_ILN_2006 GBV_ILN_2007 GBV_ILN_2009 GBV_ILN_2010 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2015 GBV_ILN_2020 GBV_ILN_2021 GBV_ILN_2025 GBV_ILN_2026 GBV_ILN_2027 GBV_ILN_2034 GBV_ILN_2048 GBV_ILN_2050 GBV_ILN_2055 GBV_ILN_2057 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2065 GBV_ILN_2068 GBV_ILN_2088 GBV_ILN_2093 GBV_ILN_2106 GBV_ILN_2108 GBV_ILN_2111 GBV_ILN_2112 GBV_ILN_2113 GBV_ILN_2118 GBV_ILN_2122 GBV_ILN_2129 GBV_ILN_2143 GBV_ILN_2147 GBV_ILN_2148 GBV_ILN_2152 GBV_ILN_2153 GBV_ILN_2190 GBV_ILN_2232 GBV_ILN_2336 GBV_ILN_2470 GBV_ILN_2472 GBV_ILN_2507 GBV_ILN_2548 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4046 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4242 GBV_ILN_4246 GBV_ILN_4249 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4335 GBV_ILN_4338 GBV_ILN_4393 GBV_ILN_4700 AR 55 2022 5 380-396 26 01 0206 4185266502 x1z 07-09-22 26 00 DE-206 The Chinese pharmaceutical industry has seen rapid development, with industrial mergers and acquisitions (M&As) increasing over the recent years. However, the studies focused on the characteristics and identified limited impacts of these M&As. This paper then intends to fill the gap by analyzing 393 completed M&As deals in China's pharmaceutical industry from 2004 to 2016 concerning 54 firms. This paper found that: (1) firms' innovation performance is higher when the industrial M&As activities are intensive. (2) M&As activity improves firms' innovation output while overly frequent M&As exert negative effects on innovation output. Stock payment is negatively associated with firms' innovation output. (3) Firms' innovation performance is statistically different between state-owned enterprises (SOEs) and non-SOEs. Firms' innovation performance does not vary whether the acquisition was conducted by SOEs or non-SOEs. Apart from providing empirical evidence, this paper, in turn, proposes policy implications for further innovation development in the Chinese pharmaceutical industry.
allfieldsGer	10.1080/10971475.2021.1996554 doi (DE-627)1815958669 (DE-599)KXP1815958669 DE-627 ger DE-627 rda eng Yu, Poshan verfasserin (DE-588)1235094081 (DE-627)1760126349 aut Stock payment, state ownership and innovation performance in China's pharmaceutical M&Ms Poshan Yu and Yingzi Hu 2022 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier Innovation (dpeaa)DE-206 mergers and acquisitions (dpeaa)DE-206 R&D (dpeaa)DE-206 stock payment (dpeaa)DE-206 Hu, Yingzi verfasserin (DE-588)1240786328 (DE-627)1769695192 aut Enthalten in The Chinese economy Abingdon, Oxon : Routledge, Taylor & Francis, 1997 55(2022), 5, Seite 380-396 Online-Ressource (DE-627)35716671X (DE-600)2093995-4 (DE-576)273899643 1558-0954 nnns volume:55 year:2022 number:5 pages:380-396 https://www.tandfonline.com/doi/pdf/10.1080/10971475.2021.1996554 Verlag lizenzpflichtig https://doi.org/10.1080/10971475.2021.1996554 Resolving-System lizenzpflichtig https://www.tandfonline.com/doi/epub/10.1080/10971475.2021.1996554 Verlag lizenzpflichtig GBV_USEFLAG_U GBV_ILN_26 ISIL_DE-206 SYSFLAG_1 GBV_KXP SSG-OLC-PHA GBV_ILN_11 GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_32 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_63 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_90 GBV_ILN_95 GBV_ILN_100 GBV_ILN_101 GBV_ILN_110 GBV_ILN_120 GBV_ILN_151 GBV_ILN_152 GBV_ILN_224 GBV_ILN_285 GBV_ILN_370 GBV_ILN_647 GBV_ILN_702 GBV_ILN_2001 GBV_ILN_2003 GBV_ILN_2005 GBV_ILN_2006 GBV_ILN_2007 GBV_ILN_2009 GBV_ILN_2010 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2015 GBV_ILN_2020 GBV_ILN_2021 GBV_ILN_2025 GBV_ILN_2026 GBV_ILN_2027 GBV_ILN_2034 GBV_ILN_2048 GBV_ILN_2050 GBV_ILN_2055 GBV_ILN_2057 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2065 GBV_ILN_2068 GBV_ILN_2088 GBV_ILN_2093 GBV_ILN_2106 GBV_ILN_2108 GBV_ILN_2111 GBV_ILN_2112 GBV_ILN_2113 GBV_ILN_2118 GBV_ILN_2122 GBV_ILN_2129 GBV_ILN_2143 GBV_ILN_2147 GBV_ILN_2148 GBV_ILN_2152 GBV_ILN_2153 GBV_ILN_2190 GBV_ILN_2232 GBV_ILN_2336 GBV_ILN_2470 GBV_ILN_2472 GBV_ILN_2507 GBV_ILN_2548 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4046 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4242 GBV_ILN_4246 GBV_ILN_4249 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4335 GBV_ILN_4338 GBV_ILN_4393 GBV_ILN_4700 AR 55 2022 5 380-396 26 01 0206 4185266502 x1z 07-09-22 26 00 DE-206 The Chinese pharmaceutical industry has seen rapid development, with industrial mergers and acquisitions (M&As) increasing over the recent years. However, the studies focused on the characteristics and identified limited impacts of these M&As. This paper then intends to fill the gap by analyzing 393 completed M&As deals in China's pharmaceutical industry from 2004 to 2016 concerning 54 firms. This paper found that: (1) firms' innovation performance is higher when the industrial M&As activities are intensive. (2) M&As activity improves firms' innovation output while overly frequent M&As exert negative effects on innovation output. Stock payment is negatively associated with firms' innovation output. (3) Firms' innovation performance is statistically different between state-owned enterprises (SOEs) and non-SOEs. Firms' innovation performance does not vary whether the acquisition was conducted by SOEs or non-SOEs. Apart from providing empirical evidence, this paper, in turn, proposes policy implications for further innovation development in the Chinese pharmaceutical industry.
allfieldsSound	10.1080/10971475.2021.1996554 doi (DE-627)1815958669 (DE-599)KXP1815958669 DE-627 ger DE-627 rda eng Yu, Poshan verfasserin (DE-588)1235094081 (DE-627)1760126349 aut Stock payment, state ownership and innovation performance in China's pharmaceutical M&Ms Poshan Yu and Yingzi Hu 2022 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier Innovation (dpeaa)DE-206 mergers and acquisitions (dpeaa)DE-206 R&D (dpeaa)DE-206 stock payment (dpeaa)DE-206 Hu, Yingzi verfasserin (DE-588)1240786328 (DE-627)1769695192 aut Enthalten in The Chinese economy Abingdon, Oxon : Routledge, Taylor & Francis, 1997 55(2022), 5, Seite 380-396 Online-Ressource (DE-627)35716671X (DE-600)2093995-4 (DE-576)273899643 1558-0954 nnns volume:55 year:2022 number:5 pages:380-396 https://www.tandfonline.com/doi/pdf/10.1080/10971475.2021.1996554 Verlag lizenzpflichtig https://doi.org/10.1080/10971475.2021.1996554 Resolving-System lizenzpflichtig https://www.tandfonline.com/doi/epub/10.1080/10971475.2021.1996554 Verlag lizenzpflichtig GBV_USEFLAG_U GBV_ILN_26 ISIL_DE-206 SYSFLAG_1 GBV_KXP SSG-OLC-PHA GBV_ILN_11 GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_32 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_63 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_90 GBV_ILN_95 GBV_ILN_100 GBV_ILN_101 GBV_ILN_110 GBV_ILN_120 GBV_ILN_151 GBV_ILN_152 GBV_ILN_224 GBV_ILN_285 GBV_ILN_370 GBV_ILN_647 GBV_ILN_702 GBV_ILN_2001 GBV_ILN_2003 GBV_ILN_2005 GBV_ILN_2006 GBV_ILN_2007 GBV_ILN_2009 GBV_ILN_2010 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2015 GBV_ILN_2020 GBV_ILN_2021 GBV_ILN_2025 GBV_ILN_2026 GBV_ILN_2027 GBV_ILN_2034 GBV_ILN_2048 GBV_ILN_2050 GBV_ILN_2055 GBV_ILN_2057 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2065 GBV_ILN_2068 GBV_ILN_2088 GBV_ILN_2093 GBV_ILN_2106 GBV_ILN_2108 GBV_ILN_2111 GBV_ILN_2112 GBV_ILN_2113 GBV_ILN_2118 GBV_ILN_2122 GBV_ILN_2129 GBV_ILN_2143 GBV_ILN_2147 GBV_ILN_2148 GBV_ILN_2152 GBV_ILN_2153 GBV_ILN_2190 GBV_ILN_2232 GBV_ILN_2336 GBV_ILN_2470 GBV_ILN_2472 GBV_ILN_2507 GBV_ILN_2548 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4046 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4242 GBV_ILN_4246 GBV_ILN_4249 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4335 GBV_ILN_4338 GBV_ILN_4393 GBV_ILN_4700 AR 55 2022 5 380-396 26 01 0206 4185266502 x1z 07-09-22 26 00 DE-206 The Chinese pharmaceutical industry has seen rapid development, with industrial mergers and acquisitions (M&As) increasing over the recent years. However, the studies focused on the characteristics and identified limited impacts of these M&As. This paper then intends to fill the gap by analyzing 393 completed M&As deals in China's pharmaceutical industry from 2004 to 2016 concerning 54 firms. This paper found that: (1) firms' innovation performance is higher when the industrial M&As activities are intensive. (2) M&As activity improves firms' innovation output while overly frequent M&As exert negative effects on innovation output. Stock payment is negatively associated with firms' innovation output. (3) Firms' innovation performance is statistically different between state-owned enterprises (SOEs) and non-SOEs. Firms' innovation performance does not vary whether the acquisition was conducted by SOEs or non-SOEs. Apart from providing empirical evidence, this paper, in turn, proposes policy implications for further innovation development in the Chinese pharmaceutical industry.
language	English
source	Enthalten in The Chinese economy 55(2022), 5, Seite 380-396 volume:55 year:2022 number:5 pages:380-396
sourceStr	Enthalten in The Chinese economy 55(2022), 5, Seite 380-396 volume:55 year:2022 number:5 pages:380-396
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authorswithroles_txt_mv	Yu, Poshan @@aut@@ Hu, Yingzi @@aut@@
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However, the studies focused on the characteristics and identified limited impacts of these M&As. This paper then intends to fill the gap by analyzing 393 completed M&As deals in China's pharmaceutical industry from 2004 to 2016 concerning 54 firms. This paper found that: (1) firms' innovation performance is higher when the industrial M&As activities are intensive. (2) M&As activity improves firms' innovation output while overly frequent M&As exert negative effects on innovation output. Stock payment is negatively associated with firms' innovation output. (3) Firms' innovation performance is statistically different between state-owned enterprises (SOEs) and non-SOEs. Firms' innovation performance does not vary whether the acquisition was conducted by SOEs or non-SOEs. Apart from providing empirical evidence, this paper, in turn, proposes policy implications for further innovation development in the Chinese pharmaceutical industry.</subfield></datafield></record></collection>
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spellingShingle	Yu, Poshan misc Innovation misc mergers and acquisitions misc R&D misc stock payment Stock payment, state ownership and innovation performance in China's pharmaceutical M&Ms
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topic_title	26 00 DE-206 The Chinese pharmaceutical industry has seen rapid development, with industrial mergers and acquisitions (M&As) increasing over the recent years. However, the studies focused on the characteristics and identified limited impacts of these M&As. This paper then intends to fill the gap by analyzing 393 completed M&As deals in China's pharmaceutical industry from 2004 to 2016 concerning 54 firms. This paper found that: (1) firms' innovation performance is higher when the industrial M&As activities are intensive. (2) M&As activity improves firms' innovation output while overly frequent M&As exert negative effects on innovation output. Stock payment is negatively associated with firms' innovation output. (3) Firms' innovation performance is statistically different between state-owned enterprises (SOEs) and non-SOEs. Firms' innovation performance does not vary whether the acquisition was conducted by SOEs or non-SOEs. Apart from providing empirical evidence, this paper, in turn, proposes policy implications for further innovation development in the Chinese pharmaceutical industry Stock payment, state ownership and innovation performance in China's pharmaceutical M&Ms Poshan Yu and Yingzi Hu Innovation (dpeaa)DE-206 mergers and acquisitions (dpeaa)DE-206 R&D (dpeaa)DE-206 stock payment (dpeaa)DE-206
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title_short	Stock payment, state ownership and innovation performance in China's pharmaceutical M&Ms
url	https://www.tandfonline.com/doi/pdf/10.1080/10971475.2021.1996554 https://doi.org/10.1080/10971475.2021.1996554 https://www.tandfonline.com/doi/epub/10.1080/10971475.2021.1996554
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"><subfield code="d">55</subfield><subfield code="j">2022</subfield><subfield code="e">5</subfield><subfield code="h">380-396</subfield></datafield><datafield tag="980" ind1=" " ind2=" "><subfield code="2">26</subfield><subfield code="1">01</subfield><subfield code="x">0206</subfield><subfield code="b">4185266502</subfield><subfield code="y">x1z</subfield><subfield code="z">07-09-22</subfield></datafield><datafield tag="982" ind1=" " ind2=" "><subfield code="2">26</subfield><subfield code="1">00</subfield><subfield code="x">DE-206</subfield><subfield code="b">The Chinese pharmaceutical industry has seen rapid development, with industrial mergers and acquisitions (M&As) increasing over the recent years. However, the studies focused on the characteristics and identified limited impacts of these M&As. This paper then intends to fill the gap by analyzing 393 completed M&As deals in China's pharmaceutical industry from 2004 to 2016 concerning 54 firms. This paper found that: (1) firms' innovation performance is higher when the industrial M&As activities are intensive. (2) M&As activity improves firms' innovation output while overly frequent M&As exert negative effects on innovation output. Stock payment is negatively associated with firms' innovation output. (3) Firms' innovation performance is statistically different between state-owned enterprises (SOEs) and non-SOEs. Firms' innovation performance does not vary whether the acquisition was conducted by SOEs or non-SOEs. Apart from providing empirical evidence, this paper, in turn, proposes policy implications for further innovation development in the Chinese pharmaceutical industry.</subfield></datafield></record></collection>
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Stock payment, state ownership and innovation performance in China's pharmaceutical M&Ms

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