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The Chinese pharmaceutical industry has seen rapid development, with industrial mergers and acquisitions (M&amp;As) increasing over the recent years. However, the studies focused on the characteristics and identified limited impacts of these M&amp;As. This paper then intends to fill the gap by analyzing 393 completed M&amp;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&amp;As activities are intensive. (2) M&amp;As activity improves firms’ innovation output while overly frequent M&amp;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&As