近年來美國生技製藥產業從事併購活動頻繁。然而，並不是外部併購成長都會帶來好的財務績效表現，那什麼才會是好的併購策略？因此，本研究為探討併購策略的選擇規劃與企業財務績效表現之間的關聯性。還有，美國生技製藥廠商處於高度不確定的研發環境，對研究與發展費用支出持續增加下，其研發投入與專利知識產出對企業財務績效影響關係。研究目的是觀察美國主併生技藥廠進行併購策略活動時，容易受到併購支付的方式、產業相關性和跨國交易與否等重要變數干擾之外，還有先前併購經驗、相對公司規模的大小和創新專利核准數，對財務績效表現的影響。
針對美國生技製藥上市472家廠商為主要分析研究的對象。研究結果發現，平均併購活動對企業財務績效會有正向產出，其干擾變數以平均併購活動與現金併購支付方式、平均併購活動與非相關產業併購，以及平均併購活動與非跨國併購，對後續財務績效會產生負向交互影響效果。其次，相對公司規模對企業財務績效則有顯著負向影響。有趣的研究發現是，創新研發密度支出、專利核准數和先前併購經驗，對藥廠的短期財務績效存在負向影響關係。但是，衡量對長期財務績效表現將會呈現正向顯著的影響結果。最後，以實證分析結果提出管理意涵，提供生技藥廠相關經營階層和投資人重要併購決策資訊的參考。

The U.S biopharmaceutical industry engaged in merger and acquisition activities frequently and Research and Development(R&D)spending have been increasing in recent years. Although merger and acquisition is a popular external growth strategy, however, many previous studies indicate that may not always lead to positive post-merged performance. Therefore, acquiring firms allocate a fit of M&A strategies to achieve a better outcome become important. Also, to examine relationship firm’s innovation input and output influence firm performance. This study attempts to investigate how different relationship among the M&A activity, prior M&A experience, relative firm size, and patent issued as well as the interaction effect of payment of method, relatedness, and cross-border M&A strategies influence firm financial performance. the M&A announcement, U.S patent and financial data of 472 U.S-based biopharmaceutical public firms were collected and integrated as the empirical base for testing the hypotheses. In addition, the results show that average M&A activity has significantly positive relationship with firm performance. However, relative firm size has significantly negative effect on post-merged performance. Besides, average M&A activity with cash payment, and un-relatedness and uncross-border M&A strategies have negative interaction effects on post-merged performance. The surprising findings about both the Tobin’s Q ratio and short-term profitability(ROA)as firm’s financial performance to measure R&D intensity, innovation output of patent issued and prior M&A experience are implication can be different. Implications of these research findings were discussed.

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