Abstract
This paper, firstly, empirically examines the relationship between Chinese companies’ cross-border mergers and acquisitions and the acquirers’ innovation performance. Secondly, it investigates the moderate effects of industrial policy and intellectual property protection on the relationship between cross-border M&A and the acquirers’ innovation performance. At the same time, based on the perspective of corporate heterogeneity, the effect of state-owned equity on the above-mentioned moderate relationship was analyzed. The conclusions are as follows: First, Chinese companies’ cross-border acquisitions have significantly improved the acquirers’ innovation performance. Second, industrial policies negatively affect the relationship between cross-border mergers and acquisitions and the acquirers’ innovation performance. Third, the moderating role of intellectual property protection is not stable. Fourth, state-owned equity negatively affects the relationship between cross-border M&A and the acquirers’ innovation performance; the third-order interaction of state-owned equity on intellectual property protection, cross-border mergers and acquisitions, and the acquirers’ innovation performance shows that the special relationship between state-owned enterprises and the government not only failed to help them make better use of intellectual property protection for technological innovation, it also adversely hindered the realization of its innovative performance.
Highlights
With the continued growth of the Chinese economy has resulted in rising labor costs, a lack of resources, and serious environmental pollution
Model 3 verifies whether the industrial policy has a moderate effect on the relationship between cross-border mergers and acquisitions and the acquirers’ innovation performance
Model 5 verifies whether there is a regulatory effect of intellectual property protection on the relationship between cross-border mergers and acquisitions and the acquirers’ innovation performance
Summary
With the continued growth of the Chinese economy has resulted in rising labor costs, a lack of resources, and serious environmental pollution. Accelerating the cultivation of new competitive advantages has become an important aspect of China’s economically sustainable development. To achieve this goal, firstly, the Chinese government has issued relevant plans at the institutional level to promote the sustainable development of the Chinese economy. In 2015, the Chinese government introduced the “Made in China 2025” It proposes that China will adopt the “three-step” to achieve its goal of becoming a powerful nation in the future: as a first step, to reach the primary level of manufacturing power by 2025; and in the second step, China’s manufacturing industry as a whole will reach the middle level of the world’s manufacturing power by 2035. The third step, when the People’s Republic of China, was founded a hundred years ago; it entered the advanced level of manufacturing power in the world
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