Abstract
Cross-border mergers and acquisitions (M&A) serve as a crucial pathway for the international development of high-tech enterprises. However, currency exchange and foreign exchange transactions are frequent occurrences during cross-border M&A processes, making exchange rate fluctuations significantly influential on the success rate and performance of such endeavors. By analyzing the impact of exchange rate volatility on high-tech enterprises, this study introduces innovation input as a moderating mediating variable. The findings reveal that greater exchange rate fluctuations lead to poorer M&A performance. Moreover, innovation input acts as a mediating variable in the relationship between exchange rate volatility and M&A performance. The study contributes to strategic insights for the international M&A activities of enterprises.
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