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Cross-Border M&A and the Acquirers’ Innovation Performance: An Empirical Study in China

Yu Zhang (), Xianming Wu (), Hao Zhang () and Chan Lyu ()
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Yu Zhang: School of Economics and Management, Wuhan University, Wuhan 430072, China
Xianming Wu: School of Economics and Management, Wuhan University, Wuhan 430072, China
Hao Zhang: School of Business Administration, Northeastern University, Shenyang 110169, China
Chan Lyu: School of Business, Macau University of Science and Technology, Taipa, Macau 999078, China

Sustainability, 2018, vol. 10, issue 6, 1-25

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.

Keywords: cross-border mergers and acquisitions; acquirers’ innovation performance; industrial policy; intellectual property protection (search for similar items in EconPapers)
JEL-codes: Q Q0 Q2 Q3 Q5 Q56 O13 (search for similar items in EconPapers)
Date: 2018
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