Research on the Impact of Technology-oriented Overseas M&As on the Innovation Level of Environmental Protection Enterprises

Abstract

Abstract: Based on the fact that overseas mergers and acquisitions (M&As) of environmental protection enterprises have surged in recent years, this paper uses the difference-in-differences model to empirically test the impact of technology-oriented overseas M&As on the innovation level of environmental protection enterprises and its underlying mechanism. The study finds that technology-oriented overseas M&As have significantly improved the innovation level of environmental protection enterprises. Compared with direct M&As by parent company, M&As through overseas subsidiaries is more conducive to improving the innovation level of environmental protection enterprises. Heterogeneity analysis shows that the positive effect of technology-oriented overseas M&As on the innovation level of ecological protection enterprises is more significant in non-state-owned enterprises, enterprises with strong absorptive capacity, and enterprises with strong cross-cultural integration ability. The mechanism test shows that technology-oriented overseas M&As mainly improve the innovation level of environmental protection enterprises by providing heterogeneous knowledge resources, enhancing learning ability, and improving R&D efficiency. The research conclusions of this paper can not only enrich the relevant literature on overseas M&As and enterprise innovation but also provide policy enlightenment for guiding the high-quality development of environmental protection enterprises.

Key words: technology-oriented overseas M&As, environmental protection enterprises, enterprise innovation, enterprise heterogeneity, underlying mechanism

Sun Hongfeng, Tang Guoping. Research on the Impact of Technology-oriented Overseas M&As on the Innovation Level of Environmental Protection Enterprises[J]. Management Review, 2025, 37(9): 97-110.

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