The Impact of Technology Mergers and Acquisitions on Enterprise Sustainable Competitiveness

Abstract

In the context of global competition, enterprises are increasingly adopting technology mergers and acquisitions (M&As) as a strategic approach to enhance their sustainable competitiveness. This study investigates the impact of technology M&As on the sustainable competitiveness of enterprises, focusing on Chinese A-share listed companies from 2007 to 2021. Employing a staggered difference-in-difference (DID) model for empirical analysis, the findings reveal that technology M&As significantly boost the sustainable competitiveness of enterprises by 6.2% compared to non-technology M&A firms. Moreover, the study employs a mediation effect model to demonstrate that technology M&As contribute to improved enterprise productivity levels and market power. Heterogeneity analysis further indicates that the positive effects are more pronounced in firms with a strong ESG performance and those with lower levels of digital development. The study offers valuable insights for corporate strategic planning and policy-making, emphasizing the role of technology M&As in fostering enterprise sustainability and competitiveness.