Cross-Border M&A and Corporate Innovation

Our analysis leverages a longitudinal dataset spanning 2001–2023, a period marked by China’s post-WTO integration and the institutionalization of cross-border M&As as strategic globalization instruments. The sample comprises Chinese A-share manufacturing firms engaged in overseas acquisitions from Shanghai and Shenzhen Stock Exchange, identified through the ZEPHYR global M&A database. Firm-level patent data and financial indicators were sourced from CSMAR, with patent metrics serving as proxies for innovation output. To ensure sample integrity, we excluded financially distressed firms (Special Treatment entities), newly listed or delisted companies, and observations with incomplete financial or M&A records. This screening process yielded a final panel of 1,130 firm-year observations, balancing temporal depth for trend analysis with cross-sectional rigor.

搜集汇总

背景与挑战

背景概述

该数据集涵盖2001-2023年中国A股制造业公司的跨境并购与创新数据，整合了ZEPHYR全球并购数据库和CSMAR的专利与财务指标，最终形成1130个公司-年观测值，用于分析跨境并购对企业创新的影响。