Analysis of Technology Mergers and Acquisitions on Enterprises’ Green Technology Innovation: Moderating Effects of Environmental Regulation and Environmental Uncertainty

Enterprises’ green technology innovation is often subject to dilemmas related to resource limitations and innovation compensation. Technology mergers and acquisitions (M&A) may incentivize green innovation but may also have an inhibiting effect. We took A-share listed companies in China from 2007 to 2021 as a sample, using 1577 technology M&A samples to examine the impact of technology M&A on enterprises’ green technology innovation, including the moderating effects of environmental regulation, environmental uncertainty, and board members’ educational background. We found that technology M&A can effectively stimulate enterprises’ green technology innovation. We also found that as the diversity of board members’ educational background, environmental uncertainty, and environmental regulations increase, the effect of technology M&A on incentives for green technology innovation becomes clearer. The research results provide a theoretical basis for optimizing the market environment of technology M&A, reasonable M&A modes, and green technology innovation.