Technology M&A and Green Technology Innovation in the Manufacturing Industry: A Study under Dual Carbon Goals

As a key sector of China's economy, overcoming the challenges of green technology innovation in the manufacturing industry is crucial to reaching the “dual carbon” goal. Based on the data of listed companies in the manufacturing industry from 2018 to 2022, this paper uses a double-difference model to verify the effect of technology M&A on green technology innovation in this industry. The results show that technology M&A significantly promotes green technology innovation in manufacturing firms, with the effect of hybrid technology M&A being particularly pronounced. Moreover, this positive effect persists over time.