Can technology M&A under "Dual-carbon" Policies Enhance Manufacturing Firms' Green Technology Innovation Capabilities? Evidence from China

As a pillar industry of China's economy, breaking through the bottleneck of green technological innovation in the manufacturing industry is an important driving force for realizing the goal of "double carbon". Taking the data of Chinese A-share listed companies in the manufacturing industry from 2016 to 2022 as the research sample, this paper empirically examines the role of technology mergers and acquisitions (M&A) on green technology innovation in the manufacturing industry using the DID method. The results show that technology M&A has a significant promotion effect on the green technology innovation of manufacturing enterprises, and the external innovation resources absorbed by enterprises utilizing technology M&A can play a role in the enhancement of the level of green technology innovation. At the same time, this promotion effect is sustainable.