Characteristics and Economic Consequences of Mergers and Acquisitions in China’ s High-tech Enterprises under the Wave of Agricultural M&A

Agricultural technology stands as the primary propellant driving the development of the agribusiness sector, where mergers and acquisitions (M&A) transactions are increasingly pervasive. These transactions predominantly focus on various segments within the agricultural value chain, including scientific breeding, agricultural input research and development, and supply chain channels. Against this backdrop, the validation of M&A characteristics in high-tech enterprises assumes paramount significance, shedding light on their economic consequences and impact pathways.This study discerned that high-tech enterprises engaging in M&A activities with cash payment methods experience a detrimental influence on their short-term innovation performance. Furthermore, it unveiled that the economic outcomes for high-tech enterprises post-M&A tend to be more favorable as the transaction scale increases. Additionally, affiliated M&A activities in the realm of high-tech enterprises proved instrumental in mitigating information asymmetry risks, thereby elevating the overall M&A performance. Moreover, the involvement of M&A advisors exhibited short-term positive effects on M&A activities involving high-tech enterprises.