Advances in Economics, Management and Political Sciences
- The Open Access Proceedings Series for Conferences
Proceedings of the 3rd International Conference on Business and Policy Studies
Series Vol. 71 , 18 January 2024
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Impact of RMB Exchange Rate Fluctuations on the Performance of Cross-Border Mergers and Acquisitions of High-Tech Enterprises: A Moderated Mediation Model Based on Innovation Input
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Abstract
Cross-border mergers and acquisitions (M&A) serve as a crucial pathway for the international development of high-tech enterprises. However, currency exchange and foreign exchange transactions are frequent occurrences during cross-border M&A processes, making exchange rate fluctuations significantly influential on the success rate and performance of such endeavors. By analyzing the impact of exchange rate volatility on high-tech enterprises, this study introduces innovation input as a moderating mediating variable. The findings reveal that greater exchange rate fluctuations lead to poorer M&A performance. Moreover, innovation input acts as a mediating variable in the relationship between exchange rate volatility and M&A performance. The study contributes to strategic insights for the international M&A activities of enterprises.
Keywords
Exchange rate fluctuation, high-tech enterprises, M&A performance, innovation input, moderated mediation model
References
1. Ding, J., 2022. The Impact of Exchange Rate Fluctuations on the Cross-Border M&A Performance of Chinese Enterprises. Yunnan University of Finance and Economics, MA thesis.
2. Zhang, X., & Xuan, G., 2006. Research on Exchange Rate Risk and Value Effect of Cross-Border M&A. World Economic Research, 01, 23-28.
3. Meng, W., 2019. The Impact of Exchange Rate Fluctuations on Overseas M&A by Chinese Enterprises. Beijing Jiaotong University, PhD dissertation.
4. Meng, Y., 2021. The Impact of Exchange Rate Uncertainty on Corporate R&D Investment. Jinan University, MA thesis.
5. Sheng, B., & Jing, G., 2021. Exchange Rate Fluctuations, Financial Structure, and Technological Innovation. Finance and Trade Economics, 42(10), 132-146. doi:10.19795/j.cnki.cn11-1166/f.20211014.006.
6. Tian, X., 2022. Technological Innovation Investment, Demographic Characteristics, and Cross-Border M&A Performance. China University of Mining and Technology, MA thesis.
7. Wang, W., & Ma, H., 2020. Technological Proximity, R&D Investment, and Technological M&A Innovation Performance: From the Perspective of Corporate Lifecycle. Management Review, 32(06), 104-113. doi:10.14120/j.cnki.cn11-5057/f.20191127.008.
Data Availability
The datasets used and/or analyzed during the current study will be available from the authors upon reasonable request.
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- Volume Title
- Proceedings of the 3rd International Conference on Business and Policy Studies
- ISBN (Print)
- 978-1-83558-281-7
- ISBN (Online)
- 978-1-83558-282-4
- Published Date
- 18 January 2024
- Series
- Advances in Economics, Management and Political Sciences
- ISSN (Print)
- 2754-1169
- ISSN (Online)
- 2754-1177
- DOI
- 10.54254/2754-1169/71/20241227
- Copyright
- 18 January 2024
- Open Access
- This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY) license, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited