Tax Reduction Incentives and Corporate M&A Behavior——Evidence from the Recognition of High-Tech Enterprises
This paper explores the impact of high-tech enterprise recognition on corporate M&A behavior and its mecha-nism.It is found that high-tech enterprise recognition significantly promotes the M&A activities of enterprises,and this promotion effect is more obvious in enterprises with higher option incentives and lower market position.The mechanism analysis shows that high-tech enterprise recognition promotes M&A by tax incentives and fiscal subsidies,alleviating en-terprise financing constraints and enhancing risk-taking levels.This paper affirms the positive role of high-tech enter-prise identification policy on the rapid growth and innovative development of high-tech enterprises,and provides empirical evidence for further optimizing the high-tech enterprise recognition policy and promoting the high-quality development of enterprises.
tax reduction incentivesmergers and acquisitionsinnovationfinancing constraints