Too Much of a Good Thing? The Impact of Serial M&A on Innovation Performance

Based on the sample of serial M&A Chinese listed companies from 2010–2019, this paper intends to investigate impact innovation performance and financing constraints digital inclusive finance (DIF). The empirical results show that an inverted U-shaped relationship exists between first goes up then down. mechanism analysis play a mediating role in performance, while DIF plays moderating effect through constraint. heterogeneity finds is more significant firms with non-state ownership property, higher business environment index, medium large-scale firm size. research not only help promote in-depth but also provide targeted theoretical reference practical guidance for corporate management decision making.