Abstract
This article examines the characteristics and performance of cross-border mergers and acquisitions (M&As) conducted by Chinese firms in the high-tech industries. Multiple measures of firm performance were used in exploring the profitability and innovativeness of both the acquiring and target firms. With 1,340 cross-border M&As completed between 1990 and 2014, the major characteristics of these deals (e.g., industries of acquiring firms, countries of target firms, and the level of ownership) were identified. In terms of the performance of acquiring and target firms, the value creation hypothesis was supported by the innovation measure; however, it was not supported by accounting-based measures. The implications of this study and directions for future research are thus discussed.