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Based on the perspective of signalling theory, this paper examines the impact of cross-border mergers and acquisitions (M&amp;As) on competitors’ innovation. Using the unbalanced panel data of Chinese listed pharmaceutical companies from 2014 to 2018, this paper examines how cross-border M&amp;As affect competitors’ innovation inputs and analyses the moderating effect of tax incentives. The results find that after cross-border M&amp;As, the competitors of the merging firms significantly increase their R&amp;D investment. Cross-border M&amp;As transform competitors’ innovation types, and competitors turn to high-risk exploratory R&amp;D. Tax incentives weaken the role of cross-border M&amp;As on competitors’ innovation. The paper provides implications for firms to re-examine and adjust cross-border M&amp;As and R&amp;D strategies, and provides references for the government’s innovation encouragement policy.

The impact of cross-border mergers and acquisitions on competitors’ innovation: evidence from Chinese firms