Technology-Driven Cross-Border M&A, CSR, and Enterprise Innovation Performance—Evidence from China

China’s technology development has entered a new stage, one of technology-driven cross-border mergers and acquisitions (TC M&A), which has become an important channel for emerging markets to achieve a technological leap. During this process, the effect of corporate social responsibility (CSR) is very complex. This paper took 230 cross-border M&A events in China as samples. Using the individual–time dual fixed effect model, we found that TC M&A and CSR played positive roles in promoting the innovation performance of the parent company. However, CSR negatively moderated the relationship between TC M&A and enterprise innovation. When enterprises entered a host country with close diplomatic institutional distance, the moderating effect of CSR on TC M&A and enterprise innovation performance became positive. When enterprises entered a host country with close institutional distance, the moderating effect of CSR on TC M&A and enterprise innovation performance was not significant. The findings of this paper not only enrich the stakeholder theory, but also showcase the important role of guiding cross-border investment enterprises for the implementation of CSR behaviors.