数据规模、数据范围与平台企业绩效——基于数字平台并购视角  

Data Scale,Data Scope and Platform Enterprise Performance:From the Perspective of Digital Platform Mergers and Acquisitions

作　　者：刘玉斌[1] 张贵娟 徐洪海 LIU Yubin;ZHANG Guijuan;XU Honghai(School of Business, Tianjin University of Finance and Economics;School of International Economics and Trade, Nanjing University of Finance & Economics)

机构地区：[1]天津财经大学商学院 [2]南京财经大学国际经贸学院

出　　处：《数量经济技术经济研究》2024年第3期131-152,共22页Journal of Quantitative & Technological Economics

基　　金：国家自然科学基金项目(72103085)的资助。

摘　　要：数据是数字平台的核心资产,并购是平台企业获取数据的重要途径。同业并购与跨界并购获得的数据类型及其在平台内或平台间的交互作用程度存在差异,它们如何影响企业绩效是数字平台并购策略选择需要关注的关键问题。本文以广告主导平台为研究对象,通过构建两阶段Hotelling博弈模型比较分析同业并购与跨界并购对数字平台市场绩效的影响,使用2009~2021年上市的广告主导数字平台相关数据进行实证检验,并对百度公司的并购行为进行案例分析。研究发现:“数据规模经济”主导的同业并购和“数据范围经济”主导的跨界并购均有利于提升平台企业绩效;由于同类数据更易融合并形成“数据规模网络效应”,同业并购对平台企业绩效的提升作用更为明显。本文从数据要素视角深入揭示了不同类型并购影响数字平台市场绩效的内在经济逻辑,可为数字平台如何基于数据规模、数据范围和数据网络效应选择并购策略提供参考依据。As an indispensable digital infrastructure for the operation of modern economy and society,digital platforms have become the core asset of platform enterprises with the massive data generated by user activities carried by them.The phenomenon of data-driven mergers and acquisitions(M&A) by platform enterprises to acquire data resources through acquisitions or mergers of other platforms is becoming increasingly common to expand market size and layout future development and has attracted widespread attention from scholars and relevant regulatory authorities at home and abroad.Moreover,with the intensification of market competition and saturation of demand,the focus of platform competition is gradually shifting from incremental user competition to stock user competition,and the M&A model is gradually enriched from “interbank M&A” in the same business field to “cross-border M&A” involving different business fields.“Acquiring data” is an important strategic means for platform enterprises to achieve rapid expansion and technological upgrading.However,the scale and scope of data that can be obtained through different M&A models,and the degree of interaction within or between platforms vary.How they affect the market performance of platform enterprises is a key issue that needs to be addressed in optimizing M&A strategies.Starting from the perspective of digital elements,this article conducts a basic analysis of the characteristics,facts,and economic logic of platform enterprise M&A.Taking advertising-dominated platforms as the research object,a two-stage hotelling game model is constructed to compare and analyze the impact of interbank and cross-border M&A on the market performance of platform enterprises.Empirical tests are conducted using relevant data on listed advertising-dominated platform enterprises from 2009 to 2021.The study also analyzes the M&A case of Baidu company.Research has found that different M&A models can achieve economies of scale,scope,and network effects in data to varying degrees.Both

关 键 词：数字平台 同业并购 跨界并购 数据规模经济 数据范围经济 

分 类 号：F270[经济管理—企业管理]