数字化转型对企业并购的影响研究——主并方数字化赋能视角  

A Study of the Impact of Digital Transformation on Corporate Merg⁃ers and Acquisitions——A Primary Merger Party Digital Empowerment Perspective

作　　者：王霞 Wang Xia(Business School,University of Jinan,Jinan 250002,Shandong,China)

机构地区：[1]济南大学商学院,山东济南250022

出　　处：《金融发展研究》2024年第4期70-78,共9页Journal Of Financial Development Research

基　　金：山东省社会科学规划研究一般项目“数据驱动型并购的典型特征、垄断形成与规制策略”(22CSDJ04)。

摘　　要：以沪深A股上市公司为样本,基于主并方数字化赋能视角,实证研究数字化转型对企业并购的影响。研究发现,数字化转型企业发起了更多的并购活动,并取得了更高的并购绩效。进一步研究发现,数字化转型在企业并购中发挥信息效应与治理效应,当信息环境较差时,数字化转型对并购决策和并购绩效影响更强,当并购代理冲突较高时,数字化转型企业取得了更高的并购绩效。此外,数字化转型显著增加并购支付溢价,这是由于数字化转型为并购带来了更多元的融资方式。数字化转型能缩短并购交易时长,提高并购成功率。此外,被并方数字化转型程度越高,发生并购的概率越高且并购绩效越好。研究结论有利于深入理解数字化转型对企业并购的影响,对评估数字化转型经济效益、提高企业并购效率具有重要意义。Taking Shanghai and Shenzhen A-share listed companies as samples,we empirically study the impact of digital transformation on corporate mergers and acquisitions(M&A)based on the perspective of digital empower-ment of the main merging party.The study found that digitally transformed firms initiate more M&A activity and achieve higher M&A performance.It is further found that digital transformation exerts information and governance ef-fects in corporate M&A,digital transformation has a stronger impact on M&A decisions and M&A performance when the information environment is poorer,and digitally transformed firms achieve higher M&A performance when M&A agency conflicts are higher.In addition,digital transformation significantly increases the M&A payment premium,due to the fact that digital transformation brings more diversified financing options for M&A.Digital transformation re-duces the length of M&A transactions and increases the success rate of M&As.In addition,the higher the degree of dig-ital transformation of the merged party,the higher the probability of M&A and the better the M&A performance.The findings of the study are conducive to a deeper understanding of the impact of digital transformation on M&A,and are of great significance in assessing the economic benefits of digital transformation and improving the efficiency of M&A.

关 键 词：数字化转型 企业并购 并购决策 并购绩效 

分 类 号：F830[经济管理—金融学]