数据驱动型并购提升了数字平台经济绩效吗?  

Does Data-driven M&A Improve the Economic Performance of Digital Platforms?

作　　者：刘玉斌[1] 张贵娟 张博文 Liu Yubin;Zhang Guijuan;Zhang Bowen(School of Business,Tianjin University of Finance and Economics,Tianjin 300222,China)

机构地区：[1]天津财经大学商学院,天津300222

出　　处：《财经研究》2024年第3期33-48,共16页Journal of Finance and Economics

基　　金：国家自然科学基金项目(72103085)。

摘　　要：数据是数字平台企业竞争的关键资源,是数字经济发展的重要驱动力。以获取数据为动机的“数据驱动型并购”愈发普遍,但并购所导致的数据资源再配置效果依然有待识别,同时平台企业频繁并购也引发了反垄断机构的高度关注。文章构建两阶段Hotelling模型,结合博弈结果进行数值模拟,并利用2009-2021年272家数字平台企业并购事件及财务数据,建立逐年PSM-多时点DID计量模型,系统考察了数据驱动型并购对平台企业经济绩效的影响。研究发现,数据驱动型并购显著促进了平台企业经济绩效增长,但并购效应存在一定时间滞后性与长期收敛性。机制检验表明,数据驱动型并购通过“数据规模效应”与“市场势力效应”对平台企业经济绩效产生积极影响。进一步异质性分析表明,数据驱动型并购效应在交易类平台、同业并购、高频率并购、高股权并购与跨境并购的组别中更为显著,而在跨业并购的组别中表现较弱,在非交易类平台、低频率并购、低股权并购与境内并购的组别中不显著。文章研究结论将平台并购理论拓展至“数据层面”,从数据要素视角为引导数字平台企业高质量发展、维护公平竞争市场秩序提供了经验指导和政策启示。The phenomenon of digital platform enterprises implementing“data-driven M&A”to compete for data resources is becoming increasingly common,and it has attracted high attention from antitrust agencies.Existing research on platform M&A and platform competition mostly focuses on the user level,with little mention of the impact of data interaction between platforms.The research methods mainly focus on mathematical models,numerical simulations,case studies,etc.,and have not yet been quantitatively analyzed and empirically tested through micro data.The relevant achievements mainly focus on anti-competitive issues such as privacy infringement in the legal field,while economic research on the impact and mechanism of datadriven M&A on the economic performance of digital platform enterprises is still relatively scarce.On the basis of platform classification,this paper comprehensively uses mathematical models,numerical simulations,and empirical methods at the“data”level to examine the effect of platform data-driven M&A,clarifying the internal relationship between data-driven M&A and platform economic performance.Empirical testing based on 272 digital platform enterprises and their M&A shows that:(1)Data-driven M&A is beneficial for improving the economic performance of digital platform enterprises,and has the characteristics of“time lag”and“long-term convergence”.(2)The“data scale effect”and“market power effect”are effective paths for data-driven M&A to affect the economic performance of digital platform enterprises.(3)Due to differences in the scale of target platform data and the cost of data sharing between platforms,the impact of transactional platform M&A,interbank M&A,high-frequency M&A,high-equity M&A,and cross-border M&A on the economic performance of digital platform enterprises is more significant.The possible marginal contributions of this paper are as follows:First,it analyzes platform M&A from the perspective of“data”,and reveals that user data is the key driver of digital platform M&A

关 键 词：数字平台 数据驱动型并购 经济绩效 数据规模 市场势力 

分 类 号：F270[经济管理—企业管理]