数字并购、协同效应与企业全要素生产率  

Digital M&A,Synergies and Total Factor Productivity

作　　者：梁鹏 王秀丽[2] 钟凯 梁琳 LIANG Peng;WANG Xiu-li;ZHONG Kai;LIANG Lin

机构地区：[1]首都经济贸易大学会计学院 [2]对外经济贸易大学国际商学院

出　　处：《科学决策》2024年第8期1-19,共19页Scientific Decision Making

基　　金：国家自然科学基金青年项目(项目编号:71902028);首都经济贸易大学新入职青年教师科研启动基金资助(项目编号:XRZ2024027)。

摘　　要：数字并购是指企业并购数字企业来获取数字技术和服务或者抢占数字市场,其正逐渐成为企业在数字化转型过程中的战略选择,同时也是企业培育数字竞争力和促进高质量健康发展的重要路径。研究选取2010-2020年中国A股上市公司微观面板数据,深入探究数字并购对企业全要素生产率的影响及其作用机制。研究表明:数字并购对企业全要素生产率具有提升作用;机制研究表明,数字并购能够发挥技术协同效应和人力资本协同效应,提高企业全要素生产率;异质性分析发现,数字并购对企业全要素生产率的促进作用具有明显的异质性,在非高科技、国有企业以及数字经济发展水平较低的企业中,数字并购对企业全要素生产率的提升效应更加显著。研究丰富和拓展了数字并购和企业全要素生产率的研究范畴,一方面对推动企业高效实现数字化变革和智能化转型具有参考价值;另一方面能够为优化资源配置效率,实现中国经济供给侧结构性改革提供借鉴。Digital M&A involve the strategic acquisition of digital enterprises by companies aiming to secure advanced digital technologies,services,or a position in the digital market.This strategy is increasingly pivotal for companies undergoing digital transformation,serving as a key avenue for enhancing digital competitiveness and fostering highquality,sustainable growth.Utilizing micro-level panel data from A-share listed companies in China from 2010 to 2020,this study examines the impact of digital M&A on corporate total factor productivity(TFP)and explores the underlying mechanisms.The results demonstrate that digital M&A significantly boosts TFP,Mechanistic analysis reveals that this enhancement is driven by synergies in both technological and human capital.Furthermore,heterogeneity analysis shows that the positive effects of digital M&A on TFP vary across different contexts,being more pronounced in non-high-tech sectors,state-owned enterprises,and regions with lower levels of digital economic development.This research contributes to the academic discourse on digital M&A and TFP by providing insights for companies navigating digital transformation and intelligent upgrading,as well as offering practical implications for improving resource allocation efficiency,thereby supporting China’s supply-side structural reforms.

关 键 词：数字并购 全要素生产率 技术协同 人力资本 

分 类 号：F275[经济管理—企业管理]