Data Scale, Data Scope and Platform Enterprise Performance: Insights from Digital Platform M&As  

作　　者：Liu Yubin Zhang Guijuan Xu Honghai 

机构地区：[1]Tianjin University of Finance&Economics,Tianjin,China [2]Anhui University of Finance&Economics,Bengbu,China [3]Nanjing University of Finance&Economics,Nanjing,China

出　　处：《China Economist》2024年第5期82-106,共25页中国经济学人（英文版）

基　　金：supported by the National Natural Science Foundation of China“Research on Cross-sector Competition Effect and Regulatory Policy of Digital Platforms Based on Inter-platform Network Externalities”(Grant No.72103085).

摘　　要：Data is a key asset for digital platforms,and mergers and acquisitions(M&As)are an important way for platform enterprises to acquire it.The types of data obtained from intra-industry and cross-sector M&As differ,as does the extent to which they interact within or between platforms.The impact of such data on corporate market performance is an important question to consider when selecting strategies for digital platform M&As.Based on our research on advertising-driven platforms,we developed a two-stage Hotelling game model for comparing the market performance effects of intra-industry M&As and cross-sector M&As for digital platforms.We carried out an empirical test using relevant data from advertising-driven digital platforms between 2009 and 2021,as well as a case study on Baidu’s M&A activities.Our research discovered that intra-industry M&As driven by“data economies of scale”and cross-sector M&As driven by“data economies of scope”are both beneficial to the market performance of platform enterprises.Intra-industry M&As have a more significant positive effect on the market performance of platform enterprises because the same types of data are easier to integrate and develop the“network effect of data scale”.From a data factor perspective,this paper reveals the inherent economic logic by which different types of M&As influence the market performance of digital platforms,as well as policymaking recommendations for all digital platforms to select M&A strategies based on data scale,data scope,and the network effect of data.

关 键 词：Digital platforms intra-industry M&A cross-sector M&A data economies of scale data economies of scope 

分 类 号：F49[经济管理—产业经济] F271F272.5