政府数字化激励促进企业纵向并购的机制研究  

Research on the Mechanism of Government Digital Incentives in Advancing Enterprise Vertical Mergers and Acquisitions

作　　者：蔡宏波[1] 张馨文 汤城建 CAI Hong-bo;ZHANG Xin-wen;TANG Cheng-jian(Business School,Beijing Normal University,Beijing 100091,China)

机构地区：[1]北京师范大学经济与工商管理学院,北京100091

出　　处：《兰州大学学报（社会科学版）》2024年第4期69-82,共14页Journal of Lanzhou University（Social Sciences）

摘　　要：数字经济已然成为赋能产业转型升级、构建新发展格局、实现经济高质量发展的重要驱动力。在数字经济发展的浪潮中,政府数字化激励对于企业管理与经营决策等行为发挥着至关重要的作用,但政府数字化激励对企业纵向并购的作用机理尚未厘清。基于此,使用2012-2022年中国A股上市企业的数据,对政府数字化激励与企业纵向并购之间的因果关系及作用机理展开实证研究。结果表明,政府数字化激励显著促进了企业的纵向并购概率及频率,并通过缓解融资约束、提升企业数字化水平、增强内部控制信息披露等影响机制发挥效用。进一步的异质性分析表明,企业的所有权性质、面临的外部交易成本、行业集中度,以及区域数字经济发展水平对于政府数字化激励发挥纵向并购促进效应具有显著的影响。丰富了政府数字化激励政策在企业并购决策领域的研究,并为企业在数字经济时代中高效开展纵向并购提供了理论依据与实证结果支撑。The digital economy has already become a key driver in empowering industrial transformation,fostering a new development pattern,and achieving high-quality economic growth.Amid the wave of digital economy,government digital incentives play a crucial role in enterprise management and decision-making.However,the mechanism how these incentives influence enterprise vertical mergers and acquisitions(M&A)has yet to be clarified.The present paper uses data from Chinese A-share listed companies from 2012 to 2022 to empirically investigate the causal relationship and mechanisms between government digital incentives and enterprise vertical M&A.The results reveal that government digital incentives significantly increase both the probability and frequency of the vertical M&A,and exert their effects through the mechanisms such as alleviating financing constraints,enhancing corporate digitalization,and improving internal control information disclosure.The heterogeneity analysis further indicates that the nature of enterprise ownership,external transaction costs,industry concentration,and the level of regional digital economic development remarkably influence the effectiveness of the incentives in promoting the vertical M&A.In this sense,this paper can enrich the research on the role of government digital incentives for the decision-making of enter-prise mergers,providing a theoretical basis and empirical results for efficient enterprise vertical M&A in the digital economy era.

关 键 词：数字化激励 纵向并购 数字化水平 内部控制信息披露 融资约束 

分 类 号：F40[经济管理—产业经济]