数字经济与企业跨国并购:理论机理与中国证据  

Digital Economy and Cross-border Mergers and Acquisitions:Theoretical Mechanisms and Evidence from China

作　　者：邵宇佳 郭悦 卫平东 SHAO Yujia;GUO Yue;WEI Pingdong(Chinese Academy of International Trade and Economic Cooperation;Liaoning University)

机构地区：[1]商务部国际贸易经济合作研究院 [2]辽宁大学经济学院

出　　处：《国际贸易》2025年第3期55-65,96,共12页Intertrade

基　　金：国家社科基金青年项目“数字贸易重塑全球经贸规则的逻辑、挑战及中国应对研究”(22CGJ024)的阶段性成果。

摘　　要：随着数字经济的快速发展,信息获取成本显著降低,这为企业参与跨国并购提供了新的契机。文章基于中国上市公司2011—2020年的跨国并购数据,深入探讨了数字经济对企业跨国并购的影响机理。研究结果表明,数字经济对企业跨国并购具有显著促进效应。机制检验显示,数字经济通过增强企业信息优势、推动企业数字化转型、缓解企业融资约束进而促进企业跨国并购。进一步研究发现,这一促进作用在“一带一路”沿线省市、无其他机构股份企业、非高新技术企业中较为显著,而且地区开放能够显著强化数字经济对企业跨国并购的促进作用。此外,数字经济还有助于提升企业跨国并购的频率和规模。文章不仅为企业参与跨国并购提供重要参考,也为国家对外发展战略提供相关政策启示。With the rapid development of the digital economy,the cost of information acquisition has significantly decreased,providing new opportunities for enterprises to engage in cross-border mergers and acquisitions(M&As).This article,based on data from Chinese listed companiescross-border M&A activities between 2011 and 2020,explores the impact mechanisms of the digital economy on corporate cross-border M&As.The research findings show that the digital economy has a significant promoting effect on corporate cross-border M&As.Mechanism testing shows that the digital economy promotes cross-border M&As by enhancing corporate information advantages,advancing corporate digital transformation,and easing corporate financing constraints.Further research reveals that this promotion effect is more significant in provincial-level regions and cities along the Belt and Road,joint-stock enterprises without other institutions,and non-high-tech enterprises,and regional opening up can significantly strengthen the promotion effect of the digital economy on corporate cross-border mergers and acquisitions.Additionally,regional openness can significantly strengthen this promotion effect.Moreover,the digital economy contributes to increasing both the frequency and scale of cross-border M&A activities.This article not only provides important references for enterprises participating in cross-border M&As but also offers relevant policy insights for national foreign development strategies.

关 键 词：数字经济 跨国并购 信息不对称 地区开放 

分 类 号：F272.3[经济管理—企业管理]