数字化赋能与企业并购:技术与市场的双重并购动机视角  

Research on the Influence of Digital Transformation on Enterprise M&A

作　　者：南晓莉[1] 仝安娜 NAN Xiaoli;TONG Anna(School of Economics and Management,Dalian University of Technology,Dalian 116024,China)

机构地区：[1]大连理工大学经济管理学院,辽宁大连116024

出　　处：《科学学与科学技术管理》2025年第3期140-155,共16页Science of Science and Management of S.& T.

基　　金：教育部人文社会科学项目(21YJC790090);辽宁省社会科学规划一般项目(L19BJY00)。

摘　　要：数字经济的发展为企业带来新的发展契机,注入了新的创新活力。以2009—2021年中国A股上市公司作为初始研究样本,实证考察企业数字化水平对于自身并购战略决策的影响及其作用机理。研究发现,数字化转型企业存在技术获取型与市场获取型两种差异化的并购动机,企业数字化转型显著提高了企业的并购概率、并购频率和并购规模。作用机制检验表明,企业数字化转型主要通过信息获取的中介效应和资金融通的中介效应影响企业并购战略决策。异质性检验结果表明,在大型企业、技术密集型行业和非竞争性行业,数字化转型对技术获取型并购的支持作用更为明显;在中小型企业、劳动密集型行业和竞争性行业,数字化转型对市场获取型并购的支持效应更为明显。进一步分析发现,企业数字化转型也能正向影响企业的并购绩效,助力并购协同效应的发挥,真正做优做强并购后的企业。The emergence of key production factors plays a decisive role in the transformation of social production and the evolution of corporate behavior.With the rapid iteration and in-depth development of digital technology,data has become a key factor of production,and the world has entered the era of digital economy.In the era of digital economy,the business boundaries of enterprises are extended,the industrial boundaries are gradually blurred,and the merger and acquisition activities are increasingly frequent.According to the traditional market power theory and competition theory,digital transformation enables enterprises to make investment decisions and their own business process,so that enterprises have a relative competitive advantage in the investment market,so enterprises with strong digital ability have more investment opportunities and stronger investment willingness.It is of great theoretical value and practical significance to study how enterprise digitization affects enterprise M&A behavior and specific transmission mechanism.In view of this,based on the M&A behavior of enterprises under the wave of enterprise digital transformation,the study examines whether and how the level of enterprise digitalization affects the strategic decision of enterprises.The study takes China's A-share listed companies from 2009 to 2021 as the initial research sample to empirically investigate the influence of enterprises'digitalization level on their M&A strategic decisions and its mechanism.Firstly,the motivation of M&A expansion of digitally transformed enterprises is examined.Secondly,by referring to previous studies,mergers and acquisitions are divided into technology acquisition and market acquisition,based on which the characteristics of mergers and acquisitions of digital transformation enterprises are analyzed.Then,construct a theoretical framework from two aspects of information access effect and financial accommodation effect and try to test the mechanism.The research finds that digital transformation enterprises hav

关 键 词：数字化转型 企业并购 技术获取 市场获取 

分 类 号：F272[经济管理—企业管理] F273.1[经济管理—国民经济]