摘要
在数字经济快速发展的背景下,数字化转型成为推动企业高质量发展的关键战略方向。本文基于文本分析的方法依据上市公司年度报告相关信息来测量企业数字化转型水平,并使用2007~2018年上市公司并购数据,研究数字化转型对企业技术并购决策的影响及其作用机制。研究发现:数字化转型显著提高了企业发起技术并购的概率、频率和规模,并且在一系列稳健性检验后该因果关系仍然成立。机制分析表明,企业数字化转型程度的提高,有效改善企业信息不对称程度以及提高公司治理能力,进而助推企业发起技术并购。同时,信息不对称程度越低和公司治理能力越高的企业,在完成一次技术并购项目后,会倾向于再次发起技术并购,技术并购绩效也会更好。数字化转型对企业技术并购的影响具有明显的异质性,在数字经济发展较好地区的企业和非国有企业中促进效果更加显著。本文研究为企业数字化转型经济后果和技术并购影响因素的研究做出重要补充,为相关政策制定以驱动数字经济发展提供了启示。
Under the background of rapid development of digital economy,digital transformation has become a key strategic direction to promote the high-quality development of enterprises.This paper is based on the method of text analysis to measure the level of digital transformation of enterprises based on the information related to the anmual reports of listed companies,and uses the data on mergers and acquisitions of listed companies from 2007 to 2018 to study the impact of digital transformation on the decision-making of enterprises’technological mergers and acquisitions and its mechanism of action.It is found that digital transformation significantly increases the probability,frequency and size of enterprises launching technology M&A,and the causal relationship still holds after a series of robustness tests.The mechanism analysis shows that the increase in the degree of digital transformation of enterprises will firstly improve the degree of information asymmetry of enterprises,and secondly improve the corporate governance ability of enterprises,which in turn will help to promote the initiation of technology M&A by enterprises.Moreover,firms with lower degree of information asymmetry and higher corporate governance capability will tend to initiate technology M&A again after completing one technology M&A project and have better technology M&A performance.The impact of digital transformation on firms’technology M&A is significantly heterogeneous,and the promotion effect is more significant among firms in regions with better digital economy development and non-state-owned firms.The study in this paper makes an important addition to the research on the economic consequences of enterprise digital transformation and the influencing factors of technology M&A,and provides insights for relevant policy formulation to drive the development of digital economy.
作者
王彩萍
任金洋
张弛
黄志宏
Wang Caiping;Ren Jinyang;Zhang Chi;Huang Zhihong
出处
《金融学季刊》
2023年第4期151-176,共26页
Quarterly Journal of Finance
基金
国家自然科学基金重点项目(72132010)
国家自然科学基金青年项目(72302124)
广东省自然科学基金项目(2022A1515010784)的资助
关键词
数字化转型
技术并购决策
信息效应
治理能力
digital transformation
technology M&A decisions
information effects
governance capacity
