Research on the Impact of Digital Mergers and Acquisitions on the Total Factor Productivity of Enterprises
Based on a sample of listed company M&-A events from 2006 to 2021,this study uses the PSM-DID method to examine the impact and mechanism of digital M&A on firms'total factor productivity(TFP)relative to traditional M&A.The results show that:①compared with non-digital M&A,digital M&A can bring increase in TFP to companies,and this conclusion still holds after con-ducting a series of endogeneity and robustness tests.②Mechanism analysis shows that digital M&A mainly promotes firms'TFP through four paths:enhancing digitalization level,improving innovation ability,enhancing resource allocation efficiency,and forming financial synergy effects.③The hetero-geneity test results show that the digital extension M&A has the largest effect in improving TFP,fol-lowed by the digital transformation M&A.Digital M&A of non-state-owned enterprises,labor and technology intensive enterprises plays a more significant role in improving their TFP,and cross-border digital M&A is more effective in enhancing firms'TFP than domestic digital M&A.
digital M&Alevel of digitizationdigital expansiontotal factor productivity
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