How digital trade affects cross-border mergers and ac-quisitions of enterprises
Digital trade has gradually developed into a new engine for China to build a major trading nation,and has shown strong vitality in promoting foreign investment by enterprises.Based on the relevant data of China's A-share listed companies from 2008 to 2022,this paper uses the Probit model to empirically analyze the rela-tionship between the development of digital trade and cross-border mergers and acquisitions of enterprises.The results show that the development of digital trade can promote cross-border mergers and acquisitions of enter-prises,and this conclusion is still valid after a series of robustness tests.The results of heterogeneity analysis show that the development of digital trade is more conducive to promoting cross-border mergers and acquisitions of large-scale enterprises,listed enterprises on the main board,enterprises whose two positions of director and man-ager are not held by one person and enterprises in the mature and declining stages,and has a stronger role in pro-moting cross-border mergers and acquisitions of enterprises located in the central and western regions and areas with lower marketization degree.The mechanism test results indicate that the development of digital trade can promote cross-border mergers and acquisitions by promoting the improvement of enterprise innovation and re-ducing the financing constraints of enterprises.
digital tradecross-border mergers and acquisitionstechnological innovationfinancing constraints
万方数据
维普
