The Impact of Digital M&A on the High-Quality Development of the Specialized,Refined,Differential and Innovative SMEs
Based on the panel data of"specialized and sophisticated"SMEs listed in China's A-shares from 2012 to 2021,verify the impact of digital mergers and acquisitions on high-quality development.The results show that digital M&A directly drives high-quality development.Moreover,the mechanism analysis proves that the knowledge superposition effect generated by knowledge base and the financial multiplication effect of profitability representation have intermediary conduction effect.Heterogeneity analysis also shows that"specialized and sophisticated"SMEs with high level of internal control,cross-border mergers and growing stage are more likely to benefit from digital M&A.In view of this,"specialized and sophisticated"SMEs should be encouraged to implement digital M&A,and use the intellectual capital and profit advantages won by M&A to drive high-quality development.
digital M&Ahigh-quality development"SRDI"SMEsinternal control
万方数据
