A Study of the Impact of Digital Transformation on Corporate Merg-ers and Acquisitions——A Primary Merger Party Digital Empowerment Perspective
Taking Shanghai and Shenzhen A-share listed companies as samples,we empirically study the impact of digital transformation on corporate mergers and acquisitions(M&A)based on the perspective of digital empower-ment of the main merging party.The study found that digitally transformed firms initiate more M&A activity and achieve higher M&A performance.It is further found that digital transformation exerts information and governance ef-fects in corporate M&A,digital transformation has a stronger impact on M&A decisions and M&A performance when the information environment is poorer,and digitally transformed firms achieve higher M&A performance when M&A agency conflicts are higher.In addition,digital transformation significantly increases the M&A payment premium,due to the fact that digital transformation brings more diversified financing options for M&A.Digital transformation re-duces the length of M&A transactions and increases the success rate of M&As.In addition,the higher the degree of dig-ital transformation of the merged party,the higher the probability of M&A and the better the M&A performance.The findings of the study are conducive to a deeper understanding of the impact of digital transformation on M&A,and are of great significance in assessing the economic benefits of digital transformation and improving the efficiency of M&A.
digital transformationcorporate mergers and acquisitionsM&A decisionsM&A performance
NETL
NSTL
万方数据
