Digital M&A,Synergies and Total Factor Productivity
Digital M&A involve the strategic acquisition of digital enterprises by companies aiming to secure advanced digital technologies,services,or a position in the digital market.This strategy is increasingly pivotal for companies undergoing digital transformation,serving as a key avenue for enhancing digital competitiveness and fostering high-quality,sustainable growth.Utilizing micro-level panel data from A-share listed companies in China from 2010 to 2020,this study examines the impact of digital M&A on corporate total factor productivity(TFP)and explores the underlying mechanisms.The results demonstrate that digital M&A significantly boosts TFP,Mechanistic analysis reveals that this enhancement is driven by synergies in both technological and human capital.Furthermore,heterogeneity analysis shows that the positive effects of digital M&A on TFP vary across different contexts,being more pronounced in non-high-tech sectors,state-owned enterprises,and regions with lower levels of digital economic development.This research contributes to the academic discourse on digital M&A and TFP by providing insights for companies navigating digital transformation and intelligent upgrading,as well as offering practical implications for improving resource allocation efficiency,thereby supporting China's supply-side structural reforms.
digital M&Atotal factor productivitytechnology synergyhuman capital
万方数据
维普
