Research on the Mechanism of Government Digital Incentives in Advancing Enterprise Vertical Mergers and Acquisitions
The digital economy has already become a key driver in empowering industrial transformation,fostering a new development pattern,and achieving high-quality economic growth.Amid the wave of digital economy,government digital incentives play a crucial role in enterprise management and decision-making.However,the mechanism how these incentives influence enterprise vertical mergers and acquisitions(M&A)has yet to be clarified.The present paper uses data from Chinese A-share listed companies from 2012 to 2022 to empirically investigate the causal relationship and mechanisms between government digital incentives and enterprise vertical M&A.The results reveal that government digital incentives significantly increase both the probability and frequency of the vertical M&A,and exert their effects through the mechanisms such as alleviating financing constraints,enhancing corporate digitalization,and improving internal control information disclosure.The heterogeneity analysis further indicates that the nature of enterprise ownership,external transaction costs,industry concentration,and the level of regional digital economic development remarkably influence the effectiveness of the incentives in promoting the vertical M&A.In this sense,this paper can enrich the research on the role of government digital incentives for the decision-making of enter-prise mergers,providing a theoretical basis and empirical results for efficient enterprise vertical M&A in the digital economy era.
digital incentivesvertical mergers and acquisitionsdigitalization levelinternal control informa-tion disclosurefinancing constraints
NETL
NSTL
万方数据
