The Impact of Blockchain Technology Application on Vertical Mergers and Acquisitions of Companies:Promoting or Inhibiting
The era of digital transformation has arrived,and the application scenarios of related new technologies are becoming increasingly diverse.Based on this background,this article studies whether the application of blockchain technology has improved the vertical merger and acquisition(M&A)rate of companies,and proposes advices from the perspectives of blockchain technology development and industrial chain development.It is found that the application of blockchain tech-nology can significantly promote companies to engage in more vertical M&As,increasing the verti-cal M&A rate.This impact is achieved through three paths:reducing information costs,improving risk bearing levels,and improving the efficiency of industrial chain resource integration.Mean-while,the application of blockchain technology leading to larger scale vertical M&A can significant-ly enhance the value of related companies.Further research finds that a lower concentration of the supply chain weakens the impact of blockchain technology on vertical M&A rates.Differences in the company's lifecycle significantly affect the relationship between the application of blockchain technology and vertical M&A rates.This article enriches the scope of research on the application of blockchain in the field of capital market behavior,and provides theoretical basis and practical refer-ence for companies to efficiently carry out vertical M&-A in the context of industrial digital transfor-mation.
digital transformationblockchainindustry chainvertical mergers and acquisi-tions
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