Big Data,Limited Information,and Corporate Merger and Acquisition
This paper,by using merger and acquisition(M&A)events of A-share listed companies in China from 2007 to 2021 as a sample,and constructing indicators of the degree of"big data"application by M&A parties through text analysis of annual reports,tests the impact of big data application by M&A parties on M&A performance.It is found that M&A parties that apply big data obtain a higher overall M&A performance compared to those that do not apply big data.In addition,information access is the main mechanism by which big data improves the M&A performance of M&A parties.Moreover,the enhancement effect of big data on M&A performance is limited to the target company being a public company.When the target company is a non-public company,it is difficult for big data to significantly improve the M&A performance of the M&A party,indicating that big data analysis can only provide limited information based on the public information of the target company.Furthermore,the effect of big data on M&A performance is enhanced when there is a link between the M&A party and the directors of the target company,especially when the target company is a public company(compared with a non-public company),indicating that the combination of limited"hard information"of machines and"soft information"of people can significantly improve the M&A performance.Therefore,"human-computer cooperation"may be an effective strategy to improve the M&A performance in the digital age.
big datalimited informationdirector linkagemerger and acquisition(M&A)performance
国家科技期刊平台
NSTL
万方数据
