Digital Transformation,Dual Information Asymmetry,and Cross-border Mergers and Acquisitions of Chinese Enterprises
With nations prioritizing digital sovereignty and intensifying scrutiny of foreign mergers and acquisitions(hereafter referred to as M&A),this paper investigates whether the digital transformation of Chinese firms hinders the success of cross-border M&A.Analyzing 4,333 cases from 2007 to 2021,we find that digital transformation significantly boosts M&A success rates.Mechanism analysis reveals that it mitigates information asymmetry by enhancing the firms'information search and disclosure capabilities,thus facilitating regulatory approval.However,the impact is not significant for state-owned and SMEs,suggesting a bidirectional,asymmetric empowering effect of digital technology.The findings have provided empirical insights into the influence of digital transformation on cross-border M&A success in the digital age.
digital transformationinformation asymmetryoverseas M&Ainternational developmentdata sovereignty
万方数据
