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.
关键词
数字化转型/信息不对称/跨境并购/国际化发展/数据主权
Key words
digital transformation/information asymmetry/overseas M&A/international development/data sovereignty
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