Can Enterprise Digital Transformation Promote the Inter-regional Capital Flows?Based on the Perspective of Inter-regional M&As
The acceleration of inter-regional capital flows holds significant strategic implications for establishing a new development paradigm with domestic circulation as the mainstay,and with do-mestic and international circulations reinforcing each other.Using the sample of Chinese A-share listed companies from 2008 to 2022,this study examines the impact of enterprise digital transfor-mation on inter-regional capital flows in the context of the new development paradigm,focusing on inter-regional mergers and acquisitions(M&As)as a critical form of inter-regional capital flows.The results indicate that enterprise digital transformation significantly promotes inter-regional M&A decision-making by reducing transaction costs and strengthening group control capabilities,especially in the realm of the inter-province M&As.The results of heterogeneity analysis show that the enhanced role of enterprise digital transformation in driving inter-regional M&A decision-making is more pronounced in acquirer regions with higher levels of marketization,lower tax bur-dens,greater digital finance adoption,and target regions with better business environments.More-over,this promotional effect is more significant in private enterprises,non-high-tech enterprises,and enterprises led by executives with financial or international expertise.This study enriches re-search on the driving factors of inter-regional capital flows in the digital economy landscape,provi-ding compelling micro evidence on how enterprise digital transformation promotes inter-regional capital flows through inter-regional M&As.
Digital TransformationInter-regional Capital FlowsInter-regional M&AsTransaction CostGroup Control Capability
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