Abstract：Based on a sample of listed company M&A events from 2006 to 2021, this study uses the PSM-DID method to examine the impact and mechanism of digital M&A on firms’ total factor productivity (TFP) relative to traditional M&A. The results show that: ①compared with non-digital M&A, digital M&A can bring increase in TFP to companies, and this conclusion still holds after conducting a series of endogeneity and robustness tests. ②Mechanism analysis shows that digital M&A mainly promotes firms’ TFP through four paths: enhancing digitalization level, improving innovation ability, enhancing resource allocation efficiency, and forming financial synergy effects. ③The heterogeneity test results show that the digital extension M&A has the largest effect in improving TFP, followed by the digital transformation M&A. Digital M&A of non-state-owned enterprises, labor and technology intensive enterprises plays a more significant role in improving their TFP, and cross-border digital M&A is more effective in enhancing firms’ TFP than domestic digital M&A.
陈奉先，杨亚迪. 数字并购对企业全要素生产率的影响研究[J]. 管理学报, 2024, 21(8): 1142-.
CHEN Fengxian，YANG Yadi. Research on the Impact of Digital Mergers and Acquisitions on the Total Factor Productivity of Enterprises. Chinese Journal of Management, 2024, 21(8): 1142-.
