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| Research on the Impact of Digital Mergers and Acquisitions on the Total Factor Productivity of Enterprises |
| CHEN Fengxian，YANG Yadi |
| 1. Capital University of Economics and Business, Beijing, China;2. Beijing Institute of Digital Economy Development, Beijing, China |
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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.
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Received: 25 May 2023
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