数字化转型对企业并购的影响研究——兼论新质生产力视角下的异质性企业并购

摘要/Abstract

摘要： 企业并购是优化资源配置，实现经济高质量发展的重要手段。在大力发展数字经济的背景下，本文基于2007—2023年沪深A股上市公司数据，系统探究了数字化转型对企业并购及新质生产力视角下异质性企业并购的影响。研究发现，数字化转型显著增加了企业并购行为。机制分析表明，数字化转型通过信息效应和强化内部控制促进企业并购。进一步分析表明，数字化转型将推动企业进行智能化并购、绿色化并购和高端化并购，助益企业新质生产力的培育和发展。本文通过对数字化转型与企业并购关系的研究，为数字化转型的信息效应提供了经验证据，同时，也为在微观层面定量研究新质生产力的发展过程提供了一个新思路。研究结果对企业借助数字化转型的时代浪潮发起并购，加快发展新质生产力具有一定的启示。

关键词: 企业并购, 数字化转型, 信息效应, 内部控制, 新质生产力

Abstract: Mergers and Acquisitions(M&As) serve as a critical mechanism for optimizing resource allocation and driving high-quality economic development. In the context of the rapid growth of the digital economy, this study explores the impact of digital transformation on corporate M&As, as well as on heterogeneous M&As from the perspective of new quality productive forces using data from A-share listed companies in Shanghai and Shenzhen between 2007 and 2023. The finding indicates that digital transformation significantly stimulates corporate merger activity. The mechanism analysis shows that digital transformation drives mergers through information effect and by strengthening internal controls. Further analysis shows that digital transformation promotes intelligent, green, and high-end mergers, thereby contributing to the cultivation and development of new quality productive forces. This paper provides empirical evidence for the information effect of digital transformation in driving M&A decisions and offers a novel micro-level approach to empirically analyze the development of new quality productive forces. The findings have important implications for firms aiming to harness digital transformation to initiate M&A and accelerate the cultivation and development of new quality productive forces.

Key words: mergers and acquisitions, digital transformation, information effect, internal control mechanism, new quality productive forces

易靖韬, 张国嫦. 数字化转型对企业并购的影响研究——兼论新质生产力视角下的异质性企业并购[J]. 管理评论, 2025, 37(11): 128-140.

Yi Jingtao, Zhang Guochang. The Impact of Digital Transformation on Corporate Mergers and Acquisitions—A Discussion on Heterogeneous M&As from the Perspective of New Quality Productive Forces[J]. Management Review, 2025, 37(11): 128-140.

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