数字金融与企业跨国并购:事实考察与机理分析

Digital Finance and Firm’s Cross-board Mergers and Acquisitions:Factual Investigation and Mechanism Analysis

随着中国数字经济的快速发展,数字金融等新业态应运而生,为培育中国企业跨国并购竞争新优势提供了重要的契机。基于此,本文结合Zephyr跨国并购数据库、上市企业数据库和数字普惠金融指数,就数字金融与企业跨国并购之间的关系展开系统分析。研究发现,数字金融发展水平的提高显著促进了企业跨国并购,且这一作用存在明显的样本异质性。渠道研究表明,缓解融资约束和提升技术创新是数字金融作用于企业跨国并购的两个重要途径。安慰剂检验显示数字金融发展的确提高了企业跨国并购的可能性。此外,在考虑多种稳健性检验和内生性等问题后,数字金融发展对企业跨国并购的促进效果依然存在。

With the rapid development of China's digital economy,new digital business forms such as digital finance have spontaneously emerged,which provides valuable opportunities for Chinese firms to cultivate new competitive advantages in cross-border mergers and acquisitions(M&As).Based on this,this paper conducts a systematic analysis of the relationship between digital finance and firms"cross-border M&As using the Zephyr transnational M&A database,the listed company database,and the Digital Financial Inclusion Index.This paper finds that the improvement of the digital finance development has significantly enhanced firms"cross-border M&As,and this conclusion remains heterogeneous for different samples.The mechanism research shows that financing constraints and technological innovation are the two essential channels for digital finance to affect firms"cross-border M&As.The placebo test confirms that the development of digital finance has indeed increased the possibility of firms to engage in cross-border M&As.In addition,this effect is still valid after a series of robustness tests are conducted and endogeneity problems are addressed.