数字并购的市场效应——基于创新与垄断的视角

The Market Effect of Digital Mergers and Acquisitions:Based on the Perspective of Innovation and Monopoly

加快推进企业数字化转型和高质量发展,是打造具有国际竞争力的数字产业集群的重要组成部分,数字并购作为企业数字化转型的重要方式之一,探讨其行为产生的市场效应具有重要意义。本文将2010—2018年沪深A股上市公司中制造业和信息传输、软件以及信息技术服务业中的数字并购事件作为一次正向冲击,在多时点倾向得分匹配—双重差分模型(PSM⁃DID)的实证框架下,基于创新与垄断的视角探讨了数字并购的市场效应。结果表明,数字并购显著提升了并购方企业的创新产出,但对企业垄断势力具有负向效应。机制分析表明,人力资本成本是把双刃剑,一方面激发了员工创新的动力,提高企业创新产出;另一方面由于人力资本成本压力的不完全转嫁,降低了企业垄断势力,且全要素生产率对企业创新具有正向促进作用,而数字资产的溢出效应不利于企业垄断势力的提升。基于异质性分析发现,股权非高度集中企业进行数字并购能够显著提升企业的创新产出,数字并购对数字经济企业、股权非高度集中企业和高技术密集型企业垄断势力的负向影响较为显著,反之则不显著。以上研究结论为探究企业通过数字并购进行数字化转型发展提供了新的经验证据,为推动企业高质量发展提供了现实依据。

The 20th National Congress of the Communist Party of China proposes“promoting high⁃quality economic development”and“accelerating the development of the digital economy,promoting the deep integration of the digital economy and the real economy,and creating a digital industry cluster with international competitiveness”.At present,it has become the goal of enterprise development to promote high⁃quality development through digital transformation.As an important means to promote the firm digital transformation,the market effect of mergers and acquisitions(M&A)has been an important issue for scholars.According to the statistics data of the industry M&A transactions in the Wind database,the software and information technology services industry had the largest number of M&As from 2010 to 2018,followed by the computer,communication and other electronic equipment manufacturing industry.The number of M&As is 4710 and 3912 respectively.It can be seen that the M&As of the core industries of China's digital economy are very frequent.Theoretically,the efficiency of resource use is significantly improved when the rights to control assets are transferred to more efficient managers.However,there is little literature on the market effects of digital M&A.In this paper,the digital M&A in the manufacturing industry,information transmission,software and information technology service industry of Shanghai and Shenzhen A⁃share listed companies from 2010 to 2018 is taken as a positive impact.Based on the empirical framework of multi⁃time⁃point propensity score matching⁃difference in difference model(PSM⁃DID),this paper discusses the market effect of digital M&A from the perspective of innovation and monopoly.The results show that digital M&A significantly increases the innovation output of the acquiring firm,but has a negative effect on the Makeups.Mechanism analysis shows that the human cost of enterprises is a double⁃edged sword.On the one hand,it stimulates the innovation motivation of employee and improves the acquirer's innovation output.On the other hand,due to the incomplete transfer of human cost pressure,it reduces the makeup,and the total factor productivity has a positive adjustment effect on the acquirer's innovation,while the technology spillover effect if intangibles is not conducive to promoting acquirer's monopoly power.Based on the heterogeneity analysis,it is found that digital M&A can significantly improve the innovation output of acquirers with non⁃high equity concentration,and the negative impact of digital M&A on the mark⁃up of digital economy enterprises,non⁃high equity concentration enterprises and high⁃tech intensive enterprises is more significant,while the reverse is not significant.The conclusions provide new empirical evidence for exploring the digital transformation and development of enterprises through digital M&A,and provide a practical basis for promoting high⁃quality development of enterprises.The above research provides a new experience evidence for exploring enterprises to develop digital transformation and development through digital mergers and acquisitions,and provide a realistic basis for promoting the high⁃quality development of enterprises.The possible marginal contributions of this paper:(1)The identification standard of digital M&A is redefined.This paper will no longer unilaterally classify whether the acquired firm is a digital economy enterprise in the specific definition.Instead,it is defined by whether the acquirer owns patents,software Copyrights or belongs to the core industrial firms of the digital economy.(2)This paper develops a theoretical research framework for the market impact of digital M&A.Based on the synergy effect,this paper examines the internal mechanism of the impact of digital M&A on the acquirer's innovation and monopoly power from the perspectives of production efficiency,cost theory and spillover effect.(3)We find that the transmission mechanism of digital M&A affects the acquirer's innovation output and markup.Contrary to the existing research results on the impact of digital M&A on the makeup,this paper finds that digital M&A reduces the acquirer's markups.