数字技术创新的价值——基于并购视角和机器学习方法的分析

The Value of Digital Technology Innovation:From the M&A Perspective and Machine Learning Methods

数字技术创新是数字经济发展的动力之源,并购重组是企业获取数字技术、进行数字化变革的高效方式。本文运用文本分析和Word2Vec算法构建数字专利词库、通过机器学习模型对数字技术进行细分,从并购视角探究数字技术创新能否为企业带来价值。本文利用2011—2020年沪深A股上市公司数据,研究发现:目标公司拥有的数字专利越多,企业并购所产生的累积超额收益率越大,即数字技术创新能显著提升并购公司的市场价值;目标公司拥有的数字技术能显著提升并购企业的生产效率、数字技术创新以及商业模式创新;对于处在知识产权保护较强地区、受到分析师关注较高以及拥有首席技术官的并购公司而言,数字技术的这种价值提升效应更明显;就数字技术类别而言,目标公司拥有的云计算技术和通信网络技术是驱动并购公司价值提升的可能原因,且最具价值的数字技术类别存在行业异质性。本文不仅丰富了数字技术创新的相关研究,也为强化数字技术与实体经济的深度融合提供了政策参考。

Digital technology innovation is the driving force for the development of the digital economy,and M&A is an efficient way for enterprises to acquire digital technology and undergo digital transformation.With the rapid development of digital technology innovation,including core technologies such as artificial intelligence(AI),blockchain,cloud computing,big data,and Internet of Things,a new round of technological revolution and industrial transformation is unfolding.Despite the rapid development of digital technology innovation,there is limited understanding of whether it brings value to enterprises,especially in emerging market countries.China’s economy is in a transition to high-quality development,and the potential value of digital technology innovation for enterprises,as well as which types of digital technology innovations are more conducive to enhancing firm value,remains uncertain.This study utilizes the Word2Vec algorithm to construct a digital patent vocabulary for identifying digital technology innovation.By using machine learning models to classify digital technology patents,this study explores the heterogeneous effects of different categories of digital technology on enterprise value.This paper selects the M&A events of China’s listed enterprises as buyers from 2011 to 2020 as the research samples.This study finds that the more digital technology innovation the target companies have,the greater the increase in the market value of the acquiring companies,as evidenced by a significant increase in cumulative abnormal returns generated by the M&As;the digital technologies owned by target companies have a long-term empowering effect,significantly improving the production efficiency,digital technology innovation,and business model innovation of acquiring companies;and stronger intellectual property protection,higher analyst attention,and the presence of CTO serve as external and internal factors for acquiring companies,making the enhancement effect of digital technology more pronounced.In addition,the study on the value enhancement effect of different categories of digital technology finds that cloud computing and communication network technology have a greater value enhancement effect on the acquiring companies.Industry-specific research shows that AI and cloud computing are more effective to the machinery and equipment manufacturing industry,while security,cloud computing,and big data bring greater value to the light manufacturing industry,indicating that most firms may still be at the early stages of digitization.The results indicate that it is necessary to strengthen independent R&D and innovation of digital technologies,promote the integration of various industries with digital technologies,and create a service environment that supports digitization to comprehensively enhance the value of digital technology innovation.This study innovatively explores the value of digital technology innovation from the perspective of M&A,which expands relevant research on digital technology,provides new ideas for measuring the value of innovation,as well as provides policy reference for strengthening the integration of digital technology with the real economy.