数字并购对“专精特新”中小企业高质量发展的影响

The Impact of Digital M&A on the High-Quality Development of the Specialized,Refined,Differential and Innovative SMEs

基于2012~2021年的中国A股上市的“专精特新”中小上市企业的面板数据,验证数字并购对高质量发展的影响。结果发现:数字并购直接驱动高质量发展。机制分析证实,知识基础产生的知识叠加效应和盈利能力表征的财务倍增效应具有中介传导作用。异质性分析表明,跨境并购或内部控制水平高、处于成长期的“专精特新”中小企业更容易在数字并购中获益。鉴于此,应鼓励“专精特新”中小企业实施数字并购,利用并购赢取的知识资本与盈利优势,驱动企业高质量发展。

Based on the panel data of"specialized and sophisticated"SMEs listed in China's A-shares from 2012 to 2021,verify the impact of digital mergers and acquisitions on high-quality development.The results show that digital M&A directly drives high-quality development.Moreover,the mechanism analysis proves that the knowledge superposition effect generated by knowledge base and the financial multiplication effect of profitability representation have intermediary conduction effect.Heterogeneity analysis also shows that"specialized and sophisticated"SMEs with high level of internal control,cross-border mergers and growing stage are more likely to benefit from digital M&A.In view of this,"specialized and sophisticated"SMEs should be encouraged to implement digital M&A,and use the intellectual capital and profit advantages won by M&A to drive high-quality development.