企业跨国并购能否推动数字化转型

Do Enterprises'Cross-border Mergers and Acquisitions Drive Digital Transformation

在双循环新发展格局下,跨国并购作为“走出去”的重要形式,为企业进行数字化转型提供了契机。基于2011—2021年中国A股上市公司的微观数据,本文使用倾向得分匹配和双重差分方法,探讨了跨国并购对企业数字化转型的影响。研究发现,企业通过跨国并购能够推动数字化转型,该结论在一系列稳健性检验后仍然成立。机制检验表明,资源整合效应和信息共享效应是跨国并购推动企业数字化转型的主要影响机制。此外,在非国有企业、非数字企业和制造业企业中,跨国并购的数字化转型作用更加明显。本文结论不仅证实国内国际双循环为中国数字经济发展带来新动能,而且为高水平对外开放促进中国经济高质量发展提供了经验证据。

In the context of China's new dual circulation development pattern,cross-border mergers and acquisitions(M&As)have become a key avenue for firms to go global,offering significant opportunities for enterprises to carry out digital transformation.Using micro-level data from A-share listed companies between 2011 and 2021,this paper applies the propensity score matching and difference-in-differences methods to examine the impact of cross-border M&As on enterprise digital transformation.The results demonstrate that enterprises can drive digital transformation through cross-border M&As,and this conclusion remains robust in various sensitivity tests.Mechanism analysis reveals that resource integration and information sharing are the primary channels.Additionally,the digital transformation effect of cross-border M&As is more pronounced in non-state-owned enterprises,non-digital enterprises,and manufacturing firms.These findings suggest that cross-border M&As contribute positively to enterprise digital transformation,not only confirming that dual circulation has injected new momentum into China's digital economy but also providing empirical evidence for leveraging high-level opening-up to drive high-quality economic development.