The Impact Of Enterprise Digitalization Degree On The Policy Decision And Performance Of Enterprise Cross-border Mergers And Acquisitions

The transformation of digital technology has a profound impact on the competition pattern of the global market.The Chinese government has put forward the strategic goal of digital transformation,which provides an important opportunity for cultivating new advantages of Chinese enterprises in international competition.At present,most of the research focuses on the role of digitalization on the performance of enterprises,and has less research on the impact of cross-border mergers and acquisitions.As an important way of external direct investment,cross-border mergers and acquisitions can break the resource constraints of enterprises and improve their operational capabilities.This paper uses the empirical analysis method to study the impact of enterprise digital transformation on cross-border M & A behavior and performance,in order to supplement the theory of digital transformation.Based on this,this paper first sorts out the literature in the fields of economic consequences of digital transformation,influencing factors of cross-border mergers and acquisitions and enterprise performance,and determines the index construction method to evaluate the digital level of enterprises and the performance of cross-border mergers and acquisitions.This paper uses the data of A-share listed companies from2001 to 2020 to conduct empirical analysis in two steps.In the first step,this paper studies the impact of enterprise digital transformation on cross-border M & A.In the second step,this paper studies the impact of digital on the performance of cross-border M & A,analyzes the heterogeneity of enterprise industry(manufacturing and non-manufacturing)and ownership nature(state-owned and non-state),and explores the regulating effect of government subsidy,equity concentration and R & D investment intensity.The results show that whether digital transformation of international mergers and acquisitions,and mergers and long-term,short-term performance have obvious promoting effect,the conclusion is still established after a series of robustness test,manufacturing and non-state-owned enterprises influenced by the digital transformation degree of stronger,government subsidies,equity concentration and research and development efforts can strengthen the digital transformation of international mergers and acquisitions performance.This paper has a theoretical contribution to the economic impact of digital transformation,the influencing factors of cross-border M & A,and the literature of cross-border M & A performance.Moreover,the findings of this paper have policy implications for businesses and governments.First of all,r & d investment should be increased at the enterprise level,and digital internal management and business transformation should be promoted to promote cross-border mergers and acquisitions.Secondly,at the government level,we should strengthen the subsidies and policy support for the digital transformation of enterprises,accelerate the process of the digital transformation of enterprises,so as to promote cross-border mergers and acquisitions of enterprises,so as to obtain better business performance.