| The current digital wave is sweeping the world,and digital transformation has become one of the new tracks for high-quality economic development.Digital M&A have become an important part of an enterprise’s digital strategy by quickly and directly acquiring digital innovation resources.However,the difference between digital M&A,focused on acquiring digital resources and ordinary M&A cannot be ignored.Whether digital M&A can effectively enhance enterprise value,and what are the differences in value effects between different enterprises in the process of implementing digital M&A,are issues that we need to consider in reality.Based on signal transmission theory and synergy theory,this paper analyzes the impact mechanism of digital M&A on the short-term market response and long-term value of listed companies.Using the event study method,this paper takes the merger and acquisition events of A-share listed companies between January 2002 and June 2022 as the research sample.Under the empirical framework of mean difference test and multiple regression method,this paper examines independent mixed cross-sectional data,studies the relationship between digital M&A and the value of long-term and short-term M&A,and explores the heterogeneity of enterprises with different degrees of digitization and the impact mechanism of the value effect of digital M&A.Research has found that digital M&A can significantly enhance the value of enterprises in both the short and long term,and the results are robust;Segmentation of enterprise types found that digital M&A significantly enhance the value of digital enterprises,but the value effect on traditional enterprises is not significant;Mechanism testing has proven that digital M&A jointly enhance the long-term value of enterprises by optimizing the human capital structure,promoting digital upgrading of enterprises,and improving their total factor productivity.The innovation of this article lies in combining the characteristics of digital M&A with traditional M&A theories from the perspective of the value effect of all A-share listed companies,enriching the existing research theories of digital M&A.At the same time,analyzing the value effect of digital M&A can help enterprises improve their market performance through digital M&A,help different types of enterprises conduct digital M&A in practical and scientific ways,and help enterprises occupy a place in the wave of digital transformation. |
