The Mechanism Of Digital Economy Affecting Corporate Mergers And Acquisitions: Financing Effect And Information Effec

Enterprises are the important component of the current economic movement at the microlevel,and play the very important role in the course of our economic development.According to the Growth Report of Chinese Enterprises in 2021,the current growth rate of business revenue of Chinese enterprises is relatively low,and some enterprises even have negative growth.The growth and development rate of enterprises is very slow,and the competition among enterprises is very fierce.How enterprises cope with challenges,enhance their competitiveness and achieve sustainable growth and development under severe environment has received extensive attention from the academic community.As an important way of rapid growth and expansion of enterprises,merger and acquisition can improve the production and operation efficiency of enterprises,achieve economies of scale,and achieve the effect of 1+1>2.At present,the number of mergers and acquisitions is increasing.The amount of mergers and acquisitions is increasing gradually.The scope of mergers and acquisitions includes various provinces and cities in our country,and the types of mergers and acquisitions involve various industries in the current enterprise operation.Since the development of the digital economy represented by cloud computing,the digital economy can help enterprises to quickly obtain the information they need,reduce the cost of information,speed up the flow of resources and optimize the allocation of resources through the information effect.At the same time,the financing effect can be used to improve the availability of financing for enterprises and help enterprises to obtain sufficient funds,which has an increasingly important impact on the growth of enterprises.M&A is an important external growth mode for enterprises.Will digital economy affect M&A? And in what ways will the digital economy affect mergers and acquisitions? What is the impact of digital economy on enterprises of different sizes,types and regions of economic development? What kind of businesses will be affected more?Based on this,in order to study the relationship between digital economy and enterprise M&A,this paper selects the M&A events of Shanghai and Shenzhen A-share listed enterprises from 2015 to 2020 as the research samples for this paper,and empirically tests the influence and mechanism of digital economy on enterprise M&A.The results show that:(1)Digital economy significantly promotes mergers and acquisitions;(2)Mechanism studies show that the mechanism of digital economy affecting M&A lies in financing effect and information effect;(3)Further heterogeneity analysis shows that digital economy plays a more significant role in promoting M&A in small-scale,non-state-owned and poorly developed regions.The research results of this paper enrich and expand the theory of digital economy and enterprise M&A,and also provide useful reference for promoting the rapid growth of enterprises and economic development.