| With the wide application and rapid update of digital technology,global digital resources have entered a state of accelerated flow,and the demand for digital products and services in various markets has reached an unprecedented high.As an important way to efficiently acquire digital technology and innovate business models,cross-border M&A has become the primary choice for multinational enterprises to transform.At present,unbalanced global digital development,wide digital economy development gap between countries,data security and other problems are widespread.Therefore,under the background of digitization on international capital flows and investment decisions,the research on the relationship between digitization and crossborder M&A is conducive to expanding the research content and perspective,and multinational countries’ investment tactics and China’s digital construction might benefit from it.Firstly,based on the literature on cross-border M&A,digital economy and the impact of digital economy on cross-border M&A,this paper summarizes the path of digital and non-digital cross-border M&A under influence of digital economy.Then,it summarizes the development level of digital economy,data security risks,data security governance and dilemma of representative countries,and analyzes the current situation of China transnational M&A.The principal component analysis method is chosen for the calculation and analysis comparison of digital economy level on the selected host country.The results show that the development level of digital economy among host countries generally presents a good development trend,but the country gap is large.Based on the expanded trade gravity model,this paper uses panel data of Chinese enterprises’ transnational M&A during 2010-2019 to compare and explore the relationship between China’s digital and non-digital M&A and the development level of the host country’s digital economy.Digital M&A refer to M&A conducted by enterprises to build their own digital capabilities and expand digital businesses.Comparing the digital and non-digital cross-border M&A can highlight the difference in the influence degree of digital economy development on subdivided cross-border M&A.The digital economy development level index is the core explanatory variable,and control variables such as tariff level and resource endowment are added.The negative binomial regression model is used to empirically test the features of Chinese cross-border M&A in the digital era.The results reveals the development level of digital economy in the host country has a great positive impact on Chinese enterprises to initiate cross-border M&A.The higher the level of digital economy in the host country,the more tendency to conduct M&A of Chinese enterprises,and it is more obvious in the digital cross-border M&A.Traditional factors such as market size,geographical distance,tax level,resource endowment and cultural distance still significantly affect digital transnational M&A,but the degree of influence is lower,and the influence of institutional distance is not obvious.Heterogeneity analysis shows that the improvement of digital economy level in developed,with high intellectual property protection index countries has obvious promoting effect on China’s digital M&A.In the context of digital economy,tangible or intangible boundaries still obviously affect the digital economy to play its effect.As countries strengthen the protection of digital assets and tighten the review of foreign M&A,Chinese overseas digital investment is bound to encounter more obstacles.Therefore,Chinese enterprises should fully consider the development of a country’s digital economy and supporting facilities,and scientifically select the appropriate host country and target enterprises.The government should actively help Chinese enterprises to obtain information on digital development of host country and reduce the risks of initial mergers and acquisitions caused by information asymmetry. |
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