| With the progress and development of the era,big data,artificial intelligence and other digital technologies have become a factor that can not be ignored in people’s daily life.Digital technology has penetrated into all business fields including retail,advertising,health care,finance,manufacturing and education,etc.In the era of digital disruption,how can enterprises realize digital transformation with the help of digital technology and other resources to maintain their competitive advantages? According to the actual situation,the degree of digitization of Chinese enterprises is relatively low,and there is still more rooms for progress.In addition,enterprise managers need to improve their awareness of digitalization.For most enterprises,transformation and upgrading have greater pressure.And for most companies,developing digital technology in-house is time-consuming and difficult.Therefore,enterprises can directly obtain resources such as digital technologies from the rapidly changing market through mergers and acquisitions to accelerate the transformation and upgrading process.Therefore,in the critical period of economic transformation,it is very important to clarify the impact of digital transnational mergers and acquisitions on the digital transformation of enterprises.Based on this,this paper takes the digital cross-border mergers and acquisitions of Chinese A-share listed companies from 2009 to 2020 as the research object to study and analyze the internal logic between digital cross-border M&A and enterprises’ digital transformation.In this process,combining the resource-based theory,signal theory and dynamic capability theory,the conduction path and adjustment mechanism of the influence of digital cross-border M&A on enterprises’ digital transformation are deeply explored,and then the conclusion is drawn.In terms of heterogeneity,this paper examines the differences between the nature of ownership and whether it is in high-tech industries in the relationship between digital transnational M&A and enterprises’ digital transformation.The results show that digital cross-border M&A is positively correlated with enterprises’ digital transformation,and digital cross-border M&A will significantly promote enterprises’ digital transformation.Further mechanism test shows that digital cross-border M&A can promote the digital transformation of enterprises by improving the total factor productivity of enterprises and improving the quality of market information disclosure.In addition,the adjustment mechanism test shows that the three dimensions of enterprises’ dynamic capacity—innovation capacity,absorption capacity and adaptation capacity play a positive role in the influence of digital cross-border M&A on digital transformation.Finally,the heterogeneity analysis results show that the property of ownership and whether it is in high-tech industries will also have an impact on the influence of digital cross-border M&A on enterprises’ digital transformation.Observing the effect of digital cross-border M&A on enterprises’ digital transformation,the changes of state-owned enterprises and enterprises involved in high-tech industry are more prominent.This research provides a reference for the relevant research on digital mergers and acquisitions and enterprises’ digital transformation.At the same time,it can further enrich the relevant research results at the theoretical level,and clearly embody the internal logic of digital cross-border M&A and enterprises’ digital transformation.It contributes to the development of Chinese enterprises’ M&A and digital transformation in reality and has a certain reference significance. |
