A Study On The Impact Of Enterprise Digital Transformation On Cross-border Mergers And Acquisitions

In the fierce international market competition in today’s world,some latecomers in our country are facing the double pressure of being far away from the source of international technology and research and development and being difficult to enter the international mainstream market.Enterprises actively promote digital transformation,seize the opportunity to carry out cross-border mergers and acquisitions to enhance the level of internationalization,and realize technology catch-up has become an important means for China’s latecomer enterprises to occupy new heights of development and grasp the initiative of development.From the macro level,Premier Li Keqiang pointed out in the 2023 government Work Report that "we should accelerate the digital transformation of traditional industries and small and medium-sized enterprises,and strive to improve the level of high-end,intelligent and green;Vigorously develop the digital economy,enhance the level of normal supervision,and support the development of the platform economy." At the same time,in response to the country’s call to "go global",Chinese enterprises have become an important force in cross-border mergers and acquisitions.In this context,based on the reality of our country and the existing theoretical basis,this paper explores the impact of enterprises’ digital transformation on enterprises’ cross-border mergers and acquisitions.In the introduction part,this paper first expounds the background and significance of the research to ensure The Times and practicability of the topic selection.At the same time,it introduces the context and content of the research as a whole,and summarizes the innovation points and areas to be improved based on the characteristics of the topic selection and research methods of the paper.Then,from the three aspects of enterprise digital transformation,transnational merger and acquisition,and the relationship between the two,the literature review is conducted and summarized to form a literature review,which lays a solid literature and theoretical foundation for further analysis.Then,based on the analysis of the current situation of enterprise digital transformation and cross-border mergers and acquisitions in China,this paper introduces the relevant classical theories in detail,clarifies the internal logical relationship between enterprise digital transformation and cross-border mergers and acquisitions,and puts forward research hypotheses.Finally,according to the theoretical basis and research hypothesis proposed above,this paper empirically tests the impact of enterprise digital transformation on cross-border M&A,and further conducts heterogeneity analysis and mechanism test.Based on the complete theoretical,current and empirical analysis,this paper finally draws the following main conclusions: First,the digital transformation of enterprises has a significant positive promoting effect on the completion of cross-border M&A activities;Second,there is obvious heterogeneity in cross-border M&A activities promoted by enterprise digital transformation.That is,digital transformation has a more significant promoting effect on private enterprises and large-scale enterprises,enterprises in regions with less openness and enterprises in regions with higher marketization degree,cross-border mergers and acquisitions across industries and cross-border mergers and acquisitions without the participation of M&A consultants;Third,enterprise digital transformation promotes enterprises to complete cross-border mergers and acquisitions by enhancing their innovation and management advantages.The marginal contributions of this paper are as follows: First,it expands and enriches the literature on the impact of enterprise digital transformation on cross-border mergers and acquisitions.Secondly,two intermediary mechanisms of innovation advantage and management advantage are proposed,which is conducive to providing targeted suggestions for the adjustment and reform of enterprises’ digital transformation strategy.Thirdly,it discusses the heterogeneity of digital transformation on cross-border M&A from the enterprise level,transaction level and macro level,which makes this paper more realistic.