数字金融和并购:一个实证研究和机制分析
Ziyu Jiang1,2, Xihao Sun3, Yan Song4
1Management School, Jiangsu University, Zhenjiang, Jiangsu, China.
PloS one
|August 10, 2023
概括
数字金融的发展通过缓解财务约束,特别是通过覆盖范围的广度,大大促进了并购 (M&A). 这种影响因企业类型和地区而异,突出数字金融.
科学领域:
- 商业与经济学 商业与经济学
- 金融技术 金融技术
- 企业金融公司财务
背景情况:
- 数字时代为企业带来了机遇和挑战.
- 合并和收购是资源整合和利增长的关键策略.
- 了解数字金融在并购中的作用对于导航新经济格局至关重要.
研究的目的:
- 调查数字金融发展对并购和收购活动的影响.
- 分析数字金融融入如何影响中国股票市场的并购趋势.
- 确定最影响并购和收购的数字金融的具体维度.
主要方法:
- 利用来自中国股市 (2012-2020) 的并购数据.
- 集成数据与数字金融包容性指数.
- 采用子索引 (覆盖范围,使用深度,数字化) 来进行维度分析和进行异质性测试.
主要成果:
- 数字金融的发展通过减少收购人的财务约束来显著影响并购.
- 覆盖范围的广度成为数字金融在并购和收购方面最具影响力的维度.
- 数字金融对并购的积极影响在私营,西方和中央企业中比国有和东方企业更为明显.
结论:
- 数字金融是缓解财务约束和刺激并购活动的有效机制.
- 建议政府促进数字金融发展.
- 企业应该在战略上利用数字金融来优化并购机会.
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