Ren, G.; Huo, Z.; Wang, J.; Liu, X. Corporate Digital Transformation and M&A Efficiency: Evidence Based on Chinese Listed Companies. Int. J. Financial Stud.2023, 11, 137.
Ren, G.; Huo, Z.; Wang, J.; Liu, X. Corporate Digital Transformation and M&A Efficiency: Evidence Based on Chinese Listed Companies. Int. J. Financial Stud. 2023, 11, 137.
Ren, G.; Huo, Z.; Wang, J.; Liu, X. Corporate Digital Transformation and M&A Efficiency: Evidence Based on Chinese Listed Companies. Int. J. Financial Stud.2023, 11, 137.
Ren, G.; Huo, Z.; Wang, J.; Liu, X. Corporate Digital Transformation and M&A Efficiency: Evidence Based on Chinese Listed Companies. Int. J. Financial Stud. 2023, 11, 137.
Abstract
Clarifying the impact mechanism of digital transformation of enterprises on the M&A efficiency of listed companies can provide a factual basis for improving capital market regulatory policies. Taking the mergers and acquisitions of listed companies from 2007 to 2021 as a research sample, the influence mechanism of the digital transformation degree of companies on their M&A efficiency was studied. The research results show that the digital transformation of listed companies will improve their M&A efficiency. Digital transformation will reduce the degree of mispricing of stocks of M&A companies, curb conflicts between managers and agents of M&A companies, and improve their M&A efficiency. Further research finds that the promotion effect of digital transformation on M&A efficiency is more significant in non-state-owned companies, with a higher degree of financing constraint and high analyst attention. In the future, regulatory authorities should actively promote the digital transformation of listed companies, curb mispricing and management agency problems in the capital market with digital governance, and improve the efficiency of mergers and acquisitions in the capital market.
Keywords
digital transformation; mispricing in capital markets; M&A efficiency; Manager agency issues
Subject
Business, Economics and Management, Finance
Copyright:
This is an open access article distributed under the Creative Commons Attribution License which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
