| TANG Haodan,FANG Senhui,JIANG Dianchun.Market Performance in Digital Transformation:Can Digital M&As Enhance Manufacturing Firm's Market Power?[J].The Journal of quantitative and technical economics,2022,(12):90-110 |
| 数字化转型的市场绩效：数字并购能提升制造业企业市场势力吗？ |
| Market Performance in Digital Transformation:Can Digital M&As Enhance Manufacturing Firm's Market Power? |
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| 中文关键词: 数字并购 市场势力 数字化转型 企业加成率 |
| 英文关键词: Digital Mergers and Acquisitions Market Power Digital Transformation Markups |
| 基金项目:本文获得国家自然科学基金面上项目（71873071）、国家社会科学基金重点项目（18AZD001）、国家自然科学基金青年项目（72103103）、中国博士后科学基金资助项目（2021M701781）和南开大学文科发展基金科学研究类青年项目（ZB22BZ0318）的资助。 |
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| 中文摘要: |
| 在数字经济时代“赢者通吃”的市场竞争格局下，传统企业数字化转型能否获得良好的市场绩效？本文将数字并购视作企业数字化转型的正向冲击，利用2011～2019年中国制造业上市企业数字并购数据，在双重差分法（DID）的实证框架下对数字并购与企业市场势力之间的因果效应和影响机制进行识别与检验。研究发现，数字并购对制造业企业具有长期持续的市场势力提升效应，且经济意义显著。进一步机制检验表明，数字并购能够通过提高生产率、优化人力资本结构以及强化服务型制造等渠道提升企业市场势力，其中服务型制造强化效应的解释力度最大，是实现企业市场势力提升效应的重要途径。此外，跨境和境内数字并购都能显著提升企业市场势力，但其他异质性分析结果表明，当交易金额较大、主并企业是非国有企业以及主并企业处在平均市场势力较高的行业时，数字并购的市场势力提升效应更为显著。本文在数字并购这一独特视角下探讨了企业数字化转型的市场绩效，为加快建设现代化产业体系、推动经济高质量发展提供了现实依据。 |
| 英文摘要: |
| The digital transformation of the manufacturing industry is not only the most important and urgent part of the digital transformation process but also the only way for the economy to achieve high-quality development. For the development of the manufacturing industry, digital transformation is no longer a simple “multiple choice” but a “required course” related to survival and long-term development. Although the current development momentum of China's digital economy is very strong and new business forms and new models continue to emerge, which provide strong support for the digital transformation and development of the manufacturing industry, many manufacturing enterprises are still facing difficulties in the digital transformation process. As an important way for enterprises to cope with digital disruption and realize digital transformation and development, digital mergers and acquisitions (M&As) have become the strategic choice for many enterprises. Among them, whether the digital transformation caused by digital M&As can produce a good corporate performance to help enterprises break the “digital transformation paradox” is worth further consideration.In this study, we employ the difference-in-differences (DID) strategy to identify and test the causal effect and the mechanisms between firms' digital transformation and market power by using digital M&As data of Chinese listed manufacturing firms from 2011 to 2019. The results reveal that digital M&As have a long-term and sustained positive effect on manufacturing firms' market power with a significant economic impact. Further mechanism analyses reveal that digital M&As can improve firms' market power by improving productivity, optimizing human capital structure, and promoting firms' service-oriented transformation, among which the service-oriented transformation effect has the largest explanatory power and seems to be the main way to promote firms' market power. In addition, both cross-border and domestic digital M&As can significantly improve a firm's market power. However, other heterogeneous tests reveal that the market power effect of digital M&As is more significant when the transaction amount is large; the acquirer is a private firm; and the acquirer is in an industry with high average market power. This study discusses the market performance of firms' digital transformation from a novel perspective of digital M&As, which has high reference value for the government and firms, to formulate the development strategy of digital transformation.The contributions of this study are twofold. On the one hand, it regards digital M&As as a positive impact of digital transformation of enterprises and identifies the impact of digital transformation of enterprises on their market power. This approach of characterizing the digital transformation of enterprises through digital mergers and acquisitions is different from the common practice in existing related quantitative studies, i.e., constructing an enterprise digital transformation index by textual analysis of the annual reports of listed companies can avoid the estimation error caused by the interference of context or semantics on text recognition and can obtain more realistic causal evidence rather than correlation evidence. This is also different from the case analysis of an enterprise's digital transformation, which can generally open the “black box” of enterprise digital transformation. On the other hand, to the best of our knowledge, this article is the first empirical study to explicitly focus on the impact of digital M&As on corporate market power, which not only enriches and expands related research on digital investment or corporate digital transformation to a certain extent but also reveals enterprise competition and resource allocation in the digital era. The conclusions of this study have a high reference value for governments and enterprises to formulate digital transformation strategies. |
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