摘要
智能化转型不仅是新一轮科技革命和产业变革的主旋律,也是企业优化组织管理的重要抓手。基于2007-2022年中国A股上市公司并购数据,从理论与实证两个方面分析并检验智能化转型对上市公司并购绩效的影响效应与作用机制。结果发现:智能化转型显著提升了上市公司并购绩效,在经过一系列稳健性检验后,该结论仍然成立。作用机制表明,智能化转型通过缓解管理层过度自信、改善投资效率的内部治理效应与提升供应链效率的外部治理效应,共同提升上市公司并购绩效。异质性分析表明,智能化转型对并购绩效的促进作用在战略差异度高、融资约束程度低以及年轻企业中更为显著。基于此,为上市公司如何把握并购机会以及更好实现并购后的协同效应和优势互补提供新的思路。
Intelligent transformation is not only the main theme of the new round of scientific and technological revolution and industrial transformation but also a crucial lever for enterprises to optimize their organizational management.Based on the merger and acquisition(M&A)data of Chinese A-share listed companies from 2007 to 2022,this paper theoretically and empirically analyzes and examines the impact and underlying mechanisms of intelligent transformation on the M&A performance of listed companies.The findings reveal that intelligent transformation significantly enhances the M&A performance of listed companies,and this conclusion remains valid after a series of robust tests.The underlying mechanisms suggest that intelligent transformation jointly improves the M&A performance of listed companies through internal governance effects,such as reducing managerial overconfidence and enhancing investment efficiency,as well as external governance effects,such as improving supply chain efficiency.Heterogeneity analysis indicates that the promoting effect of intelligent transformation on M&A performance is more pronounced in firms with high strategic divergence,low financing constraints,and younger enterprises.Based on this,offering a novel explanation for how listed companies can seize M&A opportunities and better achieve post-merger synergies and complementary advantages.
作者
张云飞
王雪卿
郭书玮
Zhang Yunfei;Wang Xueqing;Guo Shuwei(School of Public Administration,Xinjiang University of Finance and Economics,Urumqi 830012,China;International Business School Suzhou,Xi’an Jiaotong-Liverpool University,Suzhou 215028,China;School of Mathematical Sciences,Xi’an Jiaotong-Liverpool University,Suzhou 215028,China)
出处
《科技创业月刊》
2025年第5期78-87,共10页
Journal of Entrepreneurship in Science & Technology
基金
国家社会科学基金青年项目“‘创新和内需’协同驱动下资源型地区产业共生发展及优化路径研究”(22CY033)。
关键词
智能化转型
并购绩效
管理层过度自信
投资效率
供应链效率
Intelligent Transformation
M&A Performance
Managerial Overconfidence
Investment Efficiency
Supply Chain Efficiency
