摘要
数字技术对实体经济的融合渗透为推动高水平对外开放提供了机遇。文章利用2008—2022年上市公司发明专利与跨国并购数据,探究数实产业技术融合对企业跨国并购行为的影响及作用机制。研究发现,数实产业技术融合对企业跨国并购行为具有显著的促进作用。机制分析表明,数实产业技术融合通过提升全要素生产率、缓解融资约束和改善企业声誉显著促进了企业的跨国并购行为。异质性分析表明,数实产业技术融合对大规模企业、非国有企业、高科技行业和高竞争行业企业跨国并购具有更强的促进作用。拓展性分析表明,数实产业技术融合能够显著增强企业跨国并购意愿,其在促进企业开展跨国并购行为时存在收入扩张型、技术寻求型两类跨国并购动机;此外,数实产业技术融合还有助于提升企业跨国并购成效,显著提高企业跨国并购质量。文章丰富了跨国并购的影响因素与实现机制研究,拓宽了企业数实产业技术融合研究边界,在以“数字驱动”为引领的时代背景下,为数实融合推动高水平对外开放提供了经验支撑与政策启示。
The integration and penetration of digital technology into the real economy offer an opportunity to promote high-level openingup.This paper utilizes the data on invention patents and cross-border mergers and acquisitions(M&A)of listed enterprises from 2008 to 2022 to explore the impact and mechanism of the convergence of digital and real industry technologies on cross-border M&A behavior of enterprises.It is found that the convergence of digital and real economy technologies has a significant role in promoting cross-border M&A.Mechanism analysis shows that the convergence of digital and real industry technology significantly promotes cross-border M&A behavior by enhancing total factor productivity,alleviating financing constraints and improving corporate reputation.Heterogeneity analysis shows that the convergence of digital and real industry technology has a stronger facilitating effect on cross-border M&A for large-scale enterprises,non-state-owned enterprises,enterprises in high-tech industries and enterprises in highly competitive industries.Expansion analysis shows that technology convergence of digital and real economy industries can significantly enhance the willingness of enterprises to engage in cross-border M&A,and there are two types of crossborder M&A motives,namely,revenue-expansion type and technology-seeking type,in promoting enterprises to carry out crossborder M&A.Moreover,the convergence of digital and real industry technology improves the effectiveness and quality of crossborder M&A.This paper enriches the research on the influencing factors and realization mechanism of cross-border M&A,broadens the research boundary of the convergence of digital and real industrial technologies,and provides empirical support and policy insights for promoting high-level opening-up through the convergence of digital and real industry technologies in the"digital drive"era as the leading factor.
作者
张瑜桐
李宗岐
朱光
ZHANG Yutong;LI Zongqi;ZHU Guang
出处
《世界经济研究》
北大核心
2025年第5期71-89,M0003,共20页
World Economy Studies
基金
北京市自然科学基金资助项目“全球价值链重构对协同创新网络构建的影响效应与作用机制研究”(项目编号:9254022)
首都经济贸易大学学术创新团队“开放视角下数字经济赋能产业链现代化研究团队”(项目编号:XSCXTD202406)。
