Digital merger & acquisition and corporate innovation: Evidence from China

IF 4.8 2区经济学 Q1 BUSINESS, FINANCE

Pacific-Basin Finance Journal Pub Date : 2025-02-28 DOI:10.1016/j.pacfin.2025.102723

Jinhua Xu , Xinran Xiong , Xiaoxia Li , Shanmin Li

引用次数: 0

Abstract

Breaking through innovation bottlenecks is one of the most important issues in promoting high-quality development of the Chinese economy. Using a stacked difference-in-difference strategy, we show that digital Merger & Acquisition (M&A) has a positive effect on corporate innovation, and the effect is more salient for firms with lower levels of knowledge stock and those located in regions with lower levels of digital finance development. Further analysis shows that digital M&A promotes corporate innovation by improving human capital. Our empirical results provide policy implications for the improvement of digital capability and achievement of high-quality development.

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来源期刊

Pacific-Basin Finance Journal BUSINESS, FINANCE-

CiteScore

6.80

自引率

6.50%

发文量

157

期刊介绍： The Pacific-Basin Finance Journal is aimed at providing a specialized forum for the publication of academic research on capital markets of the Asia-Pacific countries. Primary emphasis will be placed on the highest quality empirical and theoretical research in the following areas: • Market Micro-structure; • Investment and Portfolio Management; • Theories of Market Equilibrium; • Valuation of Financial and Real Assets; • Behavior of Asset Prices in Financial Sectors; • Normative Theory of Financial Management; • Capital Markets of Development; • Market Mechanisms.