金融科技公司并购的效率重要吗？

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Research in International Business and Finance Pub Date : 2025-06-01 DOI:10.1016/j.ribaf.2025.103027

Francesca Pampurini , Anna Grazia Quaranta , Grazia Onorato

{"title":"金融科技公司并购的效率重要吗？","authors":"Francesca Pampurini , Anna Grazia Quaranta , Grazia Onorato","doi":"10.1016/j.ribaf.2025.103027","DOIUrl":null,"url":null,"abstract":"<div><div>The increasing presence of FinTech firms is reshaping the structure, behaviour and business models of the different players operating within the financial sector. The aim of this study is to understand whether there is any relationship between the achievement of specific efficiency levels by FinTech firms and their greater/minor involvement in M&A transactions. Since such a relationship could be in the opposite direction, the topic is important for a wide range of financial stakeholders, from individual investors to key market players and regulators. We measured efficiency via two different Stochastic Data Envelopment Analysis (SDEA) models. The results, obtained starting from a hand-collected data set made up of Italian FinTechs operating in the period 2021–2023, show that M&A transactions essentially involved firms characterised by both quite high or quite low levels of efficiency.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"78 ","pages":"Article 103027"},"PeriodicalIF":6.9000,"publicationDate":"2025-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Does efficiency matter in M&A of FinTech firms?\",\"authors\":\"Francesca Pampurini , Anna Grazia Quaranta , Grazia Onorato\",\"doi\":\"10.1016/j.ribaf.2025.103027\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><div>The increasing presence of FinTech firms is reshaping the structure, behaviour and business models of the different players operating within the financial sector. The aim of this study is to understand whether there is any relationship between the achievement of specific efficiency levels by FinTech firms and their greater/minor involvement in M&A transactions. Since such a relationship could be in the opposite direction, the topic is important for a wide range of financial stakeholders, from individual investors to key market players and regulators. We measured efficiency via two different Stochastic Data Envelopment Analysis (SDEA) models. The results, obtained starting from a hand-collected data set made up of Italian FinTechs operating in the period 2021–2023, show that M&A transactions essentially involved firms characterised by both quite high or quite low levels of efficiency.</div></div>\",\"PeriodicalId\":51430,\"journal\":{\"name\":\"Research in International Business and Finance\",\"volume\":\"78 \",\"pages\":\"Article 103027\"},\"PeriodicalIF\":6.9000,\"publicationDate\":\"2025-06-01\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Research in International Business and Finance\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/S0275531925002831\",\"RegionNum\":2,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Research in International Business and Finance","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S0275531925002831","RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}

引用次数: 0

摘要

越来越多的金融科技公司正在重塑金融领域内不同参与者的结构、行为和商业模式。本研究的目的是了解金融科技公司实现特定效率水平与他们更多/较少参与并购交易之间是否存在任何关系。由于这种关系可能是相反的方向，所以这个话题对从个人投资者到主要市场参与者和监管机构的广泛金融利益相关者都很重要。我们通过两种不同的随机数据包络分析（SDEA）模型来测量效率。从2021-2023年期间运营的意大利金融科技公司手工收集的数据集开始获得的结果表明，并购交易基本上涉及效率水平相当高或相当低的公司。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

查看原文本刊更多论文

Does efficiency matter in M&A of FinTech firms?

The increasing presence of FinTech firms is reshaping the structure, behaviour and business models of the different players operating within the financial sector. The aim of this study is to understand whether there is any relationship between the achievement of specific efficiency levels by FinTech firms and their greater/minor involvement in M&A transactions. Since such a relationship could be in the opposite direction, the topic is important for a wide range of financial stakeholders, from individual investors to key market players and regulators. We measured efficiency via two different Stochastic Data Envelopment Analysis (SDEA) models. The results, obtained starting from a hand-collected data set made up of Italian FinTechs operating in the period 2021–2023, show that M&A transactions essentially involved firms characterised by both quite high or quite low levels of efficiency.

求助全文

通过发布文献求助，成功后即可免费获取论文全文。去求助

来源期刊

Research in International Business and Finance BUSINESS, FINANCE-

CiteScore

11.20

自引率

9.20%

发文量

240

期刊介绍： Research in International Business and Finance (RIBAF) seeks to consolidate its position as a premier scholarly vehicle of academic finance. The Journal publishes high quality, insightful, well-written papers that explore current and new issues in international finance. Papers that foster dialogue, innovation, and intellectual risk-taking in financial studies; as well as shed light on the interaction between finance and broader societal concerns are particularly appreciated. The Journal welcomes submissions that seek to expand the boundaries of academic finance and otherwise challenge the discipline. Papers studying finance using a variety of methodologies; as well as interdisciplinary studies will be considered for publication. Papers that examine topical issues using extensive international data sets are welcome. Single-country studies can also be considered for publication provided that they develop novel methodological and theoretical approaches or fall within the Journal''s priority themes. It is especially important that single-country studies communicate to the reader why the particular chosen country is especially relevant to the issue being investigated. [...] The scope of topics that are most interesting to RIBAF readers include the following: -Financial markets and institutions -Financial practices and sustainability -The impact of national culture on finance -The impact of formal and informal institutions on finance -Privatizations, public financing, and nonprofit issues in finance -Interdisciplinary financial studies -Finance and international development -International financial crises and regulation -Financialization studies -International financial integration and architecture -Behavioral aspects in finance -Consumer finance -Methodologies and conceptualization issues related to finance