Synergistic integration in the digital economy: The impact and mechanisms of digital M&A on corporate technological diversification

With the rapid evolution of the digital economy, how enterprises leverage mergers and acquisitions to optimize technological structures and expand knowledge boundaries has attracted growing attention. Using data from A-share listed companies in China from 2012 to 2023, this study constructs a multidimensional analytical framework incorporating patent heterogeneity, organizational structure, and external environment to examine the impact of digital M&A on technological diversification. Empirical results show that digital M&A significantly enhances technological diversification, and the findings remain robust after addressing endogeneity using instrumental variable and propensity score matching methods. Mechanism analysis reveals that improvements in human capital, greater heterogeneity in top management teams, and stronger knowledge reconfiguration capabilities are key transmission channels. Heterogeneity analysis further shows that the effect is more pronounced in non-state-owned firms, highly competitive industries, and enterprises without financial-industry integration. These findings contribute to the literature on digital transformation and technology strategy, offering practical implications for firms seeking technological upgrading and for policymakers aiming to support digital industrial development.