“数字丝绸之路”建设对企业数字型跨境并购影响研究

Research on the Impact of Digital Silk Road Development on Digital Cross-Border M&A Activities

摘要: 在理论分析的基础上，本文基于2005~2022年联合国贸发会(UNCTAD)数字型跨境并购数据以及Zephyr并购数据，全面探究数字丝绸之路建设对企业数字型跨境并购的影响及其机制。实证结果显示，“数字丝绸之路”建设能够推动企业数字型跨境并购，并且这一结论在一系列稳健性检验后仍成立；机制检验显示，数字丝绸之路建设通过降低双边技术与制度距离，强化国家间要素禀赋差异，提高数字技术水平进而促进企业数字型跨境并购。异质性分析发现，相较于其他品类产品出口，消费类电子类产品以及电子元件的出口在推动跨境并购活动方面展现出了更为突出的促进作用；与发达国家与发展中国家相比，最不发达国家企业数字型跨境并购受“数字丝绸之路”建设的正向作用更为显著。

Abstract: Building upon theoretical analysis, this study comprehensively examines the impact and underlying mechanisms of Digital Silk Road development on enterprises’ digital cross-border mergers and acquisitions (M&A), utilising UNCTAD digital cross-border M&A data from 2005 to 2022 alongside Zephyr M&A data. Empirical results indicate that the Digital Silk Road construction stimulates corporate digital cross-border M&A, with this conclusion remaining robust across a series of stability tests. Mechanism analysis reveals that the Digital Silk Road facilitates such M&A by reducing bilateral technological and institutional distance, amplifying factor endowment disparities between nations, and elevating digital technological standards. Heterogeneity analysis reveals that exports of consumer electronics and electronic components exert a more pronounced catalytic effect on cross-border M&A activity compared to other product categories. Furthermore, the positive impact of the Digital Silk Road is more pronounced for digital cross-border M&A among enterprises in the least developed countries than in developed or developing nations.