数字并购对企业可持续发展绩效的影响研究

Research on the Impact of Digital Mergers and Acquisitions on Corporate Sustainable Development Performance

摘要: 在数字经济与“双碳”目标双重背景下，数字并购已成为企业快速获取数字资源的重要战略工具。其能否助力企业可持续发展，在当今时代具有重要的现实意义。本文以2012~2023年中国沪深A股上市公司并购事件为样本，采用渐进双重差分模型，实证检验了数字并购对企业可持续发展绩效的影响及作用机制。研究发现，数字并购可以显著提升企业可持续发展绩效；数字并购能够通过增强企业数字技术应用水平、资源配置效率和市场势力进而提升可持续发展绩效；在国有企业、非数字经济核心产业企业以及低竞争程度行业企业中，数字并购对可持续发展绩效的提升作用更加显著。本文从协同效应视角探讨了企业数字并购的可持续发展表现，为企业数字化与可持续发展提供了经验证据。

Abstract: Against the backdrop of the digital economy and the “dual carbon” goals, digital mergers and acquisitions have become a key strategic tool for firms to rapidly acquire digital resources. Whether such activities can support sustainable development holds significant practical importance in today’s era. Using merger and acquisition events among China’s A-share listed companies from 2012 to 2023 as a sample, this study employs a staggered difference-in-differences model to empirically examine the impact of digital M&A on corporate sustainability performance and its underlying mechanisms. The research indicates that digital M&A significantly enhances firms’ sustainability performance. This improvement is achieved by strengthening firms’ application of digital technologies, improving resource allocation efficiency, and increasing market power. Moreover, the positive effect of digital M&A on sustainability performance is more pronounced in state-owned enterprises, firms not in core digital industries, and those operating in low-competition sectors. From the perspective of synergies, this paper provides empirical evidence on how digital M&A contributes to corporate sustainability, offering valuable insights for both digital transformation and sustainable development.