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The market value effect of digital mergers and acquisitions: Evidence from China

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  • Tang, Haodan
  • Fang, Senhui
  • Jiang, Dianchun

Abstract

Digital mergers and acquisitions (M&As) are increasingly popular around the world. This study examines the effect of digital M&As on the market value of Chinese listed enterprises by combining transaction-level and firm-level datasets from 2010 to 2019. The results of event studies show that the announcement of digital M&As leads to a rise in the short- and medium-term market value of acquiring enterprises, especially the short-term effect is statistically significant. Further multivariate analyses, which employ a difference-in-differences (DID) strategy and propensity score matching (PSM) techniques, provide causal evidence that digital M&As have a positive market value effect on acquirers, which is greater than that of non-digital M&As. This effect survives a vast array of robustness checks and displays some heterogeneity. Finally, we further verify two underlying channels (i.e., innovation and analyst coverage) through which digital M&As achieve market value creation.

Suggested Citation

  • Tang, Haodan & Fang, Senhui & Jiang, Dianchun, 2022. "The market value effect of digital mergers and acquisitions: Evidence from China," Economic Modelling, Elsevier, vol. 116(C).
    • Handle: RePEc:eee:ecmode:v:116:y:2022:i:c:s0264999322002462
    DOI: 10.1016/j.econmod.2022.106006
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    Keywords

    Digital mergers and acquisitions; Market value; Listed enterprises;
    All these keywords.

    JEL classification:

    • D22 - Microeconomics - - Production and Organizations - - - Firm Behavior: Empirical Analysis
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • L10 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - General

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