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Digital M&As, digital resource empowerment and firm value: Evidence from China

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  • Feng, Shuangshuang
  • Yang, Bo

Abstract

Based on a sample of Chinese listed firms from 2005 to 2024 and employing a propensity score matching combined with difference-in-differences (PSM-DID) method, this study examines the valuation effects of digital mergers and acquisitions (M&As). Results show that digital M&As significantly enhance the firm value of acquirers. Mechanism tests reveal that this effect is driven by digital resource empowerment, channeled through increased digital factor inputs and strengthened digital innovation capabilities. Heterogeneity analysis demonstrates that the value creation is more pronounced in non-digital firms, non-state-owned enterprises (non-SOEs), and firms located in Eastern China. These findings contribute to the literature on the micro-level effects of the digital economy and provide strategic implications for corporate digital investment.

Suggested Citation

  • Feng, Shuangshuang & Yang, Bo, 2026. "Digital M&As, digital resource empowerment and firm value: Evidence from China," Finance Research Letters, Elsevier, vol. 101(C).
    • Handle: RePEc:eee:finlet:v:101:y:2026:i:c:s1544612326005313
    DOI: 10.1016/j.frl.2026.110002
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