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Digital transformation and M&A premiums

Author

Listed:
  • Han, Xiaorui
  • Cui, Puge

Abstract

Based on panel data of non-financial listed companies in China from 2008 to 2023, this paper investigates the relationship between digital transformation and corporate merger and acquisition (M&A) premiums. The study finds that digital transformation significantly increases M&A premiums. Moreover, market competition plays a significant moderating role in the relationship between digital transformation and M&A premiums. Additionally, financing constraints serve as a significant mediating factor in the process by which digital transformation promotes higher M&A premiums.

Suggested Citation

  • Han, Xiaorui & Cui, Puge, 2025. "Digital transformation and M&A premiums," Finance Research Letters, Elsevier, vol. 86(PA).
    • Handle: RePEc:eee:finlet:v:86:y:2025:i:pa:s1544612325016587
    DOI: 10.1016/j.frl.2025.108404
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    References listed on IDEAS

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