Huang Guangyu, Shen Liqiong
Business School, Foshan University, Foshan, China.
School of Management, Guangzhou City University of Technology, Guangzhou, China.
Heliyon. 2024 Jul 6;10(14):e34237. doi: 10.1016/j.heliyon.2024.e34237. eCollection 2024 Jul 30.
In China, acquiring firms are increasingly focused on the immediate financial returns that digital mergers and acquisitions (DM&A) can help them achieve in the stock market, but there is little literature that examines which acquiring firms achieve greater returns. Based on signaling theory, this study conceptualizes DM&A announcements as signals released by the acquiring firms to the stock market and explores the factors influencing the Chinese stock market's reaction to such signals. This research empirically investigates potential influencing factors using a short-term event methodology together with regression analysis based on the data collected in China's Shanghai and Shenzhen stock markets during 2012-2021. The research finds that the Chinese stock market reacts more positively to DM&A announcements for acquiring firms with high executive shareholdings, high executive openness, strong digital innovation capabilities, and in regions with higher levels of investor protection. This study is the first attempt to explore the factors influencing the stock market's response to DM&A in the Chinese context.
在中国，收购公司越来越关注数字并购（DM&A）能帮助它们在股票市场实现的即时财务回报，但很少有文献研究哪些收购公司能获得更高的回报。基于信号理论，本研究将数字并购公告概念化为收购公司向股票市场发布的信号，并探讨影响中国股票市场对此类信号反应的因素。本研究采用短期事件研究方法并结合基于2012年至2021年在中国上海和深圳股票市场收集的数据进行回归分析，对潜在影响因素进行实证研究。研究发现，中国股票市场对高管持股比例高、高管开放性高、数字创新能力强以及投资者保护水平较高地区的收购公司的数字并购公告反应更为积极。本研究首次尝试在中国背景下探索影响股票市场对数字并购反应的因素。
