How Fintech drives corporate M&A?
利用2011-2020年中国A股上市公司数据，研究发现金融科技通过缓解财务压力、降低信息不对称和增强供应链稳定性来促进企业并购，尤其对非国企、小企业、高科技企业等效果更显著。
This study analyzes the impact of Fintech on corporate mergers and acquisitions (M&A) using data from Chinese A-share listed firms between 2011 and 2020. The findings indicate that firms located in cities with higher levels of Fintech adoption are more inclined to undertake more M&A activity, particularly among non-state-owned enterprises, smaller-sized firms, high-tech (technology-intensive) firms, non-heavy-polluting firms, and firms in the growth and maturity stages. Mechanism analysis reveals that Fintech promotes corporate M&A by alleviating financial pressure, reducing information asymmetry, and strengthening supply chain stability. Furthermore, we find that Fintech promotes firms’ green M&A, M&A deal size, and long-term M&A performance, but has no significant effect on short-term M&A performance. We also find that acquirer AI adoption amplifies, whereas acquirer managerial myopia and government economic policy uncertainty weaken, the impact of Fintech on corporate M&A. Ultimately, we find that M&A increases firms’ idiosyncratic risk, while Fintech mitigates this adverse effect. Overall, this study not only deepens the understanding of the economic consequences of Fintech but also provides important practical implications for how firms can leverage digital transformation to support strategic expansion and how regulators can assess the systemic impact of Fintech.