THE IMPACT OF DIGITAL MERGERS AND ACQUISITIONS ON TOTAL FACTOR PRODUCTIVITY UNDER THE CULTIVATION OF NEW QUALITY PRODUCTIVITY

In the context of the digital age, the cultivation of new quality productivity has become the key to promoting high-quality economic development.This article aims to explore how digital mergers and acquisitions, under the cultivation of new quality productivity, can increase the number of patents through innovative technologies and innovate business models, thereby affecting the overall factor productivity of enterprises.This study uses digital mergers and acquisitions events of Chinese A-share listed companies from 2015 to 2022 as samples, and uses multiple regression analysis to systematically examine the impact and mechanism of digital mergers and acquisitions on total factor productivity of enterprises.The study found that firstly, digital mergers and acquisitions significantly improved the total factor productivity of enterprises, and this effect gradually emerged and remained stable within two years after the merger.Secondly, through technological synergies, digital mergers and acquisitions have promoted the improvement of corporate innovation capabilities and optimized resource allocation efficiency.In addition, digital mergers and acquisitions enhance the market competitiveness and customer value creation ability of enterprises through innovative business models.Heterogeneity analysis shows that digital mergers and acquisitions of non-state-owned enterprises have a more significant effect on improving their total factor productivity. This study not only enriches the relevant theories of digital mergers and acquisitions and enterprise productivity, but also provides empirical basis for the government and enterprises to formulate relevant policies and strategies in the process of digital transformation.Future research can further explore the long-term effects of digital mergers and acquisitions and their mechanisms in different industry contexts.