Study of Digital Inclusive Finance, Financing Constraints and M&A Frequency based on Empirical Data of Technology-based Enterprises
DOI:
https://doi.org/10.54097/hbem.v9i.9235Keywords:
Digital Inclusive Finance; Technology-based Enterprises; M&A Frequency; Financing Constraints.Abstract
Stimulating the vitality of the M&A market of technology-based enterprises is a critical approach for driving high-quality development through technological innovation. As a new engine propelling the high-quality and healthy development of our national economy, digital inclusive finance influences the optimization of financial-economic structure and elevates the M&A frequency of technology-based enterprises. This paper empirically tests the influence of digital inclusive finance on the M&A frequency of technology-based enterprises using a sample of companies listed on the GEM from 2011-2021, employing the PSM-DID method. The study indicates that, generally, digital inclusive finance significantly raises the M&A frequency of technology-based enterprises. Financing constraints plays a mediating role within this. The research provides a theoretical basis for how the financial market in the new development stage can better serve the national innovation-driven strategy and contribute to high-quality development of the real economy.
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