Abstract:

Digital talent resources has become a key resource for firms to achieve digital transformation and digital innovation, and is a key digital resource for the acquirer firm to absorb and retain in digital mergers and acquisitions (M&A). In the context of digital M&A, this paper, taking new generation information technology firms as the research object, considering the digital background executives of the target absorbed by the acquirer’s firm as a digital resource based on the resource orchestration theory, and dividing digital transformation into two dimensions, digital technology integration and digital technology application, examined the interaction mechanism of retained target’s digital executives, digital transformation, and digital innovation performance after M&A. It also conducted an empirical test using regression analysis, taking the digital M&A events as the research sample. It is found that retained target’s digital executives have a positive impact of on the acquirer’s digital innovation performance in both the short and long term. Both digital technology integration and digital technology application have a mediating effect. In the relationship between the retained targets digital executives and the acquirer’s short-term digital innovation performance, digital technology integration plays a stronger mediating role than digital technology application. However, in the relationship between the retained target’s digital executives and the acquirer’s long-term digital innovation performance, the mediating effect of digital technology application is stronger than that of digital technology integration. This paper helps to clarify the mechanisms for achieving digital innovation performance in the context of digital M&A and helps firms to achieve their digital transformation and digital innovation goals.

Key words:

digital mergers and acquisitions（M&A）, digital background executives, digital transformation, digital innovation performance, resource-based view

摘要：

数字人才已经成为企业实现数字化转型和数字创新的关键资源，也是数字并购中并购方重点吸收和保留的数字资源。在数字并购情境下，以新一代信息技术企业为研究对象，基于资源基础理论，将目标方留任数字背景高管视为一种数字资源。将数字化转型划分为数字技术集成和数字技术应用两个维度，考察了目标方留任数字背景高管、并购方数字化转型和并购方数字创新绩效三者的作用机制，并以数字并购事件为研究样本，利用回归分析方法进行了实证检验。研究发现：目标方留任数字背景高管对数字创新短期绩效和长期绩效均具有正向影响；数字技术集成和数字技术应用发挥双重中介效应。在目标方留任数字背景高管与数字创新短期绩效关系中，数字技术集成发挥的中介效应大于数字技术应用；在目标方留任数字背景高管与数字创新长期绩效关系中，数字技术应用发挥的中介效应大于数字技术集成。研究有助于明晰数字并购情境下的数字创新绩效实现机制，帮助企业实现数字化转型和数字创新目标。

关键词:

数字并购, 数字背景高管, 数字化转型, 数字创新绩效, 资源基础理论