关键词: 数字并购, 业绩压力, 期望落差, 组织惯性, 数字经济

Abstract: Based on the merger and acquisition data of traditional enterprises from 2008 to 2022, this paper examines the impact of performance pressure on digital M&A of traditional enterprises, and explores the actual effects of digital M&A of traditional enterprises. The study finds that the greater the performance pressure faced by traditional enterprises, the more inclined they are to carry out digital M&A. The mechanism test finds that performance pressure mainly plays a role by stimulating enterprises' willingness to change strategically and strengthening their risk appetite. The heterogeneity test shows that the higher the level of digital economy development and the smaller the organizational inertia in the region, the greater the possibility of traditional enterprises to carry out digital mergers and acquisitions under performance pressure. The economic consequences test indicates that digital M&A can significantly improve the short-term market performance, and in the long run, as the integration continues to deepen, it will also have a significant positive impact on corporate financial performance and digital innovation performance. This study proves the necessity of digital transformation of traditional enterprises from the perspective of performance pressure, which has enlightening significance for solving the performance dilemma of traditional enterprises and enhancing the resilience of the real economy.

Key words: Digital M&A, Performance Pressure, Expectation Gap, Organizational Inertia, Digital Economy