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

摘要： 本文基于2008—2022年的并购数据,探究了业绩压力对传统企业数字并购的影响,检验了传统企业实施数字并购的实际效果。研究发现:传统企业面临的业绩压力越大,越倾向于进行数字并购。机制检验显示,业绩压力主要通过激发企业的战略变革意愿和强化其风险偏好两条路径发挥作用。异质性检验表明,所在地区数字经济发展水平越高、组织惯性越小,业绩压力下传统企业进行数字并购的可能性越大。经济后果检验发现,数字并购能显著提升传统企业的短期市场绩效,从长期来看,随着整合持续深入,其对企业的财务绩效和数字创新绩效也会产生显著的促进作用。本研究从业绩压力角度佐证了传统企业进行数字化转型的必要性,对破解传统企业的业绩困境、增强实体经济发展韧劲具有启示意义。

关键词: 数字并购, 业绩压力, 期望落差, 组织惯性, 数字经济