本文旨在探讨A制造企业在数字并购背景下的动因与绩效，揭示并购和数字化技术在提升企业竞争力和实现可持续发展方面的关键作用。研究通过问卷调查和数据分析，系统分析了企业的内部动因（如生产效率提升、技术资源获取等）与外部动因（如市场竞争、政策支持等），并评估了各因素对数字并购决策的影响。通过关联性分析，研究深入探讨了这些动因之间的相互作用。

      本文首先界定了数字并购的相关概念，并探讨了其在制造业中的应用及影响，随后引入制造业转型升级理论和并购理论，分析了数字并购的机理。在对A制造企业的并购动因及现实路径的分析中，设计并实施了详细的问卷调查，揭示了企业内部资源、战略目标和外部市场环境对并购决策的作用。本文还探讨了并购背景下企业面临的挑战与机遇，尤其是在技术创新和市场扩展等方面。此外，本文评估了并购后的企业绩效，重点分析了数字化技术在运营效率、生产力提升和市场竞争力增强方面的贡献，并提出了针对性的优化策略，包括并购前的战略规划与风险评估、并购过程中的整合管理、并购后的绩效评估与调整以及数字化技术的应用。

      本文的主要贡献在于丰富了制造业领域数字并购的理论框架，并通过实证分析为企业在并购与数字化转型过程中提供了具体的策略建议，具有重要的实践意义。

This article aims to explore the motivations and performance of A manufacturing enterprise in the context of digital mergers and acquisitions, and reveal the key roles of mergers and acquisitions and digital technology in enhancing enterprise competitiveness and achieving sustainable development. Through questionnaire surveys and data analysis, the study systematically analyzed the internal factors (such as improving production efficiency, acquiring technological resources, etc.) and external factors (such as market competition, policy support, etc.) of enterprises, and evaluated the impact of each factor on digital M&A decisions. Through correlation analysis, the study delved into the interactions between these drivers.

Firstly, this article defines the relevant concepts of digital mergers and acquisitions, and explores their applications and impacts in the manufacturing industry. Subsequently, the theories of manufacturing transformation and upgrading and mergers and acquisitions were introduced to analyze the mechanism of digital mergers and acquisitions. In the analysis of the motives and practical paths for mergers and acquisitions of A manufacturing enterprise, a detailed questionnaire survey was designed and implemented to reveal the role of internal resources, strategic goals, and external market environment in M&A decisions. This article also explores the challenges and opportunities faced by enterprises in the context of mergers and acquisitions, particularly in terms of technological innovation and market expansion. In addition, the performance of the enterprise after the merger was evaluated, with a focus on analyzing the contribution of digital technology in operational efficiency, productivity improvement, and market competitiveness enhancement. Targeted optimization strategies were proposed, including strategic planning and risk assessment before the merger, integration management during the merger process, performance evaluation and adjustment after the merger, and the application of digital technology.

The main contribution of this study is to enrich the theoretical framework of digital mergers and acquisitions in the manufacturing industry, and provide specific strategic recommendations for enterprises in the process of mergers and digital transformation through empirical analysis, which has important practical significance.

[1]杨红, 李依梦, 陈银忠, 等. 高端装备制造企业数字化转型驱动路径研究[J]. 科研管理, 2024, 45(1): 21.

[2]谢康, 胡杨颂, 刘意, 等. 数据要素驱动企业高质量数字化转型——索菲亚智能制造纵向案例研究[J]. 管理评论, 2023, 35(2): 328.

[3]李新宇, 李昭甫, 高亮. 离散制造行业数字化转型与智能化升级路径研究[J]. 中国工程科学, 2022, 24(2): 64G74.

[4]陈奉先, 杨亚迪. 数字并购对企业全要素生产率的影响研究[J]. 管理学报, 2024, 21(8): 1142.

[5]朱雪薇. 数字化转型的环境效应: 文献综述与展望[J]. 教学方法创新与实践· 科研学术探究, 2024, 3(2): 124-126.

[6]方森辉, 唐浩丹, 蒋殿春. “数字并购与企业创新——来自中国上市企业的经验证据[J]. 管理科学, 2022, 6: 83-96.

[7]伍晨, 张帆. 数字并购, 数字化转型与企业创新[J]. 现代财经 (天津财经大学学报), 2023, 3: 21-38.

[8]乔晗, 李卓伦, 黄朝椿. 数据要素市场化建设的影响因素与提升路径[J]. 外国经济与管理, 2023, 45(1).

[9]郭维琳. 阿里巴巴并购网易考拉动因及绩效研究[D]. 北京化工大学, 2022.

[10]范建红, 王冰, 闫乐, 等. 数字普惠金融对高技术制造业创新韧性的影响——基于系统 GMM 与门槛效应的检验[J]. 科技进步与对策, 2022, 39(17): 51-61.

[11]刘佳骏. 制造业外迁与中国产业链, 供应链现代化协同关系研究[J]. 重庆理工大学学报 (社会科学), 2022 ,36(02):54-63.

[12]杨栩, 李宏扬, 孟明明. 数字并购情境下目标方留任数字背景高管如何影响并购方数字创新绩效?[J]. 系统管理学报, 2024, 33(5): 1303.

[13]王雪, 潘爱玲, 王慧. 业绩压力与传统企业数字并购: 促进还是抑制?[J]. 财经论丛, 2024, 40(4): 81.

[14]姜奇平, 刘宇洋, 端利涛. 数字化转型, 多元化经营与企业绩效[J]. 技术经济, 2023, 42(4): 82-96.

[15]庞雨蒙, 张建波. 柔性税收征管与企业数字化转型——基于纳税信用评级披露的准自然实验[J]. 当代财经, 2024 (4): 30.

[16]Battistoni E, Gitto S, Murgia G, et al. Adoption paths of digital transformation in manufacturing SME[J]. International Journal of Production Economics, 2023, 255: 108675.

[17]Zhang T, Shi Z Z, Shi Y R, et al. Enterprise digital transformation and production efficiency: Mechanism analysis and empirical research[J]. Economic research-Ekonomska istraživanja, 2022, 35(1): 2781-2792.

[18]Favoretto C, Mendes G H S, Filho M G, et al. Digital transformation of business model in manufacturing companies: challenges and research agenda[J]. Journal of Business & Industrial Marketing, 2022, 37(4): 748-767.

[19]Zhao S, Zhang L, An H, et al. Has China's low-carbon strategy pushed forward the digital transformation of manufacturing enterprises? Evidence from the low-carbon city pilot policy[J]. Environmental Impact Assessment Review, 2023, 102: 107184.

[20]Peng Y, Tao C. Can digital transformation promote enterprise performance?—From the perspective of public policy and innovation[J]. Journal of Innovation & Knowledge, 2022, 7(3): 100198.

[21]Ghosh S, Hughes M, Hodgkinson I, et al. Digital transformation of industrial businesses: A dynamic capability approach[J]. Technovation, 2022, 113: 102414.

[22]Brauner P, Dalibor M, Jarke M, et al. A computer science perspective on digital transformation in production[J]. ACM Transactions on Internet of Things, 2022, 3(2): 1-32.

[23]Gaglio C, Kraemer-Mbula E, Lorenz E. The effects of digital transformation on innovation and productivity: Firm-level evidence of South African manufacturing micro and small enterprises[J]. Technological Forecasting and Social Change, 2022, 182: 121785.

[24]Wang J, Liu Y, Wang W, et al. How does digital transformation drive green total factor productivity? Evidence from Chinese listed enterprises[J]. Journal of Cleaner Production, 2023, 406: 136954.

[25]Zhuo C, Chen J. Can digital transformation overcome the enterprise innovation dilemma: Effect, mechanism and effective boundary[J]. Technological Forecasting and Social Change, 2023, 190: 122378.

[26]黄昊, 宋伟, 王国红, 等. 制造业中小企业平台数据化能力对颠覆式创新的影响研究[J]. 科研管理, 2023, 44(11): 32.

[27]李煜华, 向子威, 胡瑶瑛, 等. 路径依赖视角下先进制造业数字化转型组态路径研究[J]. 科技进步与对策, 2022, 39(11): 74-83.

[28]Okorie O, Russell J, Cherrington R, et al. Digital transformation and the circular economy: Creating a competitive advantage from the transition towards Net Zero Manufacturing[J]. Resources, Conservation and Recycling, 2023, 189: 106756.

[29]Feng H, Wang F, Song G, et al. Digital transformation on enterprise green innovation: Effect and transmission mechanism[J]. International journal of environmental research and public health, 2022, 19(17): 10614.

[30]Chen N, Sun D, Chen J. Digital transformation, labour share, and industrial heterogeneity[J]. Journal of Innovation & Knowledge, 2022, 7(2): 100173.

[31]George G, Schillebeeckx S J D. Digital transformation, sustainability, and purpose in the multinational enterprise[J]. Journal of World Business, 2022, 57(3): 101326.

[32]李雷, 杨水利, 陈娜. 数字化转型的前因组态与绩效研究——来自中国制造业上市公司的经验证据[J]. 科技进步与对策, 2023, 40(16): 32-41.

[33]吴卫红, 秦臻, 张爱美, 等. 企业数字化转型与政府数字化治理对创新 “提质增量”的协同影响机制研究[J]. 《广西师范大学学报》(哲学社会科学版), 2024, 60(2): 42-58.

[34]杨水利, 陈娜, 李雷. 数字化转型与企业创新效率——来自中国制造业上市公司的经验证据[J]. 运筹与管理, 2022, 31(5): 169.

[35]王峰, 盖永杰, 张海涛. 制造企业数字孪生的数字化衍生机制与成熟度研究[J]. 工业工程, 2024, 27(2): 158.

[36]Gökalp E, Martinez V. Digital transformation maturity assessment: development of the digital transformation capability maturity model[J]. International Journal of Production Research, 2022, 60(20): 6282-6302.

[37]Teng X, Wu Z, Yang F. Research on the relationship between digital transformation and performance of SMEs[J]. Sustainability, 2022, 14(10): 6012.

[38]Zhang X, Xu Y, Ma L. Research on successful factors and influencing mechanism of the digital transformation in SMEs[J]. Sustainability, 2022, 14(5): 2549.

[39]万筱雯, 杨波. 企业跨国并购的协同创新效应[J]. 财经研究, 2023, 49(12): 34-47.

[40]安家骥, 狄鹤, 刘国亮. 组织变革视角下制造业企业数字化转型的典型模式及路径[J]. 经济纵横, 2022 (2): 54-59.

[41]任亚慧, 王雷. 东道国媒体偏向视角下网络关系对跨国并购成功率的影响[J]. 世界经济研究, 2024, 13: 48.

[42]赵剑波. 企业数字化转型的技术范式与关键举措[J]. 北京工业大学学报 (社会科学版), 2022, 22(1): 94-105.

[43]Darayseh M, Alsharari N M. Determinants of merger and acquisition in the banking sector: an empirical study[J]. Meditari Accountancy Research, 2023, 31(4): 1093-1108.

[44]Huang C J, Ke W C, Chiang R P Y, et al. Which of environmental, social, and governance pillars can improve merger and acquisition performance?[J]. Journal of cleaner production, 2023, 398: 136475.

[45]Suo L, Yang K, Ji H. The impact of technological mergers and acquisitions on enterprise innovation: a review[J]. Sustainability, 2023, 15(17): 12883.

[46]徐洪海, 刘婵. “店选网购” 与 “店网并购” 的二重性及社会福利效应[J]. 财经研究, 2023, 49(4): 139-153.

[47]田毕飞, 邹昕. 中国企业跨国并购对东道国创业的影响[J]. 珞珈管理评论, 2023 (6): 25-48.

[48]徐沛勣, 薛爽, 李志刚. 并购业绩承诺是一个有效信号吗?[J]. 上海财经大学学报, 2023, 25(1).

[49]蒋廉雄, 刘泽云, 蓝紫苑. 并购的品牌效应: 公司品牌架构与并购的长期绩效[J]. 营销科学学报, 2024, 4(1): 79-106.

[50]许宇鹏, 徐龙炳. 代际传承与家族企业并购行为: 基于传承多阶段演进视角[J]. 财经研究, 2023, 49(7).

[51]花双莲, 韩群. 资本结构偏离程度, 现金持有与并购绩效[J]. 山东科技大学学报 (社会科学版), 2023, 25(4).

[52]Rennings M, Burgsmüller A P F, Bröring S. Convergence towards a digitalized bioeconomy—Exploring cross‐industry merger and acquisition activities between the bioeconomy and the digital economy[J]. Business Strategy & Development, 2023, 6(1): 53-74.

[53]Brada J C, Iwasaki I. Do target-country legal institutions affect cross-border mergers and acquisitions? A quantitative literature survey[J]. European Journal of Law and Economics, 2023, 55(2): 225-289.

[54]Cheng C, Yang X, Jiang F, et al. How to synergize different institutional logics of firms in cross-border acquisitions: a matching theory perspective[J]. Management International Review, 2023, 63(3): 403-432.

[55]Ahmed R, Chen Y, Benjasak C, et al. The performance of bidding companies in merger and acquisition deals: An empirical study of domestic acquisitions in Hong Kong and Mainland China[J]. The Quarterly Review of Economics and Finance, 2023, 87: 168-180.

[56]刘兴国, 丁贵娥. 改革催生, 创新打造, 管理培育, 并购迈进, 竞争磨炼——建设世界一流企业的五条路径[J]. 企业家信息, 2024 (2): 8-10.

[57]蓝发钦, 高正. 中国公司 “错误并购” 的案例画像: 来自商誉减值的经验证据[J]. 华东师范大学学报 (哲学社会科学版), 2023, 55(3): 129.

[58]高菲, 杨欣媛, 杨亚如. FTA 对医药制造业跨国并购网络结构洞的影响研究[J]. 东北大学学报 (社会科学版), 2023, 25(5): 25.

[59]凌润泽, 潘爱玲, 张国珍. 绿色并购与重污染企业创新投资[J]. 商业经济与管理, 2024, 6: 5.

[60]江沛菱. 中國反壟斷併購審查: 經濟民族主義的觀點[J]. 國立臺灣大學政治學系學位論文, 2024: 1-138.

[61]琼丽吕. 企业并购中的财务资本运营策略[J]. 现代经济管理, 2024, 5(4): 27-29.

[62]Wang K T, Wu Y. Corporate social responsibility reporting and investment: Evidence from mergers and acquisitions[J]. Journal of Business Finance & Accounting, 2024, 51(7-8): 1893-1942.

[63]Gulati P A, Garg S. Impact of merger on stock returns and economic value added (EVA) of the acquiring firms: a study from Indian corporate sector[J]. International Journal of Emerging Markets, 2024, 19(3): 649-664.

[64]Chapman K. Merger/acquisition activity and regional cohesion in the EU[M]//Foreign direct investment and the global economy. Routledge, 2024: 121-135.

[65]Yang Y, Chi Y. Path selection for enterprises’ green transition: Green innovation and green mergers and acquisitions[J]. Journal of Cleaner Production, 2023, 412: 137397.

[66]Adhikari B, Kavanagh M, Hampson B. Analysis of the pre-post-merger and acquisition financial performance of selected banks in Nepal[J]. Asia Pacific Management Review, 2023, 28(4): 449-458.

[67]Liu G, Wu Q, Zhou H, et al. The catering effect of green mergers and acquisitions in heavy pollution industries[J]. Emerging Markets Finance and Trade, 2023, 59(6): 1865-1881.

[68]Advances in mergers and acquisitions[M]. Emerald Publishing Limited, 2023.

[69]端利涛, 卢超男, 李思瑞, 等. 多边电商平台研究的文献综述: 理论演化, 规制焦点与中国问题[J]. 管理评论, 2023, 35(11): 179.

[70]李逸飞, 梁婷, 楚尔鸣. 外资并购效应: 价值俘获还是价值创造?[J]. 财经研究, 2024, 50(5).

[71]李善民, 杨楠, 黄志宏. 并购重组前的知情交易行为研究[J]. 金融研究, 2023, 511(1): 169-187.

[72]游宇, 刘昌胜. 涉农并购浪潮下高新技术企业并购交易特征与经济后果研究[J]. 云南农业大学学报 (社会科学), 2024, 18(3): 54-62.