The Effect of the Host Country's Digital Level on the Financial Performance of Cross-Border Mergers and Acquisitions

This study investigates the impact of the host country's digital level on the financial performance of cross-border mergers and acquisitions(M&A) of Chinese listed ICT enterprises. According to the findings, cross-border M&A has a negative correlation with short-term financial performance while having a positive correlation with longterm financial performance. This impact will grow even more as the host country's digital level improves. The host country's market size, on the other hand, has no significant regulatory impact on the host country's digital level or short-term financial performance after M&A, but it does have a significant regulatory impact on longterm financial performance.