Financial Risks of M&A Restructuring of Digital Economy Companies

Due to the strong national support for the development of digital economy, the industrial scale of digital economy is gradually expanding and digital economy enterprises have fully developed. M&A restructuring is a common method for digital economy enterprises to expand their scale of company, but most of them are not completely successful. This paper adopts the F-score model and selects enterprises that have completed M&A restructuring in 2016 or 2017 for empirical analysis. It is found that the financial risk of enterprises significantly increases in the year after the completion of M&A restructuring, and the level of financial risk of enterprises decreases in the fourth year after the M&A, but it does not significantly improve in a short period of time.