Data for: The Impact of Fintech M&A on Stock Returns

Technological development plays a crucial role in financial sector by allowing firms to create value in a rapidly changing environment. The acquisitions of firms related to financial technologies (fintech) is one of the ways to obtain vital knowledge. By examining the growing role of fintech companies in the recent mergers and acquisitions (M&A) from an investor point of view, this paper contributes to the existing literature by investigating the post-acquisition performance of the acquirer firms measured by abnormal returns. We discovered significant positive abnormal return in the short-term and negative return in the long-term using event study methodology. The specifics of cross-border acquisitions, the level of the domestic market development of the acquirer, and other characteristics of M&A deals are considered in order to explain the reaction of investors to announcements of fintech firms’ acquisitions. The determinants of corresponding M&A deals on emerging and developed markets were revealed. The data supports the findings of the paper.技术发展在金融领域发挥着至关重要的作用，可助力企业在快速变化的市场环境中创造价值。收购金融科技（fintech）相关企业，是获取核心知识的重要途径之一。本文从投资者视角出发，探究近期并购（mergers and acquisitions，M&A）市场中金融科技企业日益凸显的作用，并通过以异常收益率为衡量指标的收购方企业收购后绩效分析，丰富了现有相关研究文献。本文采用事件研究法（event study methodology），研究发现短期存在显著为正的异常收益率，而长期则呈现负向异常收益率。为解释投资者对金融科技企业收购公告的市场反应，本文纳入了跨境收购的具体特征、收购方所在国内市场的发展水平，以及并购交易的其他相关特征等因素。本文还揭示了新兴市场与发达市场中相关并购交易的决定因素。本次研究所用数据验证了本文的研究结论。