Abstract: Enhancing supply chain efficiency is essential for smoothing the domestic and international dual circulation and promoting high-quality economic development. Drawing on a sample of A-share listed firms on the Shanghai and Shenzhen stock exchanges, this paper examines the impact of digital mergers and acquisitions (M&A) on supply chain efficiency. The findings indicate that digital M&A significantly improves supply chain efficiency. Mechanism analysis reveals that this improvement is achieved through optimizing supply-demand matching and stabilizing supply chain cooperative relationships. Heterogeneity analysis further shows that the positive effect is more pronounced when the acquiring firm is a non-digital enterprise or when it extends a high level of trade credit, as well as when the M&A is a mixed digital deal and the target is a digital technology application firm. Accordingly, a combination of differentiated guidance and targeted support should be adopted to strengthen policy backing for digital M&A and improve market mechanisms, thereby fully unleashing the potential of digital M&A in enhancing supply chain efficiency.

Key words: digital M&A;, supply chain efficiency, data resources, M&A type, M&A target