Digital M&A, known as digital merger and acquisition, is a vital tool for companies to achieve digital transformation and play an essential role in sustainable development. Corporate digital M&A is inseparable from financial support. Therefore, based on the M&A data of Chinese A-share listed companies from 2011–2020, this paper systematically analyzes the impact effect of digital finance on corporate digital M&A in combination with the Peking University Digital Inclusive Finance Index. The results show that: (1) Digital finance development contributes to the implementation of digital M&A by enterprises, and the higher the level of development, the more likely enterprises are to engage in digital M&A. (2) Financing constraints and the innovation capacity play a partially intermediary role between digital finance and digital M&A. (3) Executive age and internal control negatively moderate the relationship between digital finance and digital M&A, and bank competition positively moderates the relationship. These research findings provide useful lessons for promoting digital M&A and accelerating digital transformation in enterprises.

In the context of the digital economy, the external connection of executives provides enterprises with a good idea to amplify their potential for digital transformation with the help of external forces. Therefore, we conduct a theoretical exploration and an empirical analysis of the relationship between executive connections and enterprise digital transformation. As the research sample, we use the A-share manufacturing companies listed in China from 2012 to 2021. According to sufficient verifications, we discover that executive connections can effectively support digital transformation. From the perspective of each subdivision dimension, executive business connections, executive technical connections, and executive financial connections can significantly promote digital transformation, among which executive technical connections have the greatest favorable impact. However, the impact of executive political connections on digital transformation is not obvious. Additionally, executive connections primarily foster enterprise digital transformation by reducing enterprise asset specificity. The results of the boundary mechanism test demonstrate that the external environmental dynamics and the internal dynamic capabilities reinforce the positive effect of executive connections on digital transformation. These findings contribute to a deeper understanding of the role of executive connections in digital transformation and provide practical guidance for firms to accelerate digital transformation.