实质性转型升级还是策略性政策套利——绿色产业政策对工业企业绿色并购的影响

Substantive Transformation and Upgrading or Strategic Policy Arbitrage——Research on the Impact of Green Industry Policy on Green M&As of Industrial Enterprises

以2006—2018年的A股工业企业并购为研究对象,考察了绿色产业政策对企业绿色并购的影响,并以绿色并购前后企业绿色创新"质"与"量"的变化为切入点,探究了企业的绿色并购动机。研究发现:主并企业更倾向于对受绿色产业政策扶持的目标企业实施绿色并购,而且主并企业本身若未受到政策扶持,其倾向性会更强;绿色并购后,企业的绿色创新呈现"质""量"齐升—有"量"无"质"—"质""量"皆无的变化趋势;绿色并购中受政策扶持的目标企业会得到更多的财政补贴和税收优惠,这种并购规模偏小、标的质量偏低,显示出政策套利而非实质性转型升级的动机。

This article used the data of the M&As of China’s A-share industrial listed companies from 2006 to 2018 as the research objects,and then examined the impact of green industrial policies on green M&As of industrial enterprises.Meanwhile,we took the changes in the"quantity"and"quality"of green patent applications before and after green M&As as a starting point,and explored the real motives of enterprises’green M&As.The study found that companies were more inclined to implement green M&As on the target companies supported by green industry policies,and the companies without policies supported had stronger willingness.After the implementation of green M&As,company’s green innovation may show a trend of changes as,both"quality"and"quantity"rising——only having"quantity"——wihout both"quality"and"quantity".Further investigation found that,the targeted companies with policies supported would get more financial subsidies and tax incentives,and this kind of M&As had smaller scale and lower quality,which had revealed the motive of policy arbitrage,but not substantial transformation and upgrading.