绿色并购对中国高耗能行业上市企业绩效的影响

The Impact of Green M&A on Enterprise Performance:An Empirical Study Based on Chinese Listed Energy-Intensive Firms

随着环境问题的日益严峻,绿色发展成为我国社会经济发展的关键理念之一,在此背景下,我国企业绿色并购事件数量呈逐年上升趋势。通过对以高耗能行业上市企业为例的绿色并购经济和社会绩效的实证分析后发现,企业可以通过绿色并购显著提升其经济绩效,其中,国有企业为了更好地承担环境保护责任,在进行绿色并购时可能会牺牲一些短期经济利益,但该决策并不会对其长期经济绩效造成影响;另一方面,企业进行绿色并购后社会绩效并没有显著改善,究其原因可能是绿色并购社会绩效存在一定的滞后效应或者某些企业以环境保护为噱头进行经济利益输送。总之,绿色并购是现实背景下企业转型发展的一项新的选择,政府相关部门应当更加积极有效地进行政策引导与规范,真正推进我国的生态文明建设。

With environmental issues being increasingly serious,green development has become one of the key ideas in Chinese social development progress.Analyzing the economic and social performance of Green M&A in energy-intensive industry,this paper finds that enterprises can significantly improve their economic performance through Green M&A.State-owned enterprises may sacrifice some short-term economic benefits in order to take more environmental protection responsibilities,but this decision will not affect the long-term economic performance of enterprises.In addition,the social performance of enterprises of Green M&A is not obvious.The reason may be that there is lagging effect in the social performance of Green M&A or that some enterprises use environmental protection as a gimmick to transfer economic benefits.In a word,Green M&A is a new choice for enterprises,and the government as well as related departments should guide and standardize policies more actively and effectively to promote the process of ecological civilization construction in China.