双向业绩反馈会影响重污染企业绿色并购时机吗?

Will Bidirectional Performance Feedback Affect the Timing of Green M&A of Heavy Polluting Enterprises?

重污染企业并购行为中存在绿色并购和非绿色并购两种类型。本文以业绩反馈为切入点,研究双向业绩反馈作用于绿色并购的时机。基于2010-2018年重污染企业并购数据的实证检验结果显示,与非绿色并购相比,双向业绩反馈与绿色并购倾向之间均存在倒U型关系,即当正向业绩反馈触发冗余搜索或负向业绩反馈启动问题搜索后,中度业绩差距是重污染企业开展绿色并购的最佳时机。进一步分析发现,在组织结构惰性大的企业中,双向业绩反馈对绿色并购时机的影响都将减弱;当高管具有绿色经历及地方政府财政压力大时,双向业绩反馈对绿色并购时机的影响更强。

There are two types of mergers and acquisitions(M&As)of heavy polluting enterprises:green M&A and non-green M&A.This paper takes performance feedback as the starting point to study bidirectional performance feedback on the timing of green M&A.Based on the M&A data of heavy polluting enterprises from 2010 to 2018,the empirical test shows that compared with non-green M&As,there is an inverted U-shaped relationship between bidirectional performance feedback and green M&As tendency.In other words,when the positive performance feedback triggers the redundant search or negative performance feedback initiates the problem search,the medium performance gap is the best time for heavy polluting enterprises to carry out green M&As.Further,in enterprises with strong organizational structural inertia,the impact of bidirectional performance feedback on the timing of green M&A would be weakened;when senior executives have green experience and local governments are under great financial pressure,the impact of bidirectional performance feedback on the timing of green M&As is stronger.