火电企业绿色并购绩效的异质性研究

Research on the Heterogeneity of Green M&A Performance of Thermal Power Companies

绿色并购是绿色经济下的火力发电企业绿色转型的重要途径。选取2016—2020年火力发电行业26家上市公司的并购信息,分析了并购标的企业的主营业务、并购行为的目的、并购对环境可能带来的影响。先将企业并购行为分类为绿色、非绿色并购,又在绿色并购中进一步细分出“深绿色”“浅绿色”并购。以累计超额报酬(CAR)和持有超额收益(BHAR)对火电企业并购的绩效进行了异质性分析。研究发现:绿色并购的绩效在短期和长期上都优于非绿色并购;“深绿色”并购的绩效在短期上略劣于“浅绿色”并购,而在长期绩效的发展潜力上则略优于“浅绿色”并购。

Green mergers and acquisitions(M&A)is an important way for the green transformation of thermal power enterprises under the green economy.Based on the M&A information of 26 listed companies in the thermal power industry from 2016 to 2020,this paper analyzed the main business of the target enterprise,the purpose of M&A behavior,and the possible impact of M&A on the environment.Firstly,the enterprise M&A behavior was classified into green and non-green M&A,and then further divided into“dark green”and“light green”M&A in green M&A.The heterogeneity of M&A performance of thermal power enterprises was analyzed by cumulative excess return(car)and holding excess return(BHAR).The results showed that the performance of green M&A was better than that of non-green M&A in the short and long term;The performance of“dark green”M&A was slightly worse than that of“light green”M&A in the short term,but slightly better than that of“light green”M&A in the long term.