并购能否提升企业环境绩效?

Can Mergers and Acquisitions Improve Enterprises,Environmental Performance?

在推动“绿色发展”、建设“美丽中国”的战略部署下,中国制造业企业亟须实现绿色转型升级。并购能否成为推动企业绿色发展的重要途径?基于2000—2020年制造业上市企业数据,考察并购对目标企业环境绩效的影响,并探讨其影响机制。研究结果表明,并购能够显著改善目标企业环境绩效,特别是独立董事占比、两权分离度以及股权集中度较高的目标企业,并购对其环境绩效的积极作用更强。进一步的机制分析结果表明,并购能够促使目标企业加大研发投入强度来促进其技术创新、通过降低经理人代理成本以及抑制大股东侵占来改善其环境治理效率,进而提升目标企业的环境绩效。研究结果表明,在供给侧改革背景下,并购能够成为推动企业绿色发展的可行路径。

Under the strategic deployment of“green development”and“Beautiful China”,Chinese manufacturing enterprises are in urgent need to achieve green development and transformation.Can mergers and acquisitions become an important way to promote the green development of enterprises?Based on the data of listed manufacturing enterprises from 2000-2020,this paper examines the impact of mergers and acquisitions on the environmental performance of the target enterprises,and discusses its impact mechanism.The study found that mergers and acquisitions can significantly improve the environmental performance of the target enterprises,especially the target enterprises with independent directors,two power separation degree and high equity concentration,and mergers and acquisitions have a stronger positive role on their environmental performance.Further mechanism analysis found that mergers and acquisitions can promote target enterprises to increase the intensity of R&D investment and promote their technological innovation,improve their environmental governance efficiency by reducing the manager agency costs and inhibiting the encroachment of major shareholders,and thus improve the environmental performance of target enterprises.The results show that under the context of supply-side reform,mergers and acquisitions can become a feasible path to promote the green development of enterprises.