绿色并购对企业环境绩效的影响——绿色技术创新的中介作用

Impact of Green M&A on Corporate Environmental Performance

随着国家“双碳”目标的提出,绿色并购受到企业管理层的青睐,但对绿色并购与企业环境绩效之间关系的研究尚有待深化。本文基于2012—2020年沪深A股重污染行业发生过并购交易的企业为研究对象,实证分析绿色并购与企业环境绩效间关系及其作用机理。研究发现:绿色并购能改善重污染企业环境绩效,绿色技术创新在这两者之间发挥中介作用;与非高新技术企业和低研发投入强度企业相比,高新技术企业和高研发投入强度企业实施绿色并购后企业环境绩效的改善效果更显著。因此建议:积极宣传绿色并购,推动绿色转型升级;重视绿色技术创新,发挥技术协同效应;适当放宽融资约束,助力企业实现企业效益与环境绩效“双赢”。

With the proposal of the national"dual carbon"goal,green M&A is favored by the management,but the research on the relationship between green M&A and corporate environmental performance still needs to be deepened.Based on the enterprises that have undergone M&A transactions in Shanghai and Shenzhen A-share heavy pollution industries from2012 to 2020,this paper empirically analyzes the relationship between green M&A and corporate environmental performance and its mechanism.The results show that green M&A can improve the environmental performance of heavy pollution enterprises,and green technology innovation plays an intermediary role between them;compared with non-hightech enterprises and enterprises with low R&D investment intensity,the environmental performance of high-tech enterprises and enterprises with high R&D investment intensity after implementing green M&A is more significant.Therefore,it is suggested to actively publicize green M&A,promote green transformation and upgrading;attach importance to green technology innovation,give full play to technology synergies;and appropriately relax financing constraints to help enterprises achieve"win-win"of enterprise benefits and environmental performance.