企业跨国并购与绿色创新能力:来自中国上市公司的证据

Cross-border M&As and Green Innovation Ability:Evidence from Chinese Listed Companies

双循环新发展格局下,为了推动中国绿色低碳发展和全球经济绿色复苏,需要进一步提高企业的绿色创新能力。本文以开展跨国并购的中国上市公司作为研究对象,实证分析了跨国并购对企业绿色创新能力的影响。结果表明,企业通过跨国并购嵌入外循环能够提升绿色创新能力,主要原因是跨国并购不仅促进了企业生产率的提升和海外业务的扩张,还促使企业实行自愿型环境规制。此外,企业环境责任可以对跨国并购影响绿色创新能力产生正向的调节作用,但是企业过高的供应商集中度或客户集中度会削弱跨国并购对绿色创新能力的正向影响;同时,企业所有制、所属行业、地理区位等异质性因素,使得跨国并购对企业绿色创新能力的影响存在差异。可见,跨国并购起到了衔接国内外循环的作用,该结论为中国在双循环新发展格局下提升企业绿色创新能力提供了理论依据和政策启示。

In order to promote the green and low-carbon development of China and the green recovery of global economy with the background of the new“dual circulation”development pattern,it is necessary to further improve enterprises’green innovation ability.Focusing on Chinese listed companies with cross-border M&As activities,this paper empirically analyzes the effect of cross-border M&As on enterprises’green innovation ability.The results reveal that cross-border M&As improve enterprises’green innovation ability because cross-border M&As not only increase productivity and expand overseas business,but also promote enterprises’voluntary environmental regulations.In addition,enterprises’environmental responsibility has a positive moderating effect on the relationship between cross-border M&As and green innovation ability;however,excessively high supplier or customer concentration of enterprises has a negative moderating effect.Besides,heterogeneous factors such as enterprise ownership,industries and geographical areas induce the differential effects of cross-border M&As on enterprises’green innovation ability.In conclusion,cross-border M&As play a significant role in connecting internal and external circulation,which provides a theoretical basis and policy implications for China to improve enterprises’green innovation ability with the background of the new“dual circulation”development pattern.