绿色并购是否促进了重污染企业绿色转型——基于A股上市公司绿色专利数据

Whether Green Mergers and Acquisitions have Promoted the Green Transformation of Heavily Polluting Enterprises Based on the green patent data of A-share listed companies

本文选取重污染行业作为样本,利用2013-2019年手工整理的上市公司绿色并购和绿色专利的数据,通过建立多元回归模型,对绿色并购与重污染企业绿色转型之间的关系进行实证分析。研究发现:绿色并购可以显著促进重污染企业的绿色转型,并且进行绿色并购的企业可以提高其社会责任评分,有助于促进企业绿色转型。进一步研究发现,非国有企业通过绿色并购进行企业绿色转型的积极性更高,东部和中部发达地区进行绿色并购的意愿强于西部地区。本文的研究结果也为重污染企业后续如何进行企业绿色转型提供了建议与启示。

This paper selects heavy polluting industries as a sample, and uses the data of green mergers and acquisitions and green patents of listed companies hand-collated from 2013 to 2019 to conduct an empirical analysis of the relationship between green mergers and acquisitions and the green transformation of heavily polluting enterprises by establishing a multi-regression model. The study found that green mergers and acquisitions can significantly promote the green transformation of polluting enterprises, and enterprises that carry out green mergers and acquisitions can improve their social responsibility scores, which helps to promote the green transformation of enterprises. Further research found that non-state-owned enterprises are more motivated to carry out green transformation through green mergers and acquisitions, and the willingness to carry out green mergers and acquisitions in developed areas in the east and central regions is stronger than in the western regions. The research results of this paper also provide suggestions and enlightenment for heavy polluting enterprises on how to carry out the green transformation of enterprises in the future.