绿色并购的绿色创新效应:策略逢迎还是实质转型

The Green Innovation Effect of Green Mergers and Acquisitions:Strategic Fitting or Substantial Transformation

随着国家生态文明战略的推进,绿色并购成为重污染企业实现转型升级的重要方式,但企业实施绿色并购的真实目的仍需验证。本文基于2008—2020年沪深A股中国上市公司数据考察绿色并购对重污染企业绿色创新的影响,借此探究企业实施绿色并购的真正动机。研究发现:绿色并购能够促进实质性绿色创新,且具有持续性;从作用机制来看,绿色并购行为有助于企业获得政府资金扶持,从而缓解绿色创新所面临的融资约束。进一步研究发现:对非国有企业、环境执法强度较低地区的企业以及绿色发展水平较高地区的企业而言,绿色并购对实质性绿色创新的促进作用更强。本文从并购动机角度丰富了绿色并购经济后果相关领域的研究,可以为重污染企业转型发展的战略选择提供有益参考。

With the promotion of the national ecological civilization strategy,green M&A has become an impor-tant way for heavy polluters to achieve transformation and upgrading,but the real purpose of companies implementing green M&A still needs to be verified.This paper examines the impact of green M&A on green innovation of heavy pol-luters based on the data of Chinese listed companies in Shanghai and Shenzhen A-shares from 2008 to 2020,as a way to explore the real motives of companies to implement green M&A.The study finds that green M&A can promote sub-stantive green innovation and is sustainable;in terms of the mechanism of action,green M&A behavior helps compa-nies to obtain government funding support,thus alleviating the financing constraints faced by green innovation.Further research finds that green M&A is a stronger catalyst for substantive green innovation for non-state owned firms,firms in regions with lower intensity of environmental enforcement,and firms in regions with higher levels of green develop-ment.This paper enriches the research in areas related to the economic consequences of green M&A from the perspec-tive of M&A motives,which can provide useful references for the strategic choice of transformation and development of heavy polluters.