双碳背景下CEO开放性与重污染企业绿色并购

CEO Openness and Green M&A of Heavy-polluting Enterprises in the Context of the Carbon Peaking and Carbon Neutrality Policy

双碳背景下重污染企业的绿色转型是必然趋势,而CEO在绿色转型中起着至关重要的作用。基于2015—2019年重污染企业并购数据,研究了双碳政策实施以来CEO开放性对重污染企业绿色并购的影响及其机制。研究发现:CEO开放性越高,重污染企业发起绿色并购的可能性越大;高管团队绿色注意力和短视倾向在CEO开放性对绿色并购的影响上起到部分中介作用;同时,CEO权力削弱了CEO开放性对高管团队绿色注意力的积极影响。另外,CEO开放性的提高会促进重污染企业绿色并购并抑制普通并购,尽管重污染企业的绿色并购在短期内不会增加实质性绿色创新,但有助于提升企业价值。异质性分析发现,CEO开放性的提高对绿色并购的促进作用在国有企业、高风险承担企业、低环境监管省份企业以及高行业期望绩效顺差企业中更大。因此,重污染企业在鼓励开放性CEO开展绿色并购的同时,要健全企业高管间的沟通机制,适当抑制CEO权力的过度使用,强化企业绿色发展意识,借助绿色并购实现企业绿色转型。

In the context of the carbon peaking and carbon neutrality policy,the green transformation of heavy-polluting enterprises is an inevitable trend,and the CEO plays a crucial role in the process.Based on the M&A data of heavy-polluting enterprises during 2015-2019,this paper examines the impact of CEO openness on green M&A of heavy-polluting enterprises and its mechanism since the implementation of the carbon peaking and carbon neutrality policy.This paper finds that CEO openness increases the possibility of heavy-polluting enterprises’green M&A,and the green attention and short-sightedness of executives play a mediating role in the impact of CEO openness on green M&A;CEO power weakens the positive effect of CEO openness on the green attention.Meanwhile,CEO openness promotes green M&A and reduces common M&A among heavy-polluting enterprises.Although green M&A among heavy-polluting enterprises does not increase substantial green innovation in the short term,it increases firm value.Heterogeneity analysis shows that the positive effect of CEO openness on green M&A is more significant in state-owned enterprises,firms with high risk-taking levels,firms in provinces with low environmental regulation,and firms with high industrial performance expectation surplus.Therefore,while encouraging CEOs to carry out green M&A,heavy-polluting enterprises should also improve the communication mechanism between executives,inhibit the excessive use of CEO power,and strengthen the awareness of green development,to realize green transformation through green M&A.