企业ESG表现与绿色并购溢价:促进还是抑制

Enterprise ESG Performance and Green M&A Premium:Promoting or Inhibiting?

近年来,绿色并购成为企业积极响应生态文明建设的重要方式。以2010—2022年A股上市公司绿色并购为样本,分析了主并企业ESG表现对绿色并购溢价的影响。研究发现,主并企业ESG表现好、并购双方ESG匹配度高可以抑制绿色并购溢价。机制分析发现,主并企业ESG表现好可以降低其内外部之间的信息不对称程度、提高其声誉、减少其管理者的自利行为,从而可抑制绿色并购溢价。异质性分析发现,主并企业ESG表现对绿色并购溢价的抑制作用在纵向并购和混合并购中更显著,目标企业为重污染企业也更显著。此外,主并企业ESG表现越好、并购双方ESG匹配度越高,并购后主并企业的商誉减值计提越少。为此,政府应建立更明确的ESG评估体系和更详细的ESG披露要求,企业应更积极地履行社会责任,以抑制绿色并购溢价。

In recent years,green M&A has become an important way for enterprises to respond actively to ecological civilization construction.Taking the green M&A of A-share listed enterprises from 2010 to 2022 as samples,this paper analyzes the impact of the ESG performance of the active acquiring enterprises on the green M&A premium.The findings show that the good ESG performance of the acquiring enterprise or the high ESG matching degree of the merger and acquisition parties can inhibit the green M&A premium.The mechanism analysis indicates that the good ESG performance of the acquiring enterprise can reduce the degree of internal and external information asymmetry,enhance corporate reputation,reduce managers’self-serving behaviors,so as to inhibit the green M&A premium.The heterogeneity analysis reveals that the inhibitory effect of ESG performance of the acquiring company on the premium of green mergers and acquisitions is more significant in vertical and mixed mergers and acquisitions,and it is also more significant in the target companies that are heavily polluting.In addition,the better ESG performance of the acquiring enterprises,the higher degree of the matching between both sides of the M&A,the less impairment provision for goodwill of the acquiring company after M&A.Therefore,the government should establish a clearer ESG evaluation system and more detailed ESG disclosure requirements,and enterprises should fulfil their social responsibilities more actively,so as to inhibit the green M&A premium.