环境规制、绿色并购与环境绩效
Environmental regulation,green M&A and environmental performance
查看参考文献41篇
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文摘
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企业绿色并购行为是实现"双碳"目标的重要微观机制,但其实施动机和对企业环境绩效的影响尚不明确.本文以《环境空气质量标准》的分阶段实施为外生冲击,考察环境规制政策对污染上市企业绿色并购的影响.研究发现《环境空气质量标准》的实施能显著提高污染企业绿色并购概率,并且绿色并购带来了企业绿色创新水平的显著提升以及环境绩效的改善.进一步研究发现绿色目标企业并未集中于环境规制强度弱的地区,排除了污染转移的替代性解释.同时,《环境空气质量标准》激励的绿色并购具有重大并购占比高、关联并购占比低,业绩承诺金额少的特征,在一定程度上排除了"漂绿"工具的替代性解释.最后,《环境空气质量标准》下的绿色并购主要发生在非国有企业和外部关注度高的企业.本文对绿色并购行为进行深入考察,这对理解环境治理压力下的企业具体应对策略具有积极意义,也为深化环境治理体制改革提供有益借鉴. |
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其他语种文摘
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Green merger and acquisition (M&A) is an important mechanism to achieve carbon peaking and carbon neutrality goal,but its motivation and environmental effects remain unclear.This paper uses the quasi-natural experiment of the segmented implementation of the ambient air quality standard as the exogenous impact to test the impact of environmental regulation on green M&A decisions of listed companies.It is found that the implementation of ambient air quality standards can significantly improve the probability of green M&A of heavily polluting firms,and cause a significant improvement on firms' green innovation achievements and environmental performance.Further research shows that the green M&As are not concentrated in target areas with relatively lax environmental regulation,which eliminates the alternative explanation of pollution transfer through green M&A.Meanwhile,the green M&As promoted by ambient air quality standard are characterized by low proportion of related M&A,high proportion of major M&A and low proportion of performance commitments,which goes some way towards indicating that green M&As are not a "greenwashing".Finally,the green M&As promoted by ambient air quality standard mainly occur in non-state-owned firms and firms with high external attention.This paper makes an in-depth analysis of green M&A behaviors,which has enlightening significance for understanding the specific coping strategies of firms under the pressure of environmental governance policy,and also provides a useful reference for deepening the reform of environmental governance system. |
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来源
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系统工程理论与实践
,2023,43(5):1267-1284 【核心库】
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DOI
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10.12011/SETP2022-1505
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关键词
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空气污染治理
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绿色并购
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环境绩效
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漂绿
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绿色创新
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地址
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1.
同济大学经济与管理学院, 上海, 200092
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湖南大学工商管理学院, 长沙, 410012
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长沙县发展和改革局, 长沙, 410199
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语种
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中文 |
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文献类型
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研究性论文 |
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ISSN
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1000-6788 |
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学科
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社会科学总论 |
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基金
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国家自然科学基金
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文献收藏号
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CSCD:7493792
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