绿色并购与重污染企业创新投资——基于合法性视角的分析  

Green M&A and Innovation of Heavy Polluting Enterprises:Analysis from the Perspective of Legitimacy

作　　者：凌润泽 潘爱玲[2] 张国珍 LING Runze;PAN Ailing;ZHANG Guozhen(School of Business,Renmin University of China,Beijing 100872 China;School of Management,Shandong University,Jinan 250100 China;School of Economics and Management,Taiyuan University of Technology,Taiyuan 030024 China)

机构地区：[1]中国人民大学商学院,北京100872 [2]山东大学管理学院,山东济南250100 [3]太原理工大学经济管理学院,山西太原030024

出　　处：《商业经济与管理》2024年第5期55-67,共13页Journal of Business Economics

基　　金：国家社会科学基金重点项目“企业绿色并购的驱动因素、决策选择与长效机制研究”(19AGL010);山东大学人文社会科学研究重大项目“跨国并购赋能我国产业链现代化的实现路径与长效机制研究”(23RWZD15);中国博士后科学基金面上项目“企业实施供应链金融战略的债务风险缓释效应及经济后果研究”(2023M743855)。

摘　　要：在“双碳”目标下,绿色并购逐渐成为企业推进绿色转型实现高质量发展的重要方式,引起了越来越多的重视。以2010-2020年A股上市重污染企业为样本进行的实证检验发现,绿色并购能促进重污染企业的研发投资,CEO环保经历具有正向调节效应;绿色并购对研发投资的促进作用源于绿色并购能够提高企业的合法性地位,从而获得政府补助、税收优惠和债务融资等政府和市场的资源支持;企业绿色并购后更愿意履行环境责任和披露环保“硬”信息以维持合法性提高带来的创新资源禀赋;绿色并购对研发投资的促进作用也提升了企业的技术创新和绿色技术创新水平以及企业价值。上述研究为绿色并购促进企业创新的内在机制提供了学理支持,也为“双碳”背景下重污染企业如何通过绿色并购实现绿色转型提供了决策参考。Under thedual-carbon goal Green M&A has become an important strategy for corporate green transformation and innovative development attracting more and more attention.This paper uses the data of listed heavily polluting enterprises from 2010 to 2020 and explores the impact of Green M&A on the innovation investment of heavily polluting enterprises.We find that Green M&A can significantly increase the innovation investment of heavily polluting companies.CEOs environmental protection experience has a positive moderating effect.The mechanism test finds that the enhancement effect of Green M&A on innovation stems from the fact that Green M&A can enhance the legal status of enterprises thereby obtaining government and market resource support such as government subsidies tax incentives and debt financing.In order to maintain the innovation resource endowment brought about by the legitimacy after Green M&A enterprises are more willing to perform environmental social responsibilities and disclosehard information on environmental protection for to maintain their legal status.The promotion effect of green M&A on R&D investment also improves the level of technological innovation and green technology innovation of enterprises as well as the value of enterprises.Our research provides theoretical support for the internal mechanism of green M&A to promote enterprise innovation and also provides decision-making reference for heavy polluting enterprises in realizing green transformation through green M&A under the background ofdouble carbon.

关 键 词：绿色并购 创新 合法性 资源获取 CEO环保经历 

分 类 号：F270[经济管理—企业管理]