企业跨国并购对绿色创新能力的影响——基于中国A股上市公司的实证研究  

The Impact of Corporate Cross-border Mergers and Acquisitions on Green Innovation Capability-An Empirical Study Based on Chinese A-share Listed Companies

作　　者：张倩怡 罗启烨 冯思佳 Zhang Qianyi;Luo Qiye;Feng Sijia(School of International Business,South China Normal University,Foshan,Guangdong,528225;School of Economics,Guangdong University of Technology,Guangzhou,Guangdong 510520)

机构地区：[1]华南师范大学国际商学院,广东佛山528225 [2]广东工业大学经济学院,广东广州510520

出　　处：《中国商论》2024年第12期80-84,共5页China Journal of Commerce

摘　　要：在双碳目标和双循环发展格局下,企业绿色转型是必然趋势,而绿色创新能力是实现绿色转型的关键要素。本文基于2010—2022年跨国并购的中国A股上市公司的样本,实证检验了跨国并购对绿色创新能力的影响,并通过企业社会责任表现探究其影响机制。研究发现:第一,跨国并购显著提高了企业绿色创新能力;第二,机制分析显示,跨国并购能通过加强企业社会责任表现来促进绿色创新能力的增长;第三,相比非国有企业,跨国并购更能提升国有企业的绿色创新能力;跨国并购显著提高制造业企业的绿色创新能力,但对于非制造业企业不显著。该结论进一步完善了跨国并购对绿色创新能力的机制研究,为中国上市公司利用跨国并购实现绿色转型提供了参考价值。Under the background of the“dual carbon”goals(peaking carbon emissions before 2030 and achieving carbon neutrality before 2060)and the“dual circulation”development pattern(domestic and overseas markets reinforce each other,with the domestic market as the mainstay),the green transformation of enterprises is an inevitable trend,and green innovation capability is the key element to achieve green transformation.Based on a sample of Chinese A-share listed companies that have conducted cross-border mergers and acquisitions(M&A)from 2010 to 2022,the study empirically examines the impact of cross-border M&A on green innovation capability and explores the mechanism of its influence through corporate social responsibility(CSR)performance.The research shows that:First,cross-border M&A can significantly enhance the green innovation capability of enterprises.Second,mechanism analysis indicates that cross-border M&A can promote the growth of green innovation capability by strengthening CSR performance.Third,compared to non-state-owned enterprises,cross-border M&A can better improve the green innovation capability of state-owned enterprises;cross-border M&A significantly enhances the green innovation capability of manufacturing enterprises,but it is not significant for non-manufacturing enterprises.The conclusion further improves the mechanism research on the impact of cross-border M&A on green innovation capability and provides reference value for Chinese listed companies to achieve green transformation through cross-border M&A.

关 键 词：跨国并购 绿色创新能力 企业社会责任 可持续发展 企业绿色转型 

分 类 号：F205[经济管理—国民经济]