目标方ESG表现与收购方企业价值关系研究  

Research on the Relationship Between Target's ESG Performanceand Acquirer's Enterprise Value

作　　者：李鑫楠 冯金丽[1] LI Xinnan;FENG Jinli*(School of Economics and Management,Guangxi University of Science and Technology,Liuzhou 545006,China)

机构地区：[1]广西科技大学经济与管理学院,广西柳州545006

出　　处：《商业观察》2024年第17期21-26,共6页BUSINESS OBSERVATION

基　　金：广西哲学社会科学规划研究课题(21FYJ045);广西工业高质量发展研究中心开放基金项目。

摘　　要：随着双碳政策落地和可持续发展理念深入人心,良好的企业ESG表现成为反映企业价值和声誉的积极信号。现有学者侧重ESG表现与自身企业价值关系,影响机制和异质性研究,还有部分学者探讨收购方ESG表现对并购绩效及自身企业价值的影响等方面,但从并购主体之间价值共创的更深视角考察其价值增值的根源,收购方价值提升不仅受到自身ESG表现的影响,也来自于目标方ESG表现的影响,且后者呈现出愈加明显的趋势。目前研究目标方ESG表现对收购方企业价值的文献较少,在归纳总结ESG表现与自身企业价值关系的相关研究成果的基础上,提出未来应重点关注资本市场企业绿色并购行为,立足前沿趋势,深入研究数字化水平、行业竞争等多元化因素对目标方ESG表现与收购方企业价值关系的影响机制,践行ESG信息披露,进一步完善和细化ESG评估指标,引导资本绿色发展。With the implementation of dual-carbon policy and the deepening of the concept of sustainable development,a good ESG performance has become a positive signal reflecting enterprise value and reputation.Existing scholars focus on the relationship between ESG performance and its own value,the impact mechanism,and heterogeneity research.Some scholars also explore the impact of the acquirer's ESG performance on M&A performance and its own value.However,from a deeper perspective of the co-creation of value between M&A entities,the root of value enhancement is examined.The value enhancement of acquirer is not only influenced by its own ESG performance,but also by the target's ESG performance,and the latter shows an increasingly obvious trend.Currently,there is limited literature on the impact of the target's ESG performance on the acquirer's enterprise value.Based on the summary of research results related to the relationship between ESG performance and its own value,it is proposed to focus on green M&A behavior in the capital market in the future,apply itself to the frontier trend,deeply study the impact mechanism of factors such as digitalization level and industry competition on the relationship between target's ESG performance and acquirer's enterprise value,practice ESG information disclosure,further improve and refine ESG evaluation indicators,and guide the green development of capital.

关 键 词：并购 ESG表现 企业价值 研究综述 

分 类 号：F270[经济管理—企业管理] F272.3[经济管理—国民经济]