目标方ESG表现对收购方企业价值的影响研究  

A Study on the Impact of Target's ESG Performance on Acquirer's Enterprise Value

作　　者：李鑫楠 冯金丽[1] 姜梦雅 Li Xinnan;Feng Jini;Jiang Mengya(Guangxi University of Science and Technology,Guangxi 545006)

机构地区：[1]广西科技大学,广西545006

出　　处：《中国资产评估》2024年第9期35-45,共11页Appraisal Journal of China

基　　金：广西哲学社会科学规划研究课题“广西融入中国-东盟区域价值链对制造业转型升级的影响与深化路径研究”(21FYJ045);广西工业高质量发展研究中心开放基金项目“产业互联网对广西制造业价值链升级的作用与对策研究”资助。

摘　　要：本文从价值链竞争与合作视角切入,构建多期DID模型,基于2010-2021年沪深A股上市公司并购及财务数据,考察了并购目标方ESG表现对收购方企业价值的影响及其机制。研究发现,收购具有ESG评级的企业,将通过价值链竞争与合作引发的财务性溢价效应、美誉度溢价效应促进收购方企业价值提升;目标方ESG评级越高,对收购方企业价值提升程度越大。在替换被解释变量、调整样本区间、解决异质性处理效应问题、排除其它政策干扰后结果依然稳健。机制检验结果表明,实践中竞争驱动机制和合作促进机制均发挥显著作用,目标方ESG表现通过这两项机制均能有效提升收购方企业价值。为进一步增强目标方ESG表现对收购方企业价值提升的促进作用,并购双方应践行ESG信息披露,提高绿色并购效率;收购方应顺应行业竞争趋势,加快数字化转型步伐;监管层和评级机构要加强扶持监管,规范引导资本绿色发展.From a perspective of value chain competition and cooperation,this paper constructs a multi-period DID model and examines the impact of ESG performance of the acquisition target on the enterprise value of the acquiring company,as well as its mechanisms,based on M&A and financial data of A-share listed companies in the Shanghai and Shenzhen Stock Markets from 2010 to 2021.Research findings reveal that the acquisition of enterprises with ESG ratings will enhance the value-creation effect through competitive and cooperative competition in the value chain,as well as the reputation premium effect,thus promoting the value improvement of the acquiring enterprise;and the greater the target's ESG rating,the more significant the value enhancement for the acquiring enterprise.Following the replacement of the explanatory variable,the adjustment of sample intervals,the handling of heteroscedasticity effects,and the exclusion of other policy confounders,the results remain robust.Mechanism-based evaluations reveal that both competitive and collaborative mechanisms play significant roles in practice.By leveraging these mechanisms,target companies'ESG performance can effectively enhance the value of acquiring firms.To further enhance the ESG performance of the target company as an incentive for value enhancement in the acquisition,both parties should practice ESG disclosure,enhancing the efficiency of green acquisitions.The acquiring party should adapt to industry competition trends,accelerating its digital transformation pace.Regulatory bodies and rating agencies should strengthen supportive regulation to promote capital's green development in a regulated manner.

关 键 词：ESG表现 企业价值 企业并购 行业竞争 数字化转型 

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