从“以商促投”到负责任投资:环境类负面报道下的海外并购  

From Investment through Business Connections to Responsible Investment:Chinese Overseas Mergers and Acquisitions amid Negative Environmental Media Coverage

作　　者：陈思翀[1] 王子瑜 余明桂 Chen Sichong;Wang Ziyu;Yu Minggui

机构地区：[1]中南财经政法大学金融学院和ESG研究所,湖北省武汉市430073

出　　处：《世界经济》2024年第10期31-60,共30页The Journal of World Economy

基　　金：国家自然科学基金面上项目(71973152);教育部人文社会科学重点研究基地重大项目(22JJD790009);国家社科基金哲学社会科学领军人才项目(22VRC086)的支持。

摘　　要：伴随企业将环境、社会及治理因素纳入投资决策,中国海外投资正从传统的“以商促投”向负责任投资的新范式进行转变。本文以2009-2022年中国企业海外并购事件为研究对象,考察了中国企业在环境类媒体负面报道下的海外投资合法性构建问题,并比较以商促投和负责任投资在负面报道下的不同作用。研究结果表明,针对中国企业的环境类负面报道,尤其是来自国际媒体的报道,显著降低了中国企业的海外并购成功率。与以商促投相比,中国企业在减排等领域的负责任投资即使在环境类负面报道下也具有更高的成功率。机制分析表明,负责任投资能减少东道国监管机构的介入可能性,并提升企业声誉,从而具有更高的成功率。本文揭示出负责任的海外投资不仅有利于共建清洁美丽新世界,还为解决长期困扰中国企业的媒体负面报道问题提供了新机遇。As companies incorporate environmental,social and governance factors into their investment decisions,Chinese overseas investments are transitioning from a traditional investmentdriven approach through a business connections model to a new paradigm of responsible investment.This paper takes Chinese overseas mergers and acquisitions(M&A)events between 2009 and 2022 as the subject of study and research,examining the legitimacy-shaping of Chinese companies’overseas investments against a background of negative environmental media coverage,and comparing distinct investment roles through business connections and responsible investment in response to negative media coverage.The study shows that negative environmental media coverage,especially from international sources,significantly decreases the success rate of Chinese companies’overseas M&A.Compared to investment made through business connections,Chinese companies’responsible green investment in areas such as emissions reduction exhibits higher success rates even against a background of negative media coverage.The mechanism analysis indicates that responsible green investment can reduce the likelihood of intervention by regulatory agencies in the host country and enhance corporate reputation,thereby elevating the success rate of M&A.The document essentially reveals that Chinese responsible overseas investment not only contributes to the joint construction of a new,cleaner and more beautiful world,but also presents new opportunities to address the ongoing issue of negative media coverage that has plagued Chinese companies.

关 键 词：以商促投 负责任投资 环境类负面报道 海外并购 中国企业 

分 类 号：F279.2[经济管理—企业管理] F125[经济管理—国民经济] F271[环境科学与工程—环境工程] X322