Supply chain integrated merger and acquisitions(M&As)and firm energy performance  

作　　者：Fengxiang Zhao Bo Wang Mei Yu 

机构地区：[1]School of International Business,Southwestern University of Finance and Economics,Chengdu 611130,China [2]School of Business,Chengdu College of University of Electronic Science and Technology of China,Chengdu 611130,China

出　　处：《Chinese Journal of Population,Resources and Environment》2025年第1期27-39,共13页中国人口·资源与环境(英文版)

基　　金：supported by the following:the Fundamental Research Funds for the Central Universities of China[Grant No.JBK2406055];the 2024 Annual General Project of Humanities and Social Sciences Research by the Ministry of Education[Grant No.24XJA790005];the Cultivation Program of High-level Scholarly Representative Achievements for Graduate Students of Southwestern University of Finance and Economics[Grant No.JGS2024055].

摘　　要：This paper examines the impact of upstream merger and acquisition(M&A)activities driven by supply chain integration motives on firm energy performance.By developing a microlevel theoretical framework,we examine the intricate relationship between firms’upstream M&A strategies geared toward supply chain integration and their energy efficiency.We examine the impact of upstream M&A activities on energy performance using data from Chinese listed companies from 2007 to 2021.Our findings reveal that upstream M&A initiatives can enhance firms’energy efficiency,although there are discernible variations in the effects observed for M&A activities targeted downstream or within the same industry.By examining mechanisms,we elucidate the pivotal roles of input substitution effects and productivity enhancements through which upstream M&As boost energy performance.Furthermore,our analysis underscores the catalyzing impact of M&A activities in fostering collaborative innovation in green technologies among firms and suppliers,thus improving productivity and energy efficiency.We provide new microlevel evidence of the relationship between M&A transactions and corporate energy efficiency from upstream and downstream perspectives.

关 键 词：Supply chain integration Upstream M&As Energy performance 

分 类 号：F41[经济管理—产业经济]