中国工业企业跨国并购对产业绿色转型的影响——基于节能减排视角  

The impact of cross-border mergers and acquisitions by Chinese enterprises on industrial green transformation:From the perspective of energy saving and carbon reduction

作　　者：万筱雯 杨波[2,3] 柯佳明 WAN Xiaowen;YANG Bo;KE Jiaming(School of Law and Economics,Wuhan University of Science and Technology,Wuhan 430065,China;School of Economics,Zhongnan University of Economics and Law,Wuhan 430073,China;Institute of Multinational Corporations,Zhongnan University of Economics and Law,Wuhan 430073,China)

机构地区：[1]武汉科技大学法学与经济学院,武汉430065 [2]中南财经政法大学经济学院,武汉430073 [3]中南财经政法大学跨国公司研究所,武汉430073

出　　处：《资源科学》2025年第2期389-401,共13页Resources Science

基　　金：教育部人文社会科学研究规划基金项目(23YJA790092);湖北省社会科学基金一般项目(HBSKJJ20243186);湖北省教育厅哲学社会科学研究青年项目(23Q090)。

摘　　要：【目的】为了打造具有全球竞争力的现代化产业体系,中国工业企业需要通过绿色转型来塑造国际竞争的新优势,因此本文将探究中国工业企业能否通过跨国并购衔接国内外资源,从而实现产业节能减排和绿色转型的发展目标。【方法】在构建数理模型的基础上,使用中国2000—2022年产业层面的面板数据,运用双向固定效应模型实证探究工业企业跨国并购对产业节能减排的影响,进而分析工业企业跨国并购影响产业绿色转型的作用机制。【结果】(1)中国企业跨国并购能够减少产业碳排放规模和能源使用规模,即有助于推动产业绿色转型;(2)跨国并购促进产业绿色转型主要通过国际环境规制、产业技术转换能力和产业结构升级效应等渠道得以实现;(3)异质性分析表明在经济发展水平较高的国家进行跨国并购会促进产业节能减排,并且产业内跨国并购和具显性比较优势产业的跨国并购更易体现出绿色转型的成效。【结论】中国政府应促进工业企业发挥跨国并购在产业绿色转型过程中的积极作用,根据产业特征和环境规制制订差异化的跨国并购促进政策,同时鼓励企业面向国际市场学习先进技术,通过产业结构升级促进绿色转型。[Objective]In order to build a modern industrial system with global competitiveness,China needs to develop some new advantages to participate in the global market by green transformation.This study explored whether China can connect domestic and international resources through cross-border mergers and acquisitions(M&As),to achieve the development goals of energy saving,carbon reduction and green transformation.[Methods]Based on a mathematical model and the panel data at the industry level for China from 2000 to 2022,this study used the two-way fixed effects model to analyze the impact of cross-border M&As on industrial energy saving and carbon reduction and mechanism.[Results](1)Chinese enterprise cross-border M&As can reduce the carbon emissions and energy consumption,and help to promote the industrial green transformation.(2)It is affected by factors such as international environmental regulation,the ability of industrial technology transformation,and the upgrading of industrial structure.(3)Heterogeneity analysis showed that the effect of cross-border M&As on green transformation is significant for host countries with relatively high level of economic development,or for the same industries and revealed comparative advantage industries.[Conclusion]The Chinese government should play a positive role in cross-border M&As in the process of industrial green transformation,formulate differentiated policies to promote cross-border M&As according to the industrial characteristics and international environment,and encourage enterprises to learn advanced technologies in the international market,which can promote green transformation through upgrading industrial structure.

关 键 词：跨国并购 绿色转型 节能减排 低碳发展路径 双循环 固定效应模型 

分 类 号：F425[经济管理—产业经济] F271[环境科学与工程—环境工程] F125X322