绿色并购对我国重污染上市企业的源头管控和末端治理影响研究  

The impact of green M&A on source control and end-of-pipe treatment of heavy pollution listed enterprises

作　　者：郝析炜 裴旭东[1] 董仲慧 陈拓宇 HAO Xiwei;PEI Xudong;DONG Zhonghui;CHEN Tuoyu(School of Economics and Management,Xi′an Shiyou University,Xi′an 710065,China)

机构地区：[1]西安石油大学经济管理学院,陕西西安710065

出　　处：《煤炭经济研究》2025年第3期149-157,共9页Coal Economic Research

基　　金：西安市2024年度社会科学规划基金资助项目(24JX125);陕西省哲学社会科学研究专项基金资助项目(2024QN090)。

摘　　要：基于二元合法性视角,采用内容分析法手工收集2012—2020年沪、深A股重污染上市企业绿色并购数据,探究了绿色并购对我国重污染上市企业的源头管控和末端治理的影响。研究发现:绿色并购不仅能够促进末端治理还对源头管控有显著的正向影响,说明重污染企业绿色并购行为具有明显的二元合法性特征。进一步研究发现,企业社会责任在绿色并购与源头管控间起正向调节作用,但企业社会责任对绿色并购与末端治理间关系的调节效应不显著;独立董事占比在绿色并购与源头管控间起正向调节作用;但独立董事占比对绿色并购与末端治理间关系的调节效应不显著。在进行倾向得分匹配法和缩期处理的稳健性和内生性检验后,上述结论依然成立。在异质性分析中发现,绿色并购对源头管控的正向影响效应在企业生产链位置高以及处于成长期的重污染企业中更明显。Using content analysis to collect a dataset of green M&A of heavily polluting listed firms in Shenzhen and Shanghai between 2012 and 2020,our study investigates how green M&A contributes to green technology innovation from the dual legitimacy theory.The findings suggest that green M&A not only promotes end-of-pipe treatment green technology innovation but also has a significant positive impact on source control green technology innovation,proving its dual legitimacy.Moreover,corporate social responsibility positively moderates the relationship between green M&A and source control green technology innovation,but the relationship between green M&A and end-of-pipe treatment green technology innovation does not significantly moderate it.And the proportion of independent directors positively moderates the relationship between green M&A and green technology innovation source control but the moderating effect of independent directors on the relationship between green M&A and green technology innovation end-of-pipe treatment is not significant.These conclusions still hold after conducting roloustness and endogeneity tests for the propensity score matching method and the drawdown treatment.In additional analysis results,we find that the positive effect of green M&A on source control green technology innovation is more pronounced in heavily polluting enterprises with high production chain location and in the growth stage.

关 键 词：绿色并购 源头管控 末端治理 二元合法性 倾向得分匹配法 

分 类 号：F416.21[经济管理—产业经济]