绿色并购动因及绩效的文献综述

A Literature Review on the Motives and Performance of Green Mergers and Acquisitions

摘要: 在经济绿色转型的背景下，绿色并购作为企业可持续发展的重要战略工具备受关注。本文通过系统梳理国内外绿色并购领域的研究文献，聚焦概念演进、动因机制与多维绩效评价三大核心议题。研究发现：绿色并购概念已从技术并购的延伸发展为以获取绿色资源、绿色技术、推动低碳转型为核心的独立范畴；其动因可归纳为获取绿色技术、跟随政策导向及追求协同效应三维体系；实证研究进一步表明，绿色并购能显著提升企业三重绩效——财务绩效、环境绩效和社会绩效。基于文献综述，本文总结研究特征并指出未来需深化绿色并购风险机制及政策适配性研究。

Abstract: Under the background of economic green transformation, green mergers and acquisitions (M&A) have attracted much attention as an important strategic tool for the sustainable development of enterprises. This paper systematically reviews the research literature on green M&A at home and abroad, focusing on three core issues: concept evolution, motivation mechanism and multi-dimensional performance evaluation. The research finds that the concept of green M&A has evolved from an extension of technology M&A to an independent category centered on obtaining green resources, green technologies and promoting low-carbon transformation; its motivations can be summarized into a three-dimensional system of obtaining green technologies, following policy guidance and pursuing synergy effects; empirical studies further show that green M&A can significantly enhance the triple performance of enterprises—financial performance, environmental performance and social performance. Based on the literature review, this paper summarizes the research characteristics and points out that future research should deepen the study of green M&A risk mechanisms and policy compatibility.