绿色并购对中国机械制造上市公司碳排放的影响研究

Research on the Impact of Green M & A on Carbon Emissions of Listed Machinery Manufacturing Companies in China

摘要: 近年来，我国经济保持较快增长，但传统要素驱动型增长路径伴随较高的资源消耗和污染排放，对生态环境形成了显著压力。在碳减排目标约束下，降低碳排放已成为相关领域的重要研究议题，而绿色并购是机械制造业上市企业实现碳减排的重要途径。为研究绿色并购对企业碳排放的影响，本文以2017~2021年我国发生过并购的机械制造上市企业为样本，构建回归模型与中介效应模型进行实证检验。研究发现：绿色并购能够显著抑制机械制造上市公司的碳排放；绿色并购能够通过提高绿色技术创新能力降低企业碳排放，绿色技术创新在其中发挥中介作用；绿色并购的碳减排效应因企业产权性质不同而存在异质性，非国有企业中的碳减排效果更为明显。据此，本文从积极宣传绿色并购、提高绿色技术创新水平、完善国有企业绿色并购的环境管理等方面提出了对策建议。

Abstract: In recent years, China’s economy has maintained relatively rapid growth; however, the traditional factor-driven growth path has been accompanied by high resource consumption and pollution emissions, exerting significant pressure on the ecological environment. Under carbon emission reduction policy constraints, reducing carbon emissions has become an important research topic in related fields, and green mergers and acquisitions (M & A) are an important pathway for listed firms in the machinery manufacturing industry to achieve carbon emission reduction. In order to study the impact of green M & A on corporate carbon emissions, this paper takes the listed machinery manufacturing enterprises that have undergone M & A in China from 2017 to 2021 as samples, and constructs regression models and mediating effect models for empirical analysis. The results show that: green M & A can significantly inhibit the carbon emissions of listed machinery manufacturing companies; green M & A can reduce corporate carbon emissions by improving green technology innovation capability, and green technology innovation plays a mediating role; the carbon reduction effect of green M & A is heterogeneous across enterprises of different ownership natures, and is more significant in non-state-owned enterprises. Accordingly, this paper puts forward countermeasures and suggestions from the aspects of actively promoting green M & A, improving the level of green technology innovation, and perfecting the environmental management of green M & A in state-owned enterprises.