绿色并购有助于重污染企业塑造绿色形象吗？

张  娆; 刘  晨; 杨小伟

绿色并购有助于重污染企业塑造绿色形象吗？

引用本文：张娆，刘晨，杨小伟.绿色并购有助于重污染企业塑造绿色形象吗？[J].财经理论与实践,2024,(1):74-82

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作者	单位
张娆，刘晨，杨小伟	（南京农业大学金融学院，江苏南京 210095）

中文摘要:以2008—2021年我国A股重污染行业上市公司并购事件为研究对象，实证检验绿色并购对企业绿色形象的塑造作用、影响机制和作用场域。研究发现：绿色并购显著提升了重污染企业的绿色形象。进一步研究发现：绿色并购可通过提升绿色创新和社会责任水平塑造重污染企业的绿色形象；绿色并购塑造绿色形象存在明显的作用场域，主要发生于高管有绿色经历、上市公司位于环境重点城市和上市公司属于高质量人才密集型企业的情境下。将绿色并购与绿色形象相结合，不仅可拓展绿色并购的理论框架，同时，对企业践行绿色发展理念、树立良好形象亦具有重要参考意义。

中文关键词:绿色并购绿色形象重污染企业

Can Green M&A Help Heavy Polluting Enterprises Create Green Image?

Abstract:Taking the M&A events of listed companies in China’s A-share heavily polluting industries from 2008 to 2021 as the research object, the role of green M&A on the green image of enterprises, the influence mechanism and the field of action are empirically tested. The study finds that green mergers and acquisitions significantly improve the green image of heavily polluting enterprises. Further research finds that green M&A can shape the green image of heavily polluting enterprises by improving the level of green innovation and social responsibility. Green M&A has obvious fields in shaping green image, mainly in the context of senior executives with green experience, listed companies located in key environmental cities, and listed companies are high-quality talent-intensive enterprises.This paper combines green M&A with green image, which not only expands the theoretical framework of green M&A, but also has important reference significance for enterprises to practice the concept of green development and establish a good image.

keywords:green M&A; green image heavy polluting enterprise

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