摘要
实现“双碳”目标对工业绿色低碳转型提出了更高的要求,重污染行业亟待进行绿色治理、加快完善环境信息披露制度,推动工业高质量发展。从环境信息角度出发,基于2015—2019年中国重污染行业上市企业的绿色并购数据,探讨环境信息披露质量对重污染企业绿色并购决策的影响,印证环境信息的绿色治理功能,进一步从环境规制、管理者能力、媒体关注度、机构投资者四方面分析环境信息披露质量对绿色并购影响的异质性。结果表明:(1)环境信息披露质量越高,越有利于重污染企业进行绿色并购;(2)管理者能力越强、环境规制程度较强地区、媒体关注度越高、机构投资者持股比例越高的企业,环境信息披露质量越高,绿色并购意愿更强。因此,政府、企业、媒体、机构投资者应充分发挥各自的环境绿色治理功能,提高环境信息披露质量,促进企业绿色转型升级。
To achieve the goal of“double carbon”puts forward higher requirements for the green and low-carbon transformation of industrial industry.Heavy-polluting enterprises need to carry out green governance,accelerate the improvement of environmental information disclosure system,and promote the green,low-carbon and high-quality development of industrial industry.From the perspective of environmental information,based on the green M&A data of listed enterprises in China s heavily polluting industries from 2015 to 2019,this paper discusses the impact of the quality of environmental information disclosure on the green M&A decision-making of heavily polluting enterprises,and confirms the green governance function of environmental information.The heterogeneity of the impact of environmental information disclosure quality on green M&A was further analyzed from four aspects:Environmental regulation,management ability,media attention and institutional investors.The results show that:(1)The higher the quality of environmental information disclosure,the more conducive to green M&A of enterprises in heavily polluting industries;(2)The enterprises with stronger management ability,stronger environmental regulation degree,higher media attention and higher shareholding ratio of institutional investors,the enterprises with higher quality of environmental information disclosure have stronger green M&A intention.Therefore,the government,enterprises,media,institutional investors should give full play to their respective environmental green governance functions,improve the quality of environmental information disclosure,and promote the green transformation and upgrading of enterprises.
作者
许金花
商丽霞
代雨萌
XU Jin-hua;SHANG Li-xia;DAI Yu-meng
出处
《产经评论》
CSSCI
北大核心
2023年第4期92-110,共19页
Industrial Economic Review
基金
国家自然科学基金面上项目“公司控制权防御机制影响企业绿色投资的作用机理与经济后果研究”(项目编号:72072042,项目负责人:许金花)
国家自然科学基金重点项目“国有资本并购重组理论、机制与模式研究”(项目编号:72132010,项目负责人:李善民)。
关键词
绿色并购
环境信息披露质量
环境规制
绿色治理
green M&As
quality of environmental information disclosure
environmental regulation
green governance
