摘要
制造业是我国国民经济的重要产业支柱。在推进碳中和与稳增长双重目标的过程中,制造业经济在宏微观层面、产业结构和制度建设等多个维度面临众多挑战。基于“双碳”的战略背景下,绿色并购是制造业企业实现绿色转型的重要途径。研究选取了2011-2019年制造业行业中发生并购和绿色并购的企业作为样本,使用历年碳排放数据为参考指标进行回归分析。第一,实证检验了绿色并购对制造业企业碳排放强度和碳排放绩效的影响;第二,验证了绿色并购在激励不同制造业企业绿色创新过程中所发挥的中介效应;第三,确认了绿色并购对制造业企业研发创新机制有推动作用,同时在绿色并购过程中,由于政府的支持,制造业企业能够获取更多财政补贴,进而再次推动绿色创新并影响碳排放;第四,从产权异质性和企业高管是否具有环保背景进行分组分析,探讨了不同组别中绿色并购对碳排放的影响效果差异。本文以绿色并购角度,通过对特定产业的研究,丰富了制造业企业的实证数据和研究成果,旨在为拟转型的污染企业提供价值参考。
The manufacturing industry is an important industrial pillar of China's national economy.In the process of promoting the dual goals of carbon neutrality and stable growth,the manufacturing economy is facing many challenges at the macro and micro levels,in the industrial structure and in the construction of institutions.Based on the strategic background of‘dual carbon’,green M&A is an im⁃portant way for manufacturing enterprises to realise green transformation.The study selects enter⁃prises in the manufacturing industry with M&A and green M&A from 2011 to 2019 as samples,and conducts regression analyses using carbon emission data from previous years as reference indicators.Firstly,the impact of green M&A on the carbon emission intensity and carbon emission performance of manufacturing enterprises is empirically examined;secondly,the mediating effect played by green M&A in stimulating the green innovation process of different manufacturing enterprises is verified;thirdly,it is confirmed that green M&A has a driving effect on the research and development(R&D)and innovation mechanism of manufacturing enterprises,and that in the process of green M&A,due to the support of the government,the manufacturing enterprises are able to obtain more financial subsi⁃dies,which in turn again promotes green innovation and affects carbon emissions;fourth,group analyses are conducted from the heterogeneity of property rights and whether corporate executives have an environmental protection background,and the differences in the effect of green M&As on carbon emis⁃sions among different groups are explored.This paper enriches the empirical data and research results of manufacturing enterprises by studying specific industries from the perspective of green M&A,aim⁃ing to provide valuable references for polluting enterprises to be transformed.
作者
陈斐儿
CHEN Feier(School of Management,Zhejiang University of Technology,Hangzhou 310023,China)
出处
《上海管理科学》
2025年第3期109-117,共9页
Shanghai Management Science
关键词
绿色转型
绿色创新
碳减排
可持续发展
green transformation
green innovation
carbon emission reduction
sustainable devel⁃opment
