摘要
随着“双碳”目标的提出,绿色并购已经成为撬动我国重污染企业低碳转型和构建绿色经济的重要支点。以2014—2022年我国A股重污染行业上市公司并购事件为研究对象,考察党组织治理对企业实施绿色并购的促进作用、影响机制和作用场域。研究发现,党组织治理显著促进了重污染企业实施绿色并购。从影响机制来看,党组织治理通过强化管理层环保意识和缓解融资约束带动了重污染企业发起绿色并购。此外,党组织治理促进绿色并购存在明显的场域特征,主要发生在规模较大、媒体监督力度大、地处老工业基地城市、国有性质、机构投资者持股比例较高、独立董事比例较高的上市企业中。将党组织治理与绿色并购相结合,不仅从生态环境的新视角检验了党组织治理的积极效应,还对国家和企业构建绿色经济与探索环境治理变革具有重要参考意义。
With the proposal of the“double carbon”goal,green merger and acquisition has become an important lever to facilitate the low-carbon transformation of heavily polluting enterprises in China and build green economy.Taking the merger and acquisition event of listed companies in China's A-share heavy pollution industry in 2014-2022 as the research object,this paper investigates the promoting effect,influence mechanism and function field of Party organization governance on the implementation of green mergers and acquisitions.The study finds that the Party organization governance has significantly promoted the implementation of green mergers and acquisitions in heavily polluting enterprises.From the perspective of influence mechanisms,Party organization governance drives heavy polluting enterprises to undertake green mergers and acquisitions by strengthening the environmental awareness of management and alleviating financing constraints.In addition,the promotion of green mergers and acquisitions by Party organization governance exhibits distinct field characteristics,mainly occurring in the listed enterprises with large scale,strong media supervision,located in old industrial base cities,state-owned nature,a high shareholding proportion of institutional investors and a high proportion of independent directors.The combination of Party organization governance and green merger and acquisition not only demonstrates the positive effect of Party organization governance from a new perspective of ecological environment,but also provides important reference significance for the country and enterprises to build green economy and explore the reform of environmental governance.
作者
张娆
刘晨
ZHANG Rao;LIU Chen(School of Finance,Nanjing Agricultural University,Nanjing,210095;School of Management,Huazhong University of Science and Technology,Wuhan,430074)
出处
《中国经济问题》
北大核心
2025年第2期86-99,共14页
China Economic Studies
基金
教育部哲学社会科学后期资助项目(24JHQ034)
国家自然科学基金面上项目(72173074)
江苏省社科联社科应用研究精品工程课题(24SYA-043)
江苏高校“青蓝工程”(2022—2025)。
