摘要
企业间并购是企业发展的一种路径,在我国“双碳”目标下,日益增加的社会环境关注度促使制造行业进行碳减排,该行为影响行业内企业并购决策。因此,本文基于企业碳减排构建了企业并购期权模型,采用资产定价理论和实物期权方法,解析得到了并购前后企业未定权益价值以及企业均衡并购时机、大企业并购期权价值和股权比例。结果表明:企业碳减排激励了企业间并购,促使企业更早达到并购时机,同时提高了企业并购期权价值,以及大企业并购中获得的股权比例。此外,本文发现,社会环境关注度和碳减排边际成本显著影响企业并购决策。
Under the goals of carbon peaking and carbon neutrality,carbon emission reduction is an inevitable choice for firms,which affects firms’mergers and acquisitions(M&A)decisions in the industry.In addition,facing numerous economic risks,M&A is one of the feasible ways for firms in the manufacturing industry to seek development.According to CV source of Statistics'data on China's M&A market for 2021,the manufacturing sector was predominant in both quantity and disclosed transaction volume.With 774 transactions,it constituted 19.6%of all deals.Furthermore,it also accounted for the largest disclosed transaction volume at 45.094 billion dollars,contributing 20.8%to the total.Carbon emission reduction yields two distinct effects:While it mitigates the negative impact of societal and environmental concerns on product pricing,it concurrently increases firms'operating costs due to the expenses of implementation.As a result,firms strive to identify an optimal carbon emission reduction strategy to enhance their profitability.Based on this,an oligopoly industry M&A model is constructed.The real-options approach is utilized to study the impact mechanism of carbon emission reduction on the industry's product market equilibrium and firms'M&A decisions,and provides possible theoretical guidance for government policy formulation and firms'M&A decisions.Following Aguerrevere(2003),Bigerna(2019),Chevalier-Roignant and Kort(2020),it is assumed that the inverse demand function of industry products at time t is given by:Pt=aYt-φ∑i=1 N qi(1-ϕi)-bQt,whereYt denotes all firms at the dYt=μYt dt+σYt dZt,Y(0)=y 0,moment observed industry demand shocks.The industry demand shocks Yt is given by:where denotes the demand exposure to industry-wide shocks,and b denotes the sensitivity of demand price,and a,bare positive constant.Whereϕi∈(0,1)is constant represents the proportion of carbon emissions handled by firm i,φrepresents social environment concern,qi is the output of firm i,and Qt is the industry-wide output,and Qt is given by:where represents the expected growth rate,σrepresents the volatility,μ、σare positive constant,and Zt is a standard Brownian motion.where denotes the conditional expectation operator,given that the current industry shock takes the value Y(0)=y 0.Consider that there are two types of firms in this industry before M&A that is,large and small firm,and the capital stocks are kl and ks,respectively,where kl=k,andks=k.Without loss of generality,the model considers a merger between a large firm and a small firm in the industry.The merged firm is called a super large firm,and its capital stock is 3k/2.the profit of firmi consists of three parts product revenue Pt qi,production cost C,and carbon emission reduction costη(ϕi qi)2/2.Following Hackbarth and Miao Jianjun(2012),the cost function brought by the output is quadratic canonical form,and is given byC=q 2 i(2ki),and it is assumed that shareholders are risk neutral and the discount factor is risk-free rate r.To ensure that the present value of profits is finite,the model assumes 2(u+σ2/2)<r.
作者
罗鹏飞
刘新乐
陆婷
张勇
Luo Pengfei;Liu Xinle;Lu Ting;Zhang Yong(School of Finance and Statistics,Hunan University,Changsha 410079,China;School of Mathematics and Statistics,Jishou University,Jishou 416000,China)
出处
《中国管理科学》
北大核心
2025年第7期337-345,共9页
Chinese Journal of Management Science
基金
国家自然科学基金项目(72001074,72373039,72061014)
湖南省自然科学基金项目(2021JJ40132,2021JJ30558)
湖南省教育厅科研重点项目(21A0347)。
关键词
社会环境关注度
碳减排
企业并购
实物期权
social and environmental concerns
carbon emissions reduction
mergers and acquisitions
real options
