环境规制与企业并购决策——来自重污染行业的经验证据
学术
财经
2024-12-19 10:30
上海
环境规制与企业并购决策——来自重污染行业的经验证据
Environmental Regulations and M&A Decisions of Enterprises: Empirical Evidence from Heavy-polluting Industries
《外国经济与管理》2024年46卷第12期 页码：88-100 online：2024年12月20日
中：王少飞1,2 , 张勇1 , 王禹禛3
英：Wang Shaofei1,2 , Zhang Yong1 , Wang Yuzhen3
作者单位：1.上海财经大学 商学院, 上海 200433; 2.上海财经大学 会计与财务研究院, 上海 200433; 3.香港科技大学 商学院, 香港 999077
摘要：环境规制的地区差异会引起企业污染治理的套利空间，本文以《重点区域大气污染防治“十二五”规划》的出台作为事件冲击，以政策出台前后五年我国A股重污染行业上市公司为研究样本，实证检验了环境规制的地区差异对重污染行业企业并购决策的影响。研究发现，环境规制会提高企业并购的概率和规模，在并购标的选择上，企业更倾向于对环境规制较弱地区的企业实施异地并购。此外，机制分析发现并购企业的绿色创新能力并未显著提高，而生产成本的改善效果比较显著，并且环境规制较高地区的重污染企业更容易实施跨地区的同行业并购。同时，异质性研究表明，国有产权和媒体关注会抑制企业对环境规制较弱地区企业的并购，而企业所在地政府对环境的重视程度则会增加企业对环境规制较弱地区企业的并购。本文的研究为企业面对差异化的环境规制时的规避行为提供了微观证据，为完善环境政策、构建全国统一大市场的实施提供了重要的政策启示。
Summary: Regional differentiation in environmental regulations will create arbitrage opportunities for corporate pollution control. Taking the release of the “Twelfth Five-Year Plan on Air Pollution Prevention and Control in Key Regions” as an event shock, this paper takes listed companies in China’s A-share heavy-polluting industries in the five years before and after the policy was released as the research sample and empirically tests the impact of regional differentiation in environmental regulations on the M&A decisions of enterprises in heavy-polluting industries. The study finds that environmental regulations will increase the probability and scale of corporate M&As. In terms of target selection for M&As, enterprises are more inclined to implement cross-regional M&As for enterprises in areas with weaker environmental regulations. Mechanism testing finds that the green innovation capability of M&A enterprises does not significantly improve, while the improvement effect on production costs is relatively significant. Moreover, heavy-polluting enterprises in areas with stronger environmental regulations are more likely to implement cross-regional M&As in the same industry. Heterogeneity analysis shows that state-owned property rights and media attention will inhibit enterprises to implement cross-regional M&As for enterprises in areas with weaker environmental regulations, while the government’s emphasis on the environment in the location of the enterprise can increase its M&As in areas with weaker environmental regulations. This paper provides micro evidence for enterprises to avoid differentiated environmental regulations, and provides important policy insights for improving environmental policies and building a unified national market.
Key words:environmental regulations; regional differentiation; M&A decisions
DOI：10.16538/j.cnki.fem.20241024.205
收稿日期：2024-05-10
基金项目：国家社会科学基金项目（21BJL083）；国家自然科学基金项目（72172083）
