Research On The Impact Of Green M&A On Company Value

In recent years,more and more attention has been paid to environmental issues,and more and more research has been done on the topic of environmental protection,in terms of companies.As far as companies are concerned,they are mainly reflected in environmental information disclosure,environmental protection expenditures,environmental taxes,and green management.Deteriorating,government environmental regulations,media pressure,and residents’ awareness of environmental protection have all caused major changes in the market environment that companies face,which will have an important impact on companies’ future business strategies.Green M&A,as an emerging research point,belongs to green The scope of management has both the characteristics of green and mergers and acquisitions.As a common investment method,mergers and acquisitions are widely available in the capital market.Combining the background of China’s environmental protection development,research on the topic of green mergers and acquisitions has both theoretical and practical significance..Green M&A,as a positive response to the concept of sustainable development,certainly plays a role in assuming social responsibility for the company.However,as a profit-making entity,the company takes maximization of the company’s value as its ultimate goal.Responsibility has always been disputed between theory and practice.Therefore,what impact does the green mergers and acquisitions of heavily polluting companies have on the company’s value?As a special attribute of the company itself,corporate visibility has an important impact on the stakeholders’ access to corporate information.For companies,will the level of visibility affect the value effect of the company’s green mergers and acquisitions?In addition,China has a vast territory and significant geographical differences.There are differences in public perception and economic levels in different regions.Will the impact of green M&A on corporate value vary from region to region?Under the special background of China,compared between state-owned enterprises and non-state-owned enterprises,does green M&A affect corporate value differently?In order to explore the above issues,this article is based on the stakeholder theory and selects the heavily polluting companies that have Implement mergers and acquisitions in A-share listed companies from 2008 to 2016 as the research object to explore the value effect of green M&A.The article first studies the relationship between green M&A of heavy-polluting companies and changes in company value,and on this basis,studies the regulatory effects of corporate visibility,regional marketization process and property rights.The empirical results found that:(1)Green mergers and acquisitions by heavily polluting companies can enhance their company value;(2)Corporate visibility plays a positive role in the relationship between green mergers and acquisitions and company value;The positive relationship between green mergers and acquisitions and company value plays a promoting role;(4)Under the special background of China,compared with non-state-owned enterprises,the implementation of green mergers and acquisitions has a more obvious promotion effect on company value.The research results show that the green mergers and acquisitions of heavy-polluting enterprises have both economic benefits while assuming social responsibility.The research results of this article can provide the following management enlightenment:(1)Green mergers and acquisitions can be an important way for heavily polluting companies to achieve green transformation;(2)Heavy polluting companies should establish effective communication mechanisms,disclose information in a timely manner,enhance corporate visibility,and make Stakeholders can fully understand their green mergers and acquisitions and other developments in a timely manner and respond positively;(3)Adjust green mergers and acquisitions policies according to local conditions.When making a green M&A decision,an enterprise should comprehensively consider the degree of marketization in its location and the degree of marketization in the location of each subsidiary,as a reference for choosing the timing and location of green M&A,and reduce the blindness of green M&A.The study suggests that the government should also actively take measures to introduce relevant policies to support and promote the construction of marketization,and provide guidance for green mergers and acquisitions.The main innovation of this article is that most of the previous research on company value and environmental protection topics focused on the impact of environmental information disclosure,environmental protection investment,etc.on company value.As an emerging research field,green mergers and acquisitions are currently less relevant and there are already Researches mostly focus on the definition and characteristics of green mergers and acquisitions,or take green mergers and acquisitions as a company’s passive response to government environmental regulations or media pressure.This article takes green mergers and acquisitions as a starting point and takes the changes in company value caused by them Compare the results of non-green mergers and acquisitions to identify and analyze the economic significance and value of green M&A to the company.It proves that green M&A of heavy-polluting companies have economic benefits,that is,green mergers and acquisitions can increase the value of the company and expand the green to a certain extent.The research boundary of the two themes of M&A and corporate value.At the same time,based on the perspective of stakeholders,Taking green M&A as the starting point,this paper focuses on the promoting effect of green M&A on the improvement of corporate value,confirms the economic value of green M&A in heavily polluting enterprises,expands the research boundary between green M&A and corporate value,and expands and enriches relevant researches in the field of green management.