Research On The Impact Of Environmental Information Disclosure Quality On Green M＆A Of Heavy Pollution Enterprises

The dual carbon goal and the goal of high-quality development put forward higher requirements for the green governance of heavy polluting enterprises.Heavy polluting enterprises urgently need to move out of the cage of "pollution" to "environmental protection" birds,give up the road of extensive development with high pollution,high emissions and high energy consumption,and realize the nirvana transformation to energy conservation,environmental protection and sustainable development.In this context,whether the investment behavior of heavy polluting enterprises will be adjusted accordingly,how to mobilize the green governance motivation of heavy polluting enterprises,and what impact will national policies,enterprise managers,the public,institutional investors and other stakeholders have on this? Based on this,the impact of environmental information disclosure quality on green M＆As is worth studying and exploring.From the perspective of environmental information,this thesis discusses the influence of environmental information disclosure on the green M＆As decision of heavy pollution enterprises,thus confirming the green governance function of environmental information,and providing new reference suggestions for the green development of industry.Based on the data of green M＆As conducted by heavily polluted enterprises from 2015 to 2019,this thesis analyzes the impact of environmental information disclosure quality on the probability of green M＆As,and further analyzes the heterogeneity of green M＆As from the perspectives of government,enterprise managers,public media and institutional investors.The results show that :（1）the higher the quality of environmental information disclosure of heavy polluting enterprises,the more inclined they are to carry out green M＆As;（2）The stronger the management ability,the higher the quality of environmental information disclosure,the more obvious the intention of green M＆As;（3）The higher the quality of environmental information disclosure,the more obvious the intention of green M＆As;（4）Enterprises with more media attention have higher quality of environmental information disclosure and more obvious intention of green M＆As.（5）The higher the shareholding ratio of institutional investors,the higher the quality of environmental information disclosure,and the more obvious the intention of green M＆As.This thesis provides theoretical analysis and empirical evidence for the research on green M＆As behavior and its influencing factors of heavy pollution enterprises in the current carbon neutral stage.This thesis enriched the relevant literature on environmental information disclosure and green M＆As,and provided a new perspective for analyzing the influencing factors of green M＆As behavior of heavily polluting enterprises from the dual perspectives of monetary environmental information and non-monetary environmental information.That is,a good information environment can promote green M＆As of heavily polluting enterprises.At the same time,this study also provides ideas for evaluating the performance of environmental information disclosure of heavy polluting enterprises and making green M＆As decisions of heavy polluting enterprises in the future.By studying the impact of environmental information disclosure quality on green M＆As,the optimization of information environment and the induction of green M＆As,as well as how to stimulate enterprises’ green governance motivation and low-carbon transformation of heavy polluting enterprises in China under the dual carbon target,new references are provided.