Air Pollution And Green M&A:Motivation Identification Of CSR

Since the reform and opening up,China’s economy has developed rapidly.But environmental pollution is also serious in this process.The physical and mental health of residents is greatly affected.So,enterprises(especially listed companies)are expected to take on corporate social responsibility(CSR)for the long-term development of society.This paper focuses on industries sensitive to environmental pollution,and takes the M&A cases in 2013-2018 as the research object to explore the relationship between air pollution and green M&A.The empirical discoveries of this article are as follow:Firstly,the empirical results show that the higher the level of local air pollution,the higher the possibility of green M&A of enterprises and the larger the scale of green M&A.As for mechanism,serious air pollution will lead to more strict formal regulation and media supervision.Under this external supervision pressure,enterprises are more aware of the need to green transformation and carry out green mergers and acquisitions.Further,after green M&A,most companies don’t perform better in environmental responsibility aspects and they will reduce the quality of accounting information to keep a low profile and ease the pressure of external attention.This shows that the company does not really want to achieve green transformation,but to fulfill social responsibility based on "Instrumentalism".Finally,formal environmental regulation and informal media supervision can play a certain role in managing environmental pollution.But they do not really achieve the purpose to promote the green transformation of enterprises.Enterprises may only want to shift the focus of the outside world through green M&A and do not take further transformation measures.Only by effective policy regulation and professional media supervision can enterprises be truly encouraged to transform.