Research On The Impact Of Green M&A On Environmental Performance Of Heavy Pollution Enterprises

In recent years,China’s rapid economic development,but the rough economic growth model makes it difficult to reverse the damage to the ecological environment.In order to quickly achieve energy saving and emission reduction and implement the national ecological civilization construction strategy,green M&A has become an important means for heavy pollution enterprises to achieve green transformation.Green M&A refers to the M&A implemented by heavy pollution enterprises for the purpose of energy conservation and environmental protection,focusing on acquiring or expanding green competitive advantages.So,what is the impact of green M&A on the environmental performance of heavy pollution enterprises? How does it affect? Clarifying the relationship between the two is particularly important to reconcile the contradiction between "economic interests" and "environmental performance" of heavy pollution enterprises and to promote the green transformation of heavy polluters.This paper uses M&A data of heavy polluting enterprises during2010-2020,based on relevant research foundations and theories such as synergy theory and resource-based theory,and uses various research methods to build a research framework on the impact of green M&A on the environmental performance of heavy polluting enterprises.The results of the study show that the implementation of green M&A by heavy polluters can improve their environmental performance,and in terms of the influence path,the internal mechanism of "green M&A-green technological innovation-environmental performance";and the external mechanism of "green M&A-financing constraints-environmental performance" are examined.In terms of the influence path,the internal mechanism of "green M&A-green technological innovation-environmental performance" and the external mechanism of "green M&A-financing constraints-environmental performance" were examined.In addition,it was found that the intensity of government environmental enforcement plays a positive moderating role in the process of green M&A to improve the environmental performance of heavy polluters.Further,the property rights heterogeneity study finds that the enhancement effect of green M&A on environmental performance of heavy polluting firms is significant among non-state owned firms but not among state owned firms.Among the regional heterogeneity,green M&A significantly improves the environmental performance of heavy polluting firms in the east-central region,but not in the west.In addition,this paper verifies that green M&A has a catalytic effect on the financial performance of heavy polluting enterprises and can achieve a win-win situation between economic performance and environmental performance.The research results provide countermeasure suggestions for guiding heavy polluting enterprises to achieve green transformation through green M&A,and for the state to develop differentiated environmental policies for enterprises with different property rights nature and different regions,which can help promote the national green development process.