Research On The Impact Of Investor Preferences On Green Mergers And Acquisitions Of Heavily Polluting Enterprise

In the past,the model of economic development was mainly based on the excessive consumption of non-renewable natural resources.This unreasonable way forced the 21 st century to become a new stage for the economy to change to green.Environmental pollution also attracted a large number of public opinion and attracted high attention from investors.In recent years,in order to meet the requirements of market investors,policies and for the purpose of their own sustainable development,heavy polluting enterprises often gradually transform to the cleaner production field through green M&A,and realize the optimization and adjustment of industrial structure.In this context,this paper will introduce the investor preference from the perspective of catering to the theory,and analyze whether the green M&A behaviors of heavy polluting enterprises cater to the investor tendency and their influencing factors.At the same time,it further analyzes whether the inclined green M&A will improve the green and economic effects of heavy polluting firms.This paper first sorts out the relevant literature on green M&A and investor preference at home and abroad,combining the catering theory,signal transmission theory,stakeholder theory,synergistic effect theory and sustainable development theory to lay a theoretical foundation for empirical research.Secondly,in the context of economic,sustainable and efficient green development,the 2010-2019 as a sample,construct the index of green merger preference,through the Logit regression method mainly studied the tendency,and according to the nature of property rights,financing constraints and marketalization process,and further test the economic effect and green effect of green M&A.Based on this,this paper establishes a detailed theoretical and empirical framework to provide an explanation based on the green M&A behavior of heavy polluting enterprises.The results show that heavy pollution firms implement green M&A decisions will market investors preference,namely when investors give green M&As a higher premium,heavy pollution firms are more inclined to implement green M&As,and this tendency will be in different periods of property rights,different degrees of financing constraints and different level of marketalization Further research has found that the preferential green M&As are not ineffective,but will improve the economic and green effects of heavy polluting firms.Thus,green M&As of heavy polluting firms are not attractive gimmicks,nor are they just superficial efforts.This study finds the catering effect of green M&As,enriches the literature of green M&As,and provides empirical evidence and policy reference for heavy polluting enterprises in emerging markets to achieve green and low-carbon development through green M&As to improve the quality of China’s economic growth,realize sustainable green development and establish an ecological civilization society.