Regulatory inquiry letters and green M&As of heavily polluting firms

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-03-10 DOI:10.1016/j.frl.2025.107183

Xue Wang , Jinlong Qiu , Zhaoxue Qiu , Wenshuang Bao

引用次数: 0

Abstract

Inquiry letters serve as a nonadministrative regulatory measure employed by Chinese stock exchanges to oversee listed firms. This study examines the impact of inquiry letters related to green and environmental protection issues on the green transformation of heavily polluting firms, focusing on mergers and acquisitions (M&As). The findings indicate that inquiry letters addressing green concerns encourage heavily polluting firms to pursue green M&As, primarily driven by the spotlight effect and the governance effect. Further analysis reveals that stronger government environmental regulations and increased public environmental awareness amplify this positive relationship. Moreover, green M&As prompted by regulatory inquiries represent a strategic shift toward green transformation. This study offers new insights into the economic consequences of inquiry letters.

查看原文本刊更多论文

监管问询函和重污染企业的绿色并购

问询函是中国证券交易所对上市公司进行监管的一种非行政性监管措施。本研究考察了与绿色和环保问题相关的问询函对重污染企业绿色转型的影响，重点是并购（M&As）。研究结果表明，在聚光灯效应和治理效应的驱动下，解决绿色问题的问询函鼓励重污染企业追求绿色并购。进一步分析表明，政府环保法规的加强和公众环保意识的提高放大了这种正相关关系。此外，在监管机构的推动下，绿色并购代表着向绿色转型的战略转变。这项研究为咨询信的经济后果提供了新的见解。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

求助全文

约1分钟内获得全文求助全文

来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

期刊介绍： Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies. Papers are invited in the following areas: Actuarial studies Alternative investments Asset Pricing Bankruptcy and liquidation Banks and other Depository Institutions Behavioral and experimental finance Bibliometric and Scientometric studies of finance Capital budgeting and corporate investment Capital markets and accounting Capital structure and payout policy Commodities Contagion, crises and interdependence Corporate governance Credit and fixed income markets and instruments Derivatives Emerging markets Energy Finance and Energy Markets Financial Econometrics Financial History Financial intermediation and money markets Financial markets and marketplaces Financial Mathematics and Econophysics Financial Regulation and Law Forecasting Frontier market studies International Finance Market efficiency, event studies Mergers, acquisitions and the market for corporate control Micro Finance Institutions Microstructure Non-bank Financial Institutions Personal Finance Portfolio choice and investing Real estate finance and investing Risk SME, Family and Entrepreneurial Finance