新能源示范城市试点对企业绿色并购的影响：以中国a股上市公司为例

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-07-16 DOI:10.1016/j.frl.2025.107909

Zihao Li, Xuechun Tang, Zihan Xu, Feng Mi

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引用次数: 0

摘要

本文利用2004 - 2023年中国a股上市公司数据，运用差中差模型检验新能源示范城市政策对企业并购的影响。实证结果表明，该政策显著促进了绿色管理；异质性分析表明，政策效果受环境绩效、所属地区和企业性质的影响。然后，通过机制分析证明，该政策通过促进绿色创新、放宽融资和减少信息不对称来促进绿色并购A。最后，揭示了企业数字化转型对试点政策对企业绿色并购影响的负向调节作用。本研究为新能源示范城市政策对企业绿色管理的影响路径提供了新的见解。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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How does the new energy demonstration city pilot affect corporate green M&A: Evidence of A-share listed companies in China

Utilizing data of Chinese A-share listed companies from 2004 to 2023, this study examines the impact of the policy of new energy demonstration cities on corporate mergers and acquisitions by difference-in-differences model. The empirical results show that the policy significantly promotes green M&A. Heterogeneity analysis indicates that policy effects vary due to the environmental performance, the belonging regions, and the nature of the enterprises. Then, mechanism analysis proves that this policy promotes green M&A by facilitating green innovation, easing financing and reducing information asymmetry. Finally, it is revealed the negative moderating effect of corporate digital transformation on the impact of pilot policy on corporate green M&A. This study provides new insights into the impact path of new energy demonstration city policies on corporate green M&A.

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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