市场如何评估企业的绿色投资：来自中国并购的证据

IF 3.3 2区经济学 Q1 ECONOMICS

Economic Systems Pub Date : 2026-03-01 Epub Date: 2025-07-04 DOI:10.1016/j.ecosys.2025.101330

Yuan Zheng

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引用次数: 0

摘要

本研究考察了市场对企业绿色投资的反应。通过构建基于并购框架的固定效应面板数据回归（M&As），我们发现企业绿色投资与市场反应之间存在显著正相关关系。这种积极关系在非国有企业（non-SOEs）和吸引媒体广泛关注的公司中更为明显。此外，我们还研究了区域发展如何促进市场对企业绿色投资的估值。最后，我们对绿色投资的实际效果进行了评估，发现企业绿色投资的市场估值主要集中在短期环境绩效的改善，而不是对长期可持续性的追求。研究结果表明，绿色投资在塑造市场观念方面的重要性日益增加，凸显了短期市场激励与长期环境可持续性总体目标之间的潜在错位。

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How market values firms’ green investment: Evidence from mergers and acquisitions in China

This study examines the market reactions to firms’ green investment. By constructing a fixed-effects panel-data regression based on the framework of mergers and acquisitions (M&As), we find a positive and significant relationship between firms’ green investment and market reactions. This positive relationship is more pronounced among non-state-owned enterprises (non-SOEs) and firms that attract extensive media attention. Furthermore, we examine how regional development bolsters the market’s valuation of a firm’s green investment. Finally, we assess the actual effects of green investment and find that the market valuation of firms’ green investment mainly focuses on improvement in short-term environmental performance, rather than the pursuit of long-term sustainability. The results show the increasing importance of green investment in shaping market perceptions, highlighting a potential misalignment between short-term market incentives and the overarching goals of long-term environmental sustainability.

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来源期刊

Economic Systems ECONOMICS-

CiteScore

4.90

自引率

0.00%

发文量

审稿时长

48 days

期刊介绍： Economic Systems is a refereed journal for the analysis of causes and consequences of the significant institutional variety prevailing among developed, developing, and emerging economies, as well as attempts at and proposals for their reform. The journal is open to micro and macro contributions, theoretical as well as empirical, the latter to analyze related topics against the background of country or region-specific experiences. In this respect, Economic Systems retains its long standing interest in the emerging economies of Central and Eastern Europe and other former transition economies, but also encourages contributions that cover any part of the world, including Asia, Latin America, the Middle East, or Africa.