摘要：中共中央、国务院强调“将绿色转型的要求融入经济社会发展全局，全方位、全领域、全地域推进绿色转型”。本文以2011—2023年沪深A股上市公司为研究样本，从绿色并购视角探讨地方政府环境关注对企业绿色转型的影响。研究结果表明，地方政府环境关注程度越高，企业实施绿色并购的概率越高。异质性分析结果显示，地方政府环境关注对企业绿色并购的促进作用主要体现在融资约束较小的企业和国有企业中。机制检验结果表明，强化管理者绿色认知、提升中小投资者环境关注，是地方政府环境关注促进企业绿色并购的重要机制。经济后果研究显示，地方政府环境关注对企业绿色并购的促进效应有助于提升企业绿色创新绩效与环境绩效。本文不仅在理论上拓展了关于地方政府环境关注经济后果与企业绿色并购影响因素的研究，还在实践上为优化基于政企互动的环境治理机制、推进美丽中国建设等提供了参考。
关键词：地方政府环境关注；绿色并购；管理者绿色认知；中小投资者环境关注
The Effect of Local Government Environmental Attention on Corporate Green M&A
Yang Haixia, Liu Liyuan, Xia Runtian, Zhou Wenxiao, Cheng Jinhua
Abstract: The Communist Party of China Central Committee and the State Council have emphasized that the requirements of green transformation should be integrated into the overall process of economic and social development, and that green transformation should be advanced across all dimensions, sectors, and regions. Using a sample of Chinese A-share listed firms on the Shanghai and Shenzhen stock exchanges from 2011 to 2023, this study examines the impact of local government environmental attention on corporate green transformation from the perspective of green mergers and acquisitions (M&A). The results show that a higher level of local government environmental attention is associated with a higher probability that firms undertake green M&A. Heterogeneity analysis indicates that this positive effect is mainly observed among firms facing less severe financing constraints and state-owned enterprises. Mechanism tests show that enhancing managerial green cognition and increasing minority investors’ environmental attention are important mechanisms through which local government environmental attention promotes corporate green M&A. The analysis of economic consequences further shows that the positive effect of local government environmental attention on green M&A contributes to improvements in firms’ green innovation performance and environmental performance. This study extends the literature on the economic consequences of local government environmental attention and the determinants of corporate green M&A, and offers practical implications for improving environmental governance through government-business interaction and advancing the Beautiful China initiative.
Keywords: Local Government Environmental Attention; Corporate Green M&A; Managerial Green Cognition; Minority Investors’ Environmental Attention
