双碳背景下CEO开放性与重污染企业绿色并购

CEO Openness and Green M&A of Heavy-polluting Enterprises in the Context of the Carbon Peaking and Carbon Neutrality Policy

中文关键词:  重污染企业  双碳  CEO开放性  CEO权力  绿色并购  绿色创新

英文关键词:heavy-polluting enterprises  carbon peaking and carbon neutrality  CEO openness  CEO power  green M&A; green innovation

中文摘要:

      双碳背景下重污染企业的绿色转型是必然趋势,而CEO在绿色转型中起着至关重要的作用。基于2015—2019年重污染企业并购数据,研究了双碳政策实施以来CEO开放性对重污染企业绿色并购的影响及其机制。研究发现:CEO开放性越高,重污染企业发起绿色并购的可能性越大；高管团队绿色注意力和短视倾向在CEO开放性对绿色并购的影响上起到部分中介作用；同时,CEO权力削弱了CEO开放性对高管团队绿色注意力的积极影响。另外,CEO开放性的提高会促进重污染企业绿色并购并抑制普通并购,尽管重污染企业的绿色并购在短期内不会增加实质性绿色创新,但有助于提升企业价值。异质性分析发现,CEO开放性的提高对绿色并购的促进作用在国有企业、高风险承担企业、低环境监管省份企业以及高行业期望绩效顺差企业中更大。因此,重污染企业在鼓励开放性CEO开展绿色并购的同时,要健全企业高管间的沟通机制,适当抑制CEO权力的过度使用,强化企业绿色发展意识,借助绿色并购实现企业绿色转型。

英文摘要:

      In the context of the carbon peaking and carbon neutrality policy, the green transformation of heavy-polluting enterprises is an inevitable trend, and the CEO plays a crucial role in the process. Based on the M&A data of heavy-polluting enterprises during 2015-2019, this paper examines the impact of CEO openness on green M&A of heavy-polluting enterprises and its mechanism since the implementation of the carbon peaking and carbon neutrality policy. This paper finds that CEO openness increases the possibility of heavy-polluting enterprises’ green M&A, and the green attention and short-sightedness of executives play a mediating role in the impact of CEO openness on green M&A; CEO power weakens the positive effect of CEO openness on the green attention. Meanwhile, CEO openness promotes green M&A and reduces common M&A among heavy-polluting enterprises. Although green M&A among heavy-polluting enterprises does not increase substantial green innovation in the short term, it increases firm value. Heterogeneity analysis shows that the positive effect of CEO openness on green M&A is more significant in state-owned enterprises, firms with high risk-taking levels, firms in provinces with low environmental regulation, and firms with high industrial performance expectation surplus. Therefore, while encouraging CEOs to carry out green M&A, heavy-polluting enterprises should also improve the communication mechanism between executives, inhibit the excessive use of CEO power, and strengthen the awareness of green development, to realize green transformation through green M&A. 