Research on the Relationship Between Target's ESG Performance and Acquirer's Enterprise Value
With the implementation of dual-carbon policy and the deepening of the concept of sustainable development,a good ESG performance has become a positive signal reflecting enterprise value and reputation.Existing scholars focus on the relationship between ESG performance and its own value,the impact mechanism,and heterogeneity research.Some scholars also explore the impact of the acquirer's ESG performance on M&A performance and its own value.However,from a deeper perspective of the co-creation of value between M&A entities,the root of value enhancement is examined.The value enhancement of acquirer is not only influenced by its own ESG performance,but also by the target's ESG performance,and the latter shows an increasingly obvious trend.Currently,there is limited literature on the impact of the target's ESG performance on the acquirer's enterprise value.Based on the summary of research results related to the relationship between ESG performance and its own value,it is proposed to focus on green M&A behavior in the capital market in the future,apply itself to the frontier trend,deeply study the impact mechanism of factors such as digitalization level and industry competition on the relationship between target's ESG performance and acquirer's enterprise value,practice ESG information disclosure,further improve and refine ESG evaluation indicators,and guide the green development of capital.
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