Green M&A and Innovation of Heavy Polluting Enterprises:Analysis from the Perspective of Legitimacy
Under the"dual-carbon"goal,Green M&A has become an important strategy for corporate green transformation and innovative development,attracting more and more attention.This paper uses the data of listed heavily polluting enterprises from 2010 to 2020,and explores the impact of Green M&A on the innovation investment of heavily polluting enterprises.We find that Green M&A can significantly increase the innovation investment of heavily polluting companies.CEO's environmental protection experience has a positive moderating effect.The mechanism test finds that the enhancement effect of Green M&A on innovation stems from the fact that Green M&A can enhance the legal status of enterprises,thereby obtaining government and market resource support such as government subsidies,tax incentives,and debt financing.In order to maintain the innovation resource endowment brought about by the legitimacy,after Green M&A,enterprises are more willing to perform environmental social responsibilities and disclose"hard"information on environmental protection for to maintain their legal status.The promotion effect of green M&A on R&D investment also improves the level of technological innovation and green technology innovation of enterprises as well as the value of enterprises.Our research provides theoretical support for the internal mechanism of green M&A to promote enterprise innovation,and also provides decision-making reference for heavy polluting enterprises in realizing green transformation through green M&A under the background of"double carbon".
Green M&Ainnovation investmentlegitimacyresource acquisitionCEO's environmental experience
万方数据
