Taking A-share listed companies in heavily polluting industries in China from 2015 to 2021 as the research samples,this paper empirically studied the influence of environmental protection taxes and fees on the green merger and acquisition behavior of heavily polluting enterprises and its mechanism.The results show that environmental taxes and fees can significantly promote the implementation of green mergers and ac-quisitions in heavily polluting enterprises.The mechanism test shows that the potential motivations of green M&A for heavy polluting enterprises under the pressure of environmental taxes and fees include obtaining double dividends,achieving resource acquisition and improving corporate reputation.Further research finds that green M&A under the pressure of environmental protection taxes and fees is a"superimposed leverage effect"on the existing level of green innovation.In the enterprises with a higher level of social responsibility and non-state-owned enterprises,the role of environmental protection taxes and fees in promoting green M&A is more obvious.
关键词
环保税费/绿色并购/绿色创新/叠加杠杆效应
Key words
environmental protection tax and fee/green merger and acquisition/green innovation/super-imposed leverage effect
维普
万方数据