中国经济问题 ›› 2025›› Issue (02): 86-.

• • 上一篇    下一篇

党组织治理与重污染企业绿色并购

  

  • 出版日期:2025-03-20 发布日期:2025-05-27

Party Organization Governance and Heavy Pollution Enterprises' Green M&A

  • Online:2025-03-20 Published:2025-05-27

摘要:

随着双碳目标的提出绿色并购已经成为撬动我国重污染企业低碳转型和构建绿色经济的重要支点20142022年我国A股重污染行业上市公司并购事件为研究对象考察党组织治理对企业实施绿色并购的促进作用、影响机制和作用场域研究发现党组织治理显著促进了重污染企业实施绿色并购从影响机制来看党组织治理通过强化管理层环保意识和缓解融资约束带动了重污染企业发起绿色并购此外党组织治理促进绿色并购存在明显的场域特征主要发生在规模较大、媒体监督力度大、地处老工业基地城市、国有性质、机构投资者持股比例较高、独立董事比例较高的上市企业中将党组织治理与绿色并购相结合不仅从生态环境的新视角检验了党组织治理的积极效应还对国家和企业构建绿色经济与探索环境治理变革具有重要参考意义

关键词:

党组织治理, 绿色并购, 重污染企业, 低碳转型, 环境治理

Abstract:

With the proposal of the "double carbon" goal, green merger and acquisition has become an important lever to facilitate the low-carbon transformation of heavily polluting enterprises in China and build green economy. Taking the merger and acquisition event of listed companies in China's A-share heavy pollution industry in 2014-2022 as the research object, this paper investigates the promoting effect, influence mechanism and function field of Party organization governance on the implementation of green mergers and acquisitions. The study finds that the Party organization governance has significantly promoted the implementation of green mergers and acquisitions in heavily polluting enterprises. From the perspective of influence mechanisms, Party organization governance drives heavy polluting enterprises to undertake green mergers and acquisitions by strengthening the environmental awareness of management and alleviating financing constraints. In addition, the promotion of green mergers and acquisitions by Party organization governance exhibits distinct field characteristics, mainly occurring in the listed enterprises with large scale, strong media supervision, located in old industrial base cities, state- owned nature, a high shareholding proportion of institutional investors and a high proportion of independent directors. The combination of Party organization governance and green merger and acquisition not only demonstrates the positive effect of Party organization governance from a new perspective of ecological environment, but also provides important reference significance for the country and enterprises to build green economy and explore the reform of environmental governance. 

Key words:

Party organization governance, green M&, A, heavily polluting enterprises