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