绿色并购与企业绿色创新——利益相关者支持的中介作用

Green Mergers and Acquisitions Promote Corporate Green Innovation——Mediation Effect of Stakeholders Support

摘要:

向外进行绿色并购和从内进行绿色创新是中国经济转型过程中企业绿色发展的重要战略，而绿色并购能否影响绿色创新？本文研究发现：绿色并购能够促进绿色创新，且具有持续性。绿色并购通过获得政府、供应商和客户等利益相关者支持，从而促进绿色创新。进一步地，当企业融资约束较大、所处行业研发密集度较高时，利益相关者支持的促进效应更强。本文拓展了绿色并购事后效应与绿色创新影响因素的研究，也为企业由“外”至“内”助推绿色创新提供了参考。

Abstract:

Green mergers and acquisitions(M A)from the outside and green innovation from the inside are important strategies for companies seeking green development in the process of China"s economic transformation. Does green M A affect green innovation? Based on the M A data of my country"s industrial listed companies from 2009 to 2018, the study found that green M A can promote green innovation; and this promotion effect has persistence. Green M A promotes green innovation by obtaining the support of stakeholders such as the government, suppliers and customers. Furthermore, when the financing constraints of the enterprise are greater and the industry in which the R D intensity is higher, the promotion effect of stakeholder support is stronger. This article expands the research on the after-effects of green mergers and acquisitions and the influencing factors of green innovation, and also provides a reference for companies to promote green innovation from "outside" to "inside".