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论文编号：	15453
作者编号：	2120233715
上传时间：	2025/6/11 19:49:56
中文题目：	企业并购对ESG表现的影响
英文题目：	The Impact of Corporate M&A on ESG Performance
指导老师：	薛有志
中文关键字：	企业并购；ESG 表现；多时点双重差分模型；资源基础理论；利益相关者理论
英文关键字：	mergers and acquisitions; ESG performance; difference-in-differences model; resource-based theory; stakeholder theory
中文摘要：	2020 年“碳达峰”和“碳中和”（“双碳”）目标提出后，党的二十大及 2025 年政府工作报告均强调“绿水青山就是金山银山”的发展观念，推动了 ESG（环境、社会、治理）理念的深入发展。在我国经济高质量发展与“双碳”目标深化的战略背景下，企业并购既契合全国统一大市场建设的方向，也是发展新质生产力的重要路径。目前，企业提升 ESG 表现主要依赖于内部资源整合与能力建设，而企业并购作为一种外源性战略工具，其在 ESG 领域的应用价值正逐渐显现，这为企业战略管理提供了新的思路。 本文结合资源基础理论、利益相关者理论、委托代理理论及声誉效应理论，探讨企业并购如何影响 ESG 表现，探究其影响机制，并对不同企业对这一影响的异质性进行分析。本文以 2009-2023 年中国 A 股上市公司为样本，运用多时点双重差分模型实证检验企业并购对 ESG 表现的动态效应。研究发现：首先，企业并购对 ESG 表现具有显著正向影响，这一结论通过平行趋势检验、安慰剂检验、PSM-DID 等七项稳健性检验验证是稳健可靠的。其次，信息披露质量在企业并购与 ESG 表现之间发挥着中介作用。最后，企业并购对 ESG 表现的影响存在一定的异质性，当上市公司为非国有企业、大规模企业及低杠杆企业时，并购行为对 ESG 表现的提升作用更为明显。 本文的研究结果表明，企业并购对 ESG 表现具有正向影响。本文运用多时点双重差分模型评估并购的动态效应，拓展了资源基础理论在可持续发展领域的应用范畴，并深化了对企业特征与 ESG 表现关系的理解。基于研究结论，本文提出了以下对策建议：政府应完善企业并购中的 ESG 监管机制，建立激励相容的政策体系；企业需优化并购整合策略，将 ESG 目标纳入战略规划；投资者应关注并购企业 ESG 表现，优化企业价值评估方法。研究结果为企业通过并购实现高质量发展提供理论支撑，对“双碳”目标下中国经济绿色转型具有重要参考价值。
英文摘要：	After the 2020 “Carbon Peaking and Carbon Neutrality Goals” was put forward, the 20th CPC National Congress and the 2025 government work report both emphasized the development concept of “green mountains are golden mountains”, which promoted the in-depth development of the ESG concept. In the strategic context of China's high-quality economic development and the deepening of the “Carbon Peaking and Carbon Neutrality Goals”, corporate M&A not only in line with the direction of building a unified national market, but is also an important path to develop new quality productive forces. At present, enterprises mainly rely on internal resource integration and capacity building to improve their ESG performance, while M&A, as an exogenous strategic tool, is gradually showing its application value in the ESG field, which provides a new way of thinking for enterprise strategic management. This study combines resource-based theory, stakeholder theory, agent theory and reputation effect theory to discuss how M&A affects ESG performance, explore the mechanisms of its impact and analyze the heterogeneity of this impact across different firms. Using a sample of Chinese A-share listed companies from 2009-2023, this thesis empirically examines the dynamic effect of corporate M&A on ESG performance using a difference-in-differences model. It is found that: first, corporate M&A has a significant positive effect on ESG performance, a finding that is verified to be robust and reliable by seven robustness tests such as the parallel test, the placebo test and the PSM-DID. Second, disclosure quality plays a mediating role between M&A and ESG performance. Third, there is some heterogeneity in the impact of corporate M&A on ESG performance, and the enhancement of ESG performance by M&A behavior is more pronounced when the listed companies are non-state-owned, large-scale and low-leveraged enterprises. The results of this thesis show that corporate M&A has a positive impact on ESG performance. The current study utilizes a difference-in-differences model to assess the dynamic effects of M&As, which expands the application of resource-based theory in the field of sustainable development and deepens the understanding of the relationship between corporate characteristics and ESG performance. Based on the findings, this thesis suggests the following countermeasures: The government should improve ESG regulatory mechanisms in corporate M&A and establish an incentive-compatible policy system; enterprises need to optimize their M&A integration strategies and incorporate ESG objectives into their strategic planning; and investors should pay attention to the ESG performance of M&A firms and optimize their enterprise value assessment methods. The results of the study provide theoretical support for enterprises to realize high-quality development through M&A, and have important reference value for the green transformation of China's economy under the Carbon Peaking and Carbon Neutrality Goals.
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