摘要
Abstract
The manufacturing industry is an important industrial pillar of China's national economy.In the process of promoting the dual goals of carbon neutrality and stable growth,the manufacturing economy is facing many challenges at the macro and micro levels,in the industrial structure and in the construction of institutions.Based on the strategic background of'dual carbon',green M&A is an im-portant way for manufacturing enterprises to realise green transformation.The study selects enter-prises in the manufacturing industry with M&A and green M&A from 2011 to 2019 as samples,and conducts regression analyses using carbon emission data from previous years as reference indicators.Firstly,the impact of green M&A on the carbon emission intensity and carbon emission performance of manufacturing enterprises is empirically examined;secondly,the mediating effect played by green M&A in stimulating the green innovation process of different manufacturing enterprises is verified;thirdly,it is confirmed that green M&A has a driving effect on the research and development(R&D)and innovation mechanism of manufacturing enterprises,and that in the process of green M&A,due to the support of the government,the manufacturing enterprises are able to obtain more financial subsi-dies,which in turn again promotes green innovation and affects carbon emissions;fourth,group analy-ses are conducted from the heterogeneity of property rights and whether corporate executives have an environmental protection background,and the differences in the effect of green M&As on carbon emis-sions among different groups are explored.This paper enriches the empirical data and research results of manufacturing enterprises by studying specific industries from the perspective of green M&A,aim-ing to provide valuable references for polluting enterprises to be transformed.关键词
绿色转型/绿色创新/碳减排/可持续发展Key words
green transformation/green innovation/carbon emission reduction/sustainable devel-opment分类
管理科学
