Does Green Credit Improve M &amp; A Performance of Heavy Pollution Enterprises: Empirical Evidence from Chinese Listed Companies

WANG Jian-xin; WANG Tao; LONG Ming

Volume 36 Issue 1

Apr. 2021

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WANG Jian-xin, WANG Tao, LONG Ming. Does Green Credit Improve M & A Performance of Heavy Pollution Enterprises: Empirical Evidence from Chinese Listed Companies[J]. Journal of Guangdong University of Finance & Economics, 2021, 36(1): 85-97.

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WANG Jian-xin, WANG Tao, LONG Ming. Does Green Credit Improve M & A Performance of Heavy Pollution Enterprises: Empirical Evidence from Chinese Listed Companies[J]. Journal of Guangdong University of Finance & Economics, 2021, 36(1): 85-97.

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Does Green Credit Improve M & A Performance of Heavy Pollution Enterprises: Empirical Evidence from Chinese Listed Companies

1.
Chinese Academy of Fiscal Science, Beijing 100142
2.
Bank of Guangzhou, Guangzhou 510632, China

Received Date: 2020-10-15
Available Online: 2021-04-15
Publish Date: 2021-01-28

Abstract

Abstract

It is an important means for the country to promote the development of green, low-carbon and circular economy to guide heavy pollution enterprises to transform backward production capacity through merger and acquisition and realize the green upgrading of the industry. Based on the implementation of "green credit guidelines" in 2012, this paper uses the double difference model to construct a quasi natural experiment to test the impact of green credit policy on the M & A performance of heavy polluting enterprises. The results show that green credit policy significantly reduces the M & A performance of heavily polluting enterprises; the negative impact is more significant in areas with good legal environment. The results of mechanism test show that, subject to the regulation of green credit policy, its impact on M & A performance of heavy polluting enterprises mainly is made through the impact of credit scale contraction and financing cost. The above findings not only provide a further understanding of the "discount view" of M & A from the perspective of resource allocation, but also provide an important reference for the evaluation of the implementation effect of green credit policy in China.
- green credit,
- merger and acquisition performance,
- heavy pollution enterprise,
- resource allocation,
- credit scale,
- financing cost,
- corporate merger and acquisition

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References(31)

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