ESG评级分歧对企业绿色并购的影响研究

Abstract

Green M&A constitutes one of the principal approaches for enterprises to achieve green transformation and upgrading, exerting an increasingly crucial role in the capital market. Based on risk perception theory, this paper empirically examines the impact of ESG rating divergence on green M&A. The research discovers that ESG rating divergence could improve the probability of green M&A, mainly through enhancing green regulatory inquiries, strengthening media ESG coverage and increasing investors' attention. When the enterprises have stronger green driving factors and resource capabilities, the influence is more obvious. Further analysis reveals that green M&A is merely a stress response, failing to bring about substantial green technology breakthroughs and even impairing green performance. Overall, the conclusions illuminate the critical role of ESG rating divergence in shaping corporate strategic decisions and further investigate the underlying motivations for green M&A under the pressure of such divergence. The findings provide meaningful implications for guiding enterprises toward high-quality green M&A and boosting the efficiency of green transformation.