国际经济与贸易学院知识库

摘 要

  自“一带一路”倡议提出以来，中国企业在国家政策的引领下，加快了走出去的步伐，积极参与到全球化竞争当中，跨国并购作为企业参与全球竞争的方式之一，也成为了企业快速“走出去”的重要手段；但随着“一带一路”倡议的不断推进与深化，中国企业在实施“走出去”战略的同时也面临着越来越多的问题。近年来，随着全球环境问题的日益凸显，环境问题成为了中国企业积极参与全球化竞争的一个首要障碍，因“环境三高”问题而引发的东道国政府的制裁、行业和民众的抵制行为以及发展中的“合法性”问题，致使中国企业在海外市场的扩张遭受到重重困难。当今，随着世界各国对环境问题的重视程度日益提升以及绿色低碳、可持续发展的环保理念逐渐深入人心，各国纷纷出台相应的政策法规，例如中国发布的《关于推进绿色“一带一路”建设的指导意见》和欧盟制定的《欧洲可持续发展报告准则》。这些法规既要求企业在生产制造过程中追求经济的可持续发展，又要求企业在东道国的发展要具有“合法性”，从而保证企业在追求经济目标的同时注重环境绩效的提升。因此，中国企业为了更快、更好的走出去，帮助企业在全球竞争中取得竞争优势，就需要进行绿色发展，既要注重经济效益也要重视环境保护。“绿色创新”作为企业进行绿色发展的第一动力，是企业解决环境问题的关键，也是企业积极参与全球竞争提升自身竞争力的优势所在。

  本文首先对国内外绿色创新和跨国并购的相关研究进行了系统的梳理，理论分析了绿色创新影响跨国并购的内在机制以及合法性中介作用的内在机理；其次，通过收集绿色专利和跨国并购的相关数据，分析了中国企业在绿色创新和跨国并购方面的发展现状；最后，本文以2010-2019年中国A股上市企业的跨国并购事件为研究样本，构建Logit回归模型，运用Stata17统计软件，实证分析了绿色创新对企业跨国并购成败的影响、绿色创新对企业合法性的影响以及合法性的中介作用，并根据实证结果提出了相关的政策建议。实证结果表明：（1）绿色创新对中国企业跨国并购的成败具有显著正相关的影响，即绿色创新水平的提升能够促进中国企业在跨国并购交易中的成功；（2）绿色创新对企业合法性的提升具有显著正相关的影响；（3）合法性在企业绿色创新对跨国并购成败的影响中具有中介作用。

  综上研究，本文从合法性视角切入，将绿色创新与跨国并购相结合进行研究，既为中国企业积极进行绿色创新，走绿色发展之路提供了坚实的理论基础，也为我国企业跨国并购和绿色创新进一步研究提供了一个有价值的视角。中国企业在进行跨国并购时，要善于利用绿色创新水平提升所带来的积极效应，降低由环境问题所引起的合法性劣势，规避在国际化发展所遇到的各种风险，提高中国企业积极“走出去”的成功率。同时，政府要制定相应的法律政策，促进企业绿色创新水平的提高，引导企业更加顺利的走出去，从而帮助中国实现绿色创新水平的总体提升，实现由传统经济增长到环境与经济效益并重的高质量发展，促进我国国内国际双循环发展格局的形成。

关键词：绿色创新 合法性 跨国并购

Abstract

  Since the "Belt and Road" Initiative was put forward, Chinese enterprises, under the guidance of national policies, have accelerated the pace of going global and actively participated in global competition. Transnational mergers and acquisitions, as one of the ways for enterprises to participate in global competition, have also become an important means for enterprises to quickly "go global". However, with the continuous advancement and deepening of the "Belt and Road" Initiative, Chinese enterprises are also facing more and more problems while implementing the "going out" strategy. In recent years, with the increasing prominence of global environmental problems, environmental problems have become a primary obstacle for Chinese enterprises to actively participate in global competition. Due to the "three high environmental" problems, the host country government's sanctions, industry and public resistance, and the development of "legitimacy" problems have caused many difficulties for Chinese enterprises to expand in overseas markets. Nowadays, as countries around the world attach increasing importance to environmental issues and the environmental protection concept of green, low-carbon and sustainable development is gradually gaining popularity, countries have introduced corresponding policies and regulations, such as the Guiding Opinions on Promoting the construction of Green "One Belt and One Road" issued by China and the European Sustainable Development Reporting Standards formulated by the European Union. These regulations not only require enterprises to pursue sustainable economic development in the manufacturing process, but also require the development of enterprises in the host country to have "legitimacy", so as to ensure that enterprises pay attention to the improvement of environmental performance while pursuing economic goals. Therefore, in order to go global faster and better, and to help enterprises gain competitive advantages in global competition, Chinese enterprises need to carry out green development, which should pay attention to both economic benefits and environmental protection. "Green innovation", as the first driving force for enterprises to carry out green development, is the key for enterprises to solve environmental problems, and it is also the advantage for enterprises to actively participate in global competition to enhance their competitiveness.

  Firstly, this paper systematically reviews the relevant researches on green innovation and cross-border M&A at home and abroad, and theoretically analyzes the internal mechanism of green innovation affecting cross-border M&A and the internal mechanism of legitimacy intermediation. Secondly, by collecting the relevant data of green patents and cross-border mergers and acquisitions, this paper analyzes the development status of Chinese enterprises in green innovation and cross-border mergers and acquisitions. Finally, this paper takes the cross-border mergers and acquisitions of Chinese A-share listed enterprises from 2010 to 2019 as research samples, constructs Logit regression model, and uses Stata17 statistical software to empirically analyze the impact of green innovation on the success or failure of cross-border mergers and acquisitions, the impact of green innovation on the legitimacy of enterprises and the intermediary role of legitimacy. According to the empirical results, some relevant policy suggestions are put forward. The empirical results show that: (1) Green innovation has a significant positive correlation with the success or failure of cross-border M&A of Chinese enterprises, that is, the improvement of green innovation level can promote the success of Chinese enterprises in cross-border M&A transactions; (2) Green innovation has a significant positive correlation with the improvement of corporate legitimacy; (3) Legitimacy plays an intermediary role in the impact of corporate green innovation on the success or failure of cross-border M&A.

  To sum up, this paper, starting from the perspective of legitimacy, combines green innovation with cross-border mergers and acquisitions, which not only provides a solid theoretical foundation for Chinese enterprises to actively carry out green innovation and take the road of green development, but also provides a valuable perspective for the further study of cross-border mergers and acquisitions and green innovation of Chinese enterprises. When conducting cross-border mergers and acquisitions, Chinese enterprises should make good use of the positive effects brought about by the improvement of green innovation level, reduce the legitimacy disadvantages caused by environmental problems, avoid various risks encountered in international development, and improve the success rate of Chinese enterprises actively "going global". At the same time, the government should formulate corresponding laws and policies to promote the improvement of enterprises' green innovation level and guide enterprises to go global more smoothly, so as to help China achieve the overall improvement of green innovation level, realize the high-quality development from traditional economic growth to equal attention to environment and economic benefits, and promote the formation of China's domestic and international dual-cycle development pattern.

Keywords: Green innovation; Legitimacy; Cross-border mergers and acquisitions