气候变化风险和企业治理是否鼓励绿色并购?
Kenichi Yoshida1, Yoshiaki Iino2, Futoshi Eba3
1Faculty of Economics, Kyushu University, Fukuoka, Japan; Urban Institute & School of Engineering, Kyushu University, Fukuoka, Japan.
Journal of environmental management
|September 1, 2025
概括
气候变化风险影响绿色并购. 强有力的公司治理,特别是外部董事,推动了碳密集型资产的剥离,产生了积极的回报.
科学领域:
- 环境经济学
- 公司财务
- 气候变化研究
背景情况:
- 更多地关注气候变化风险及其对企业战略的影响.
- 投资者和监管机构对可持续商业实践的压力越来越大.
- 合并和收购作为企业转型的工具.
研究的目的:
- 研究气候变化风险对绿色并购决策的影响.
- 研究企业治理在绿色并购中的作用.
- 分析绿色并购活动对财富的影响.
主要方法:
- 分析并购数据,区分绿色收购和剥离.
- 评估气候风险和治理变量的计量模型.
- 评估短期财富影响的事件研究方法.
主要成果:
- 碳排放较高的企业更有可能收购绿色企业,并剥离碳密集型企业.
- 外部董事大大鼓励对碳密集型资产的剥离.
- 剥离碳密集型企业与短期财务回报有关.
结论:
- 气候风险缓解越来越多地被纳入企业决策.
- 企业治理机制对于推动绿色并购至关重要.
- 绿色并购,特别是剥离,可以为股东创造价值.
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