Green innovation of Chinese industrial enterprises to achieve the ‘dual carbon’ goal–based on the perspective of green M&A

ABSTRACT

This study explores the impact of green mergers and acquisitions (M&A) on corporate green innovation and its impact mechanism under the goal of achieving ‘carbon emission peak and carbon neutrality’. Through the analysis of M&A data of China’s Shanghai and Shenzhen A-share industrial listed companies, the results show that green M&A can significantly improve the corporate green innovation capabilities. External stakeholder’s support has played an intermediary role, as enterprises can obtain more government subsidies and commercial credit through green M&A, which reduces financing constraints and enhances the corporates’ green innovation capabilities.

KEYWORDS:

• Dual carbon goal
• green M&A
• green innovation
• stakeholder support
• organizational legitimacy

JEL CLASSIFICATION:

• G34
• O31
• Q56

Disclosure statement

No potential conflict of interest was reported by the author(s).

Notes

¹ The “IPC Green Inventory” divides green patents into seven categories: transportation, waste management, energy conservation, and alternative energy production, administrative regulatory or design aspects, agriculture or forestry and nuclear power generation, which cover green invention patents and green utility model patents.