綠色併購對於重污染產業的績效影響 - 以北美、歐洲市場為例

Abstract

隨著全球暖化日益嚴重，所衍生的問題開始影響人們的日常生活，引起社會的高度重視，企業進行綠色轉型、永續發展的重要性也隨之提升。然而，執行綠色轉型必須投入大量成本研發新技術或是透過併購及投資獲取新技術。在高額成本下，會使企業遲疑是否值得花大幅資金在此項目上，也因此現今不少研究討論綠色轉型與企業績效間的關聯。 而在綠色轉型中，又以綠色併購是最常見、也是轉型速度最快的方式之一，也因此本研究以綠色併購為代表，探討其與併購後一至三年企業績效間的關係。查看現存文獻，大多均以中國地區為探討對象，較少論及歐美地區的綠色併購案狀況。本研究為彌補此不足，以歐美地區近十年的重污染產業之大型併購案為代表，探討綠色併購後企業之資產報酬率是否具有相關性，並加深探討除資產報酬率外，是否有其他因子也會帶來影響。 而研究結果顯示，在企業在執行併購案後一年之資產報酬率與其是否為綠色併購呈現正相關。然而，時間一旦拉長其相關性就會有所減低，而研究也發現在重污染產業下其相關性會比非重污染產業來得高。本文也進一步探討資本報酬率的關聯，發現企業資本報酬率的高低和是否為綠色併購並無太大的相關性。

Growing concern about global warming is having an increasingly significant impact on people's lives globally. This has led both society and enterprises toward a greater amount concern of this issue and start doing the green transformations as well as sustainable development practices. However, implementing green transformation requires substantial investments in R&D or acquiring new technologies through M&A. The high costs involved often make enterprises hesitant to allocate significant funds to such projects. In order to reduce the concern, multiple studies have explored the relationship between green transformation and enterprise financial performance. Among various green transformation approaches, green mergers and acquisitions (M&A) are the most used method. This study examines the relationship between green M&A and corporate performance one to three years after the M&A takes place. While most of the studies. Existing literature primarily concentrates on the Chinese region, with limited discussions of the deals in Europe and the United States. To address this gap, this study focuses on large-scale M&A in heavily polluting industries in Europe and the United States over the past decade. It aims to explore whether there is a correlation between the post-deal financial performance and the green factor. The results indicate a slightly positive correlation between the post-deal financial performance one year after the implementation of the green M&A, particularly in heavily polluting industries, but the correlation weakens over time. The paper also examines the relationship between the rate of return on capital and finds that it is not significantly associated with whether the M&A is green.