The impact of cross-border mergers and acquisitions by Chinese enterprises on industrial green transformation: From the perspective of energy saving and carbon reduction

• Published in: Zi yuan ke xue Vol. 47; no. 2; pp. 389 - 401
• Main Authors: Xiaowen, WAN, Bo, YANG, Jiaming, KE
• Format: Journal Article
• Language: Chinese; English
• Published: Science Press, PR China 01.02.2025
• Subjects: cross-border mergers and acquisitions (m&as)|green transformation|energy saving and carbon reduction|low-carbon development path|dual-circulation|fixed effect model
• ISSN: 1007-7588
• DOI: 10.18402/resci.2025.02.13

[Objective] In order to build a modern industrial system with global competitiveness, China needs to develop some new advantages to participate in the global market by green transformation. This study explored whether China can connect domestic and international resources through cross-border mergers and acquisitions (M&As), to achieve the development goals of energy saving, carbon reduction and green transformation. [Methods] Based on a mathematical model and the panel data at the industry level for China from 2000 to 2022, this study used the two-way fixed effects model to analyze the impact of cross-border M&As on industrial energy saving and carbon reduction and mechanism. [Results] (1) Chinese enterprise cross-border M&As can reduce the carbon emissions and energy consumption, and help to promote the industrial green transformation. (2) It is affected by factors such as international environmental regulation, the ability of industrial technology transformation, and the upgrading of industrial structure. (3) Heterogeneity analysis showed that the effect of cross-border M&As on green transformation is significant for host countries with relatively high level of economic development, or for the same industries and revealed comparative advantage industries. [Conclusion] The Chinese government should play a positive role in cross-border M&As in the process of industrial green transformation, formulate differentiated policies to promote cross-border M&As according to the industrial characteristics and international environment, and encourage enterprises to learn advanced technologies in the international market, which can promote green transformation through upgrading industrial structure.