Econ Papers Daily / 期刊论文
企业如何应对生物多样性风险？来自中国绿色并购的证据
How do firms respond to biodiversity risk? Evidence from green M&As in China
摘要
Drawing on Chinese A-share listed firms from 2012 to 2023, this article investigates whether biodiversity risk is associated with corporate green M&A decisions. We construct a firm-year measure of biodiversity risk reflected in annual reports using an LLM-assisted textual approach and identify green M&As from transaction disclosures. Baseline Probit estimates reveal a positive and statistically significant association between biodiversity risk and the likelihood of green M&A. The result remains robust across a wide range of additional tests, including propensity score matching and instrumental-variable analysis. Further analyses identify financing constraints and corporate reputation as two potential channels underlying this relationship. Consistent with differences in risk materiality, firms’ incentives to respond, and their capacity to act, the positive association is stronger among firms with higher supplier concentration, greater green investor involvement, and larger boards, respectively. By contrast, biodiversity risk is not significantly associated with non-green M&A or subsequent green patenting, indicating that the documented relationship is specific to green acquisition decisions in our setting.
中文摘要
本文基于2012年至2023年中国A股上市公司数据，考察生物多样性风险是否与企业绿色并购决策相关。我们采用LLM辅助的文本分析方法构建了反映年度报告中生物多样性风险的企业—年度指标，并从交易披露中识别绿色并购。基准Probit估计结果显示，生物多样性风险与绿色并购的可能性之间存在正向且统计显著的关联。该结果在包括倾向得分匹配和工具变量分析在内的一系列广泛附加检验中保持稳健。进一步分析识别出融资约束和企业声誉是这一关系背后的两个潜在渠道。与风险重要性、企业响应动机及其行动能力的差异相一致，这一正向关联分别在供应商集中度较高、绿色投资者参与度较高以及董事会规模较大的企业中更强。相比之下，生物多样性风险与非绿色并购或后续绿色专利申请均无显著关联，表明所记录的关系在我们的研究情境中特定于绿色收购决策。