Abstract In recent years, heavy pollution enterprises often adopt green merger and acquisition (GMA) strategy to obtain green technology and resources, so as to realize the transformation and upgrading of pollution industry. Can GMA increase the environmental protection investment (EPI) and promote the green development of enterprises? The important marginal contribution of this paper is to explore the impact of GMA on EPI of heavy pollution listed companies, and compare the impact of different types of GMA on EPI. In this paper, PSM-DID method and nonlinear DID method are used for empirical analysis. The results show that GMA can promote EPI, and the marginal effect of horizontal GMA on EPI is greater than that of vertical GMA and mixed GMA. From the perspective of time effect, GMA has a U-shaped effect of first decreasing and then increasing on EPI. Impact path test shows that GMA inhibits EPI by increasing merger and acquisition cost and management cost, and promotes EPI by improving corporate reputation, environmental awareness, enhancing financing ability and subsidies. Based on the heterogeneity analysis of enterprise life cycle, horizontal GMA has a great impact on EPI in the growth stage. In maturation stage, vertical GMA can promote EPI greatly, but in recession stage, GMA can inhibit EPI.

中文翻译：

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绿色并购战略能否提高上市公司的环保投资？

摘要 近年来，重污染企业往往采用绿色并购（GMA）战略获取绿色技术和资源，以实现污染产业的转型升级。GMA能否增加环保投资（EPI），促进企业绿色发展？本文的重要边际贡献是探讨了GMA对重污染上市公司EPI的影响，比较了不同类型GMA对EPI的影响。本文采用PSM-DID方法和非线性DID方法进行实证分析。结果表明GMA可以促进EPI，横向GMA对EPI的边际效应大于纵向GMA和混合GMA。从时间效应来看，GMA 对 EPI 具有先下降后上升的 U 型效应。影响路径检验表明，GMA通过增加并购成本和管理成本抑制EPI，通过提高企业声誉、环保意识、增强融资能力和补贴促进EPI。基于企业生命周期异质性分析，横向GMA对成长阶段的EPI影响较大。在成熟阶段，垂直GMA可以极大地促进EPI，而在衰退阶段，GMA可以抑制EPI。水平GMA对成长阶段的EPI影响很大。在成熟阶段，垂直GMA可以极大地促进EPI，而在衰退阶段，GMA可以抑制EPI。水平GMA对成长阶段的EPI影响很大。在成熟阶段，垂直GMA可以极大地促进EPI，而在衰退阶段，GMA可以抑制EPI。