Green M&As And Technological Innovation In Heavy Polluting Enterprises

In the past,the economic development model was mainly based on the excessive consumption of non-renewable natural resources.This unreasonable way forced the 21st century to become a brand-new stage in which the economy urgently needs to be transformed into a green economy.Basic issues related to the environment have received wide attention.Green investment has become an important proposition for enterprises,urging their production and operation activities to get rid of traditional businesses,especially for heavy polluting enterprises with high consumption,high emission and high pollution,this kind of green investment will be essential if they want to survive and grow in the harmonious development of society and the environment.The gap between the ideals of ecological civilization and a beautiful China and the vision of economic green development and the deteriorating environmental reality needs to be bridged.Technological innovation is the key and effective way to bridge these gaps and achieve environmental governance.The transition from a traditional energy production system to a new model of green and sustainable economic growth needs to find a suitable way,and M&A as an external growth method can promote this change and help enterprises achieve technological innovation in a complex but vital process.Represented by the special green investment model of green M&As,it provides an opportunity for heavy polluting enterprises to innovate out of the predicament,that is,it creates opportunities to use external resources,so that enterprises can obtain the target's green technology,equipment and talents in a relatively short time,which greatly improve innovation space,generate synergy effects of technological innovation,overcome the characteristics of long-term and high uncertainty of internal R&D,and achieve the goal of green development.Based on the background of economic,social and environmental pursuit of harmonious,sustainable and efficient green development,this paper takes the M&A transactions of Shanghai and Shenzhen A-share listed companies from 2010 to 2018 as a sample,and mainly studies the impact of green M&As on technological innovation in heavy polluting enterprises,and explores the two acting pathways of green M&As on technological innovation from the learning method selection and capital acquisition in dynamic process,then makes a further heterogeneous analysis based on the different dimension characteristics of the acquirer,the target and correlation of them.And finally the transformation effect of technological innovation under green M&A is tested.This paper establishes a detailed theoretical and empirical framework to provide an explanation based on the perspective of technological innovation for the successful mechanism of green M&As.The research conclusions mainly include:First,compared with non-green M&As.green M&As obviously promote technological innovation in heavy polluting enterprises.Based on the Realization of Mechanism of Sustainable Innovation Theory,unlike non-green M&As for the purpose of diversifying business risks and achieving scale expansion,the internal mechanism analysis is carried out from the capture of technological innovation opportunities,the enhancement of technological innovation motivation and the improvement of technological innovation capabilities,revealing the coupling effect of the three major elements of"opportunity+motivation+capability" at the micro level of green M&As promote technological innovation.The key to technological innovation is to obtain external knowledge and resources beyond organizational boundaries,so as to exert competitive advantages in the environment of green development.The development of heavy polluting enterprises is increasingly hindered by the limited internal resources and capabilities and the declining market scales.Therefore,with the help of green M&As to obtain the target's green technology,green equipment and talents,and green management experience,heavy polluting enterprises quickly cross the innovation threshold,break through the path dependence,and make up for its own resource gap,and promote the development of technological innovation,thereby improve the market position and operation effectiveness.As a result,taking advantage of the opportunity capture in technological development,the motivation enhancement after inertial breakthroughs,and the improvement of capabilities under resource seeking,green M&As have become an effective strategy based on technological innovation,which has great potential to stimulate technological innovation.Second,the incentive effect of green M&As on technological innovation in heavy polluting enterprises is partly realized by selecting the exploratory mode in ambidextrous learning;green M&As can actively obtain the capital support provided by green finance,so as to encourge technological innovation.In view of the fact that M&As and innovation are not static behavior states of heavy polluting enterprises,this paper analyzes the black box of implementation path from the dynamic process of green M&As affecting technological innovation,and then constructs the mediating mechanism of ambidextrous learning and green finance.It supports the existence of the coupling effect of the three micro-factors of opportunity,motivation and capability.The logic behind the choice of learning methods is that in the process of green M&As,the focus of development is to find new green technology,concepts and solutions outside of the existing resource pool.Choosing exploratory learning of heavy polluting enterprises can arrange their activities and systems more flexibly,so as to effectively promote technological innovation.The underlying mechanism based on capital acquisition is that green M&As release good news to financial institutions in terms of restraining environmental pollution and cleaner production,effectively reducing information asymmetry and weakening risk perception,thereby the investment activities of heavy polluting enterprises can win the capital support of green finance,and constantly improve their financing difficulties to drive technological innovation.Third,when heavy polluting enterprises are in heterogeneous situations of characteristics from different dimensions,the technological innovation effects of green M&As are different.Combined with Green Theory.Resource-based Theory and Tacit Knowledge Theory,this paper analyzes the strengthening or inhibiting effect of single subject and inter-subject characteristics of the M&A transaction on the micro-factors of opportunity,motivation and capability,which is helpful to better understand the influence of subject characteristics heterogeneity on the relationship between green M&As and technological innovation activities.The heterogeneity is mainly manifested in three dimensions:From the perspective of the acquirer's characteristics,the executive's green experience can significantly strengthen the positive relationship between green M&As and technological innovation,indicating the positive role of this special experience;compared with positive performance feedback,negative performance feedback can enhance the role of green M&As in promoting technological innovation,reflecting that enterprises are more willing to make changes under unfavorable operating conditions;the incentive effect of green M&As on technological innovation is more obvious when the acquirer is under high financial pressure.indicating the government pays attention to both environmental protection and economy at present.From the perspective of the target's characteristics,the large stock of resources plays a significant positive adjustment in the positive impact of green M&As on technological innovation.indicating the important role of the size of the resource pool,and green M&As promote technological innovation significantly when the target has a geographical advantage,showing the importance of location for enterprise development.From the perspective of the correlation characteristics between the acquirer and the target,the incentive effect of green M&As on technological innovation is strengthened when the knowledge similarity is weak;the relationship between the two is more obvious when markets are highly complementary;compared with the long geographic distance,the short geographic distance significantly positively moderates the positive correlation between green M&As and technological innovation,showing that the correlation characteristics can not be ignored.Fourth,technological innovation after green M&A significantly enhances the transformation intensity of heavy polluting enterprises.It can also improve the transformation efficiency and change the business model.Relying on the First-mover Advantage Theory,green M&A.as an emerging green investment method in the heavy polluting industries,enterprises that first carry out green M&As can significantly improve their technological innovation level,produce positive transformation effects,and lay a first-mover advantage.The conclusion fully reveals that technology accumulation,innovation and breakthroughs are difficult to achieve overnight,while green M&As have the technology,knowledge and resources needed for green development,and can obtain strategic resources and core capabilities from the outside to carry out technological innovation,which have become an effective way for the rapid transformation and upgrading of traditional enterprises.Finally,the original development model and the limitations of resource accumulation can be broken,and achieve a more stable and lasting transformational development.This evaluation process has deepened the understanding of the linkage effect between green M&As and technological innovation.Based on the existing research,this paper thoroughly and systematically examines the impact of green M&As on technological innovation in heavy polluting enterprises.The main innovations are:First,set up the research framework of the impact of green M&As on technological innovation,and actively expand the relevant research on the relationship between green M&As and technological innovation.In the mainstream literature,the concepts of M&As and innovation are extensively related.but the relationship between green M&As and technological innovation is rarely involved.On the one hand,green M&A,as an emerging method in the field of M&As,has gradually attracted the attention of scholars,but there are only a limited number of studies involving green M&As and corresponding performance.As green M&A has become an important tool for unicom external resources,make enterprise innovation behaviors more emphasize on external fully open and integrated,not only can introduce green technology and resources,but also stress open green governance and management culture,so as to avoid path dependence and high management cost brought by organizational boundaries.This paper studies the technological innovation effects of green M&As to enrich the literature on economic consequences in this field.On the other hand,technological innovation has always been an important research field at present and in the future.So far,the related research on technological innovation is mainly in the fields of management and operation,and more and more are integrated into accounting field and mediation level.This paper combines technological innovation with the accounting theory of M&As,and expands the scope of research to the traditional industry of heavy pollution,which not only reduces the interference of heterogeneity at the industry level.but also effectively expands the field of technological innovation research.Finally,this paper focuses on the essential characteristics of green M&As for the acquisition of green technology,resources and management experience,and based on the Realization of Mechanism of Sustainable Innovation Theory,constructs a logical framework for green M&As to capture technological innovation opportunities,enhance technological innovation motivation and improve technological innovation capabilities.And reasonably analyzes the impact of green M&As on technological innovation.To sum up,this article combines green M&As with technological innovation,clearly reveals the impact of green M&As on technological innovation in heavy polluting enterprises,and confirms the positive effect of green investment on enterprise value.Second,based on the analysis of dual channels and the three-dimensional characteristic heterogeneous moderation effects of green M&As on technological innovation,the impact mechanism of green M&As on technological innovation is fully explored.This paper is not limited to studying the simple and direct relationship between green M&As and technological innovation in heavy polluting enterprises at the overall level,but based on the internal mechanism analysis of the proposed three-factor coupling mechanism of green M&As on capturing technological innovation opportunities,enhancing motivation and improving capabilities to fully explore the acting pathways and the heterogeneous situations,which is not only study why green M&As have an incentive effect on technological innovation in heavy polluting enterprises,but also explore how to produce it.and under what circumstances to strengthen or inhibit the effect,and then tries to establish a detailed theoretical framework to reveal the complex challenges of promoting technological innovation from green M&As.This paper mainly analyzes the mechanism of green M&As on technological innovation from the two channels of learning method selection and capital acquisition,that is,clarifies the transmission principle of ambidextrous learning and green finance in the relationship between the two,which is an active exploration to explain realization mechanism from the dynamic behavior process of enterprises learning and financing,and also a bold attempt to prove the existence of the coupling effect of the three micro-factors of opportunity,motivation and capability.In addition,based on Resource-based Theory and Tacit Knowledge Theory,according to the principle of selecting typical characteristics from micro level to macro level of each dimension,adding three-dimensional characteristics of the two subjects of M&As and their correlation,make a detailed analysis of the impact of these factors on innovation opportunities,motivation or capabilities.The conclusions obtained confirm the existence of multiple heterogeneous moderating effects,which provide more extensive insights for future research directions,and realize that the pre-existing characteristic conditions are crucial.The above test contents have greatly enriched the research on the relationship between green M&As and technological innovation.Third,effectively strengthen the practical significance of relevant research conclusions on enterprises' green transformation through green M&As and technological innovation.Based on the overall level of the organization and the level of micro-factors,this paper explains the role of technological innovation incentives under green M&As in promoting transformation of heavy polluting enterprises,deepens the understanding of green M&As and technological innovation,and fully reveals that technological innovation under green M&As can achieve the harmonious unity of economic,society,resources and environment.The empirical evidence points out that the technological innovation under green M&As bred new profit growth points is the fundamental way for enterprises,especially the heavy polluting enterprises,to achieve transformation and upgrading,and it is also the key path for them to get rid of the plight of unsustainable development.It provides data for the innovative practice of enterprise transformation and upgrading.Specifically,the importance of this research is reflected in the effective information that governments and organizations need to promote green development in order to strengthen the green practice of enterprises.This paper provides timely information on the impact of green M&As on technological innovation in heavy polluting enterprises.This will increase the acceptance of green M&As by enterprises,and provide clear and convincing solutions for many enterprises similar to the heavy polluting enterprises in the dilemma of technological innovation and development,and encourage enterprises to actively participate in and fully benefit from green M&As,and promote the realization of "green" "clean" "energy-saving" and"environmental protection",and finally provide practical ideas for solving the problem of innovative transformation of Chinese enterprises through green M&As,and have value for decision-making reference for organizations and relevant government departments.