Research On Heavy Pollution Enterprises Green M&A,Marketization Degree And Investor Relations Management

Based on the theory of sustainable development,the theory of legality,the theory of stakeholders,and the theory of signal transmission,this paper took the M&A data of A-share listed heavy pollution enterprises from 2014 to 2016 as samples,analyzed and verified the relations between the green M&A behavior of heavy pollution enterprises and the level of their investor relations management(hereinafter referred to as IRM).Besides,this research also explored the strengthening effect of marketization degree on the relations above,and studied the impact of business model innovation and property rights on this topic.Finally,based on the study above,feasible practical suggestions from the perspectives of investors,enterprises and regulators were proposed.The empirical results show that green M&As of heavy pollution enterprises can improve their overall IRM level.From the perspective of subdivided dimension,there is a significant correlation between green M&As and the improvement of IRM Quality,which indicates that green M&As make heavy pollution enterprises more inclined to disclose high-quality environmental information in order to highlight their efforts in green management.While,green M&As do not significantly improve IRM Status,indicating that green M&As have no direct relations with investors' expectations and confidence in enterprises(measured by the performance of enterprises in the capital market).However,for the performance of enterprises in the capital market is also affected by many external factors,such as market environment,industry fluctuations and so on,thus the relations between green M&As and IRM Status still needs further study.In addition,by means of subgroup test,this paper further analyzed the role that business mode innovation and nature of property play in the positive correlation between green M&As and IRM.The results indicate that compared with low business mode innovation enterprises and private enterprises,the green M&As of high business mode innovation enterprises and state-owned enterprises could promote their investor relations level to a higher degree,reflecting that "substantial M&As" can help heavy pollution enterprises deliver positive signals to the market more efficiently.Meanwhile,state-owned heavy pollution enterprises tend to make more efforts on their environmentally-friendly image shaping.The main innovation of this paper lies in two aspects.First,the study expands the research boundaries of green M&As and IRM.The green M&A in this paper is no longer based solely on its definition,classification and influencing factors,but studied as green investment behavior that may trigger fluctuations in enterprises' information disclosure willingness and investors' expectations on their investment targets.Second,the topic IRM is no longer linked with corporate governance,internal control and other factors as static indicators,but investigated as interannual dynamic differences caused by enterprises' green management behavior.Besides,in the process of data collecting,the author made adjustments to existing research and constructed a new IRM measurement system that based on environmental information disclosure,which may be helpful for future research.