The Impact of Green Cross-Border M &A on Environmental Performance of Manufacturing Companies: An Empirical Study in China

With the development of industry in China, the ecological problem is becoming increasingly serious and the environmental pollution of manufacturing companies needs to be solved urgently. In the era of green development melody, green cross-border M &A is an important way for manufacturing companies to respond to national low-carbon development strategy and implement green transformation. Based on the data of 2008–2019 manufacturing companies’ cross-border M &A in China, we examine the impact of green cross-border M &A on environmental performance. The data of companies is from CSMAR database, the data of cross-border M &A is from ZEPHYR database and the data of green cross-border M &A is collected manually using content analysis. According to the empirical study, the results show that compared with non-green cross-border M &A, the environmental performance of manufacturing companies that conduct green cross-border M &A will be significantly improved. We conduct robustness tests by changing estimation methods and replacing the dependent variable measurement method, finding that the conclusions are still valid. This study enriches the relevant literature on manufacturing companies’ green cross-border M &A, provides a strategy-making reference for manufacturing companies to implement green production and decision-making reference for the government to promulgate relevant policies.