Green M&A, Green Finance, and Corporate Market Value Enhancement: A Signaling Game-Theoretic and Empirical Analysis
グリーンM&A、グリーンファイナンス、および企業の市場価値向上：シグナリングゲーム理論と実証分析 (AI 翻訳)
Xi Chen, Chunai Ma, Wanting Wu, Fuying Hao
🤖 gxceed AI 要約
日本語
本研究は、シグナリングゲームモデルを用いて、グリーンM&Aが市場価値に与える影響を分析。中国A株上場企業の2013-2023年のデータを用いた実証分析により、グリーンM&Aが市場価値とグリーンクレジット配分を高めることを示し、グリーンクレジットが部分的な伝達経路として機能することを明らかにした。
English
This study develops a signaling game model to analyze how green M&A affects market value directly and through green credit allocation. Using Chinese A-share listed company data from 2013-2023, it finds that green M&A is associated with higher market value and greater green credit allocation, with green credit serving as a partial transmission channel. Effects are moderated by climate risk exposure and policy uncertainty.
Unofficial AI-generated summary based on the public title and abstract. Not an official translation.
📝 gxceed 編集解説 — Why this matters
日本のGX文脈において
本論文は中国企業を対象としているが、グリーンM&Aとグリーンファイナンスの連携は日本の企業にとっても重要。気候リスクや政策不確実性の影響は、日本の企業が直面する課題と共通する点が多い。
In the global GX context
This paper on green M&A and green credit in China offers insights relevant globally for understanding how green finance can facilitate corporate green transformation. The finding that climate-risk exposure and policy uncertainty weaken the effects is particularly relevant for firms operating under evolving disclosure regimes like ISSB and CSRD.
👥 読者別の含意
🔬研究者:Provides a game-theoretic framework linking green M&A to market value, useful for researchers studying corporate green finance.
🏢実務担当者:Highlights the importance of green M&A and green credit for enhancing market value, offering strategies for corporate sustainability and finance teams.
🏛政策担当者:Suggests that stable climate policy and supportive green credit infrastructure can enhance the effectiveness of corporate green investments.
📄 Abstract（原文）
The low-carbon transition is reshaping firms’ strategic behavior and financial resource allocation, yet the mechanisms linking green mergers and acquisitions (green M&A), green credit, and market value remain insufficiently understood. Existing studies recognize the signaling role of environmental actions but often lack a formal game-theoretic framework to explain how green M&A conveys information to financial institutions and capital markets. This study fills this gap by developing a signaling game model between firms and financial institutions to analyze how green M&A affects market value directly and indirectly through credit resource flow. Using panel data of Chinese A-share listed companies from 2013 to 2023, we examine the observable implications derived from the model: the value effect of green M&A, its association with green credit allocation, and the mediating role of green credit. The results show that green M&A is associated with higher market value and greater green credit allocation, while green credit serves as a partial transmission channel. These effects are weakened by internal climate-risk exposure and climate-policy uncertainty, and strengthened by media attention. This study develops a unified theoretical–empirical framework for understanding the economic consequences and financial transmission mechanisms of green M&A, offering implications for corporate green transformation and green-finance resource allocation.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.3390/systems14060641first seen 2026-06-09 04:56:34
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