领导干部自然资源资产离任审计与企业绿色并购——来自中国重污染型上市公司的经验证据

基于2011~2017年我国A股重污染型上市公司经验数据，实证检验了领导干部自然资源资产离任审计对企业绿色并购行为的影响，研究发现：领导干部自然资源资产离任审计可显著促进辖区内企业实施绿色并购；而当地区市场竞争程度越高时，越会抑制企业在领导干部自然资源资产离任审计试点实施背景下的绿色并购扩张行为；进一步地，企业绿色并购会显著提高企业价值，且这一影响对并购后当年的企业价值影响最为显著；基于异质性分析方面，领导干部自然资源资产离任审计会约束不同产权性质企业的环境治理行为，促进其采取绿色并购，实施绿色发展；同时领导干部自然资源资产离任审计会更有利于东部地区企业实施绿色并购，而对中西部地区的企业影响不明显。

Natural Resources and Assets Accountability Audit of Officials and Green M&A-Evidence from Chinese Heavily Polluting Listed Companies

Taking China's A-share heavily polluting listed companies from 2011 to 2017, and examines the effect of natural resources and assets accountability audit of officials on corporate green M&A. The studies founds that natural resources and assets accountability audit of officials can significantly promote the local enterprises implement green M&A; and when the regional market competition is higher, the more they will inhibit the expansion of green M&A in the context of natural resources and assets accountability audit of officials. The further studies found that corporate green M&A will significantly increase corporate value, and the promotion effect is more significant in the year of M&A. Based on heterogeneity analysis, natural resources and assets accountability audit of officials will restrict the environmental governance behaviors of enterprises with different property rights, so as to promote them to adopt green M&A and implement green development. Further, natural resources and assets accountability audit of officials will be more conducive for companies in the eastern region to green M&A, but not obvious to the companies in the central and western regions.green M&A; regional market competition