主题：Navigating Environmental Regulations through M&As
主讲人：徐方明 英国布里斯托大学
主持人：李丽芳 88858cc永利官网
时间：2024年11月1日（周五）上午10:00
地点：88858cc永利官网石牌校区88858cc永利官网大楼（中惠楼）102室
摘要
Our study investigates the impact of environmental regulations on firms’ acquisition strate-gies, utilizing the implementation of the Emissions Trading Scheme (ETS) in China. We find that firms compliant with the ETS are more likely to acquire firms in non-compliant regions, particularly those facing high market competition, weaker corporate social responsibility (CSR) performance, financial constraints, or reduced media scrutiny. These acquisitions typically oc-cur within the same industry but under less stringent environmental regulations, leading to posi-tive M&A announcement returns but negatively impacting corporate innovation. This pattern indicates a strategic evasion of strict regulations through M&As, highlighting the need for co-ordinated environmental policies to prevent corporate carbon emissions relocation.
主讲人简介
徐方明教授是英国布里斯托大学商学院金融学教授，研究生院主任。主要研究方向包括公司金融、企业兼并重组、供应链管理等，学术成果卓著，在Production and Operations Management，Journal of Financial and Quantitative Analysis，Review of Finance, Journal of Banking and Finance等著名金融及管理科学期刊发表了二十多篇论文，主持和参与了多个科研项目。
欢迎感兴趣的师生参加
校对|李丽芳
责编| 彭 毅
初审| 陈 鹏
终审发布| 何凌云
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