Abstract： With the rapid development of green finance, green insurance is increasingly integrated into the strategic layout of Chinese enterprises cross-border mergers and acquisitions (M&A), becoming a crucial component of M&A strategies. Chinese enterprises’ cross-border M&A is hindered by environmental regulations. Green insurance, as an innovative risk management tool, can effectively mitigate these special obstacles through risk protection, loss compensation, and premium adjustment mechanisms, thereby supporting the development of Chinese enterprises’ cross-border M&A. It can provide economic compensation for environmental liability risks that enterprises may encounter during M&A, reducing losses from uncertainties. Additionally, it can guide enterprises to focus on environmental protection and enhance their sustainable development capabilities through differentiated premiums, thus enhancing their competitiveness in the international market and their ability to withstand risks. This article, based on the list of enterprises that subscribed to environmental pollution liability insurance nationwide published by the Ministry of Ecology and Environment (formerly the Ministry of Environmental Protection) in 2014 and 2015, and in conjunction with the Zephyr M&A database and the CSMAR listed company financial database, provides an in-depth analysis of the relationship between green insurance and Chinese enterprises’ cross-border M&A. The research findings indicate that green insurance has a significant promoting effect on Chinese enterprises’ cross-border M&A. The heterogeneity results indicate that green insurance plays a more significant role in promoting cross-border M&A among Chinese enterprises in regions with lower marketization, the central and western regions, capital-intensive enterprises, and small and medium-sized enterprises, while relatively restricted in regions with higher marketization, the eastern regions, non-capital-intensive enterprises, and large enterprises. To further validate the rigor and persuasiveness of the research findings, this study conducted a series of robustness tests, including parallel trend tests, sensitivity analysis, controlling for industry-specific time trends, placebo testing, substituting the dependent variable, adjusting the sample time range, adjusting the sample space range, and endogeneity tests. The core conclusions remain robust after these tests. Mechanism studies show that green insurance promotes cross-border M&A through reducing financing costs, enhancing corporate technological innovation, and improving management efficiency. This study systematically reveals the internal mechanisms and heterogeneity characteristics of how green insurance empowers Chinese enterprises in cross-border M&A. By innovating financial resource allocation models, green insurance not only effectively reduces financing constraints for enterprises going global but also promotes green and low-carbon transformation through market-oriented means, becoming a crucial policy tool for achieving the “dual carbon” targets. Additionally, the research conclusions provide key support for the government to improve its high-standard opening-up policy system and have significant practical value for promoting the green, low-carbon, and sustainable development of the economy.
金祥义 马祖非. 绿色保险与中国企业跨国并购[J]. 浙江大学学报(人文社会科学版), 0, (): 1-.
Jin Xiangyi Ma Zufei. Green Insurance and Chinese Firm’s Cross-border Mergers and Acquisitions. JOURNAL OF ZHEJIANG UNIVERSITY, 0, (): 1-.
