ESG 성과와 기업 인수합병의 영향 연구: 중국 상장기업을 중심으로

In today’s M&A (mergers and acuisiqitions) landscape, acquiring firms with strong ESG (environmental, social, and governance) performance tend to achieve higher investment returns, greater deal success rates, and improved post-merger outcomes. The ESG performance of target firms also positively influences post-merger financial results. ESG considerations now play a critical role in due diligence, integration, valuation, risk assessment, and transaction decisions. This study examines the relationship between ESG performance and M&A outcomes using data from Chinese A-share listed companies (2011-2022). An empirical model constructed with relevant variables employ correlation and regression analyses. Two moderating variables (information asymmetry mitigation and reputation effect) were introduced to explore indirect effects. Key findings include: (1) ESG performance significantly enhances M&A outcomes; (2) acquirers’ ESG performance mitigates information asymmetry, strengthening the positive ESG-M&A link; and (3) ESG-driven reputation effects improve M&A success and long-term market performance. This research clarifies the mechanisms through which ESG contributes to M&A value creation and offers theoretical and empirical support for advancing ESG practices and sustainable economic development.