Research on the impact of ESG performance on cross-border M&A performance of A-share listed companies in China:Based on ESG environmental dimensions
LIANG Si'an
ZHANG Haodong
LI Shanmin
Abstract：Against the backdrop of increasing global emphasis on sustainable development and corporate social responsibility,ESG concepts have become an important criterion for comprehensive evaluation of corporate value.There is a close correlation between the performance of ESG environment dimension(E)and the performance of cross-border mergers and acquisitions by enterprises.An empirical study was conducted using cross-border M&A data from Chinese A-share listed companies from 2011 to 2022 as a sample to analyze the impact and mechanism of corporate ESG environmental performance on cross-border M&A performance.The research finds that there is a significant positive correlation between corporate ESG environmental performance and cross-border M&A performance,with financing constraints playing a partial mediating role.Further research shows that the promoting effect of the ESG environmental dimension performance on the performance of cross-border mergers and acquisitions is more significant in non-state-owned and non-high-tech enterprises.Based on the above conclusions,the following implications are proposed:at the enterprise level,environmental responsibility should be integrated into the entire process of cross-border mergers and acquisitions,and financing channels should be expanded with good environmental performance.At the policy level,it is necessary to strengthen the disclosure and supervision of corporate environmental information to regulate corporate behavior,and implement differentiated incentive policies to effectively stimulate the enthusiasm of enterprises to fulfill their environmental responsibilities.
Keywords：ESG performanceenvironmental dimensionfinancing constraintscross-border M&A performance
Publication Date：2026-03-15
Online Publishing Date：2026-04-07(First online date of this platform, not the publication date of the document)
Pages：11( 88-98 )