讲座题目：Climate Laws and Cross-Border Mergers and Acquisitions

主 讲 人 ：香港大学 汤勇军 教授

讲座时间：2023年6月29日（周四）上午10：00

讲座地点：江湾楼 203 福达厅

主办单位：中南大学人事处

承办单位：中南大学金融创新研究中心、中南大学绿色金融研究中心

主 持 人 ：米乐(中国) 危平 教授

摘      要：

Climate-related regulations have become increasingly prevalent worldwide. However, due to the global public good nature of the climate, it is inclear to what extent these regulations are enforced by individual countries and whether they influence key corporate decisions. We examine the impact of climate laws on the international market for corporate control. We find that foreign acquirers are less likely to pursue targets in countries that have enacted climate laws. In particular, deals announced shortly before the enactment of climate laws are more likely to be withdrawn. This effect is stronger when targets operate in industries more exposed to climate regulations and in countries with stricter legal enforcement, but is weaker for acquirers from countries that are more concerned about climate change or experienced climate disasters. Consistent with a selective enforcement mechanism, the political affinity between the acquirer and target countries attenuates the impact of climate regulations. Furthermore, cross-border deals feature smaller synergies, lower premiums, and less post-merger operating performance improvement after target countries enact climate laws.

主讲人简介:

汤勇军，现任香港大学金融学教授，博士生导师，2020年起任亚洲金融学会旗舰学术期刊International Review of Finance主编，2017-2020任香港大学金融系主任。香港绿色和可持续金融中心特邀专家，曾任亚洲开发银行绿色金融顾问专家和香港金融管理局香港金融研究中心访问研究员。他多次在国际学术会议上获得最佳论文奖，包括2021年Global Research Alliance for Sustainable Finance and Investment最佳论文奖，并且获得了包括中国国家自然科学基金、香港研究基金委员会、国际Climate Works Foundation、美国Q-Group、瑞士BSI Gamma Foundation、加拿大IFSID拨付的研究基金在内的多项研究资金支持以及2013年香港大学研究成果奖、2015年香港大学经管学院杰出研究学者奖。指导博士生获得首届中国经济学优秀博士论文奖。