在“双碳”目标与新质生产力协同推进的背景下，高耗能企业作为国民经济的重要支柱，其绿色转型已从政策倡导阶段迈向实践深化的攻坚期。然而，高耗能企业长期面临技术路径依赖性强、环境外部性成本高等结构性矛盾，亟须通过技术革新与资源重构打破传统粗放发展模式的锁定效应。绿色并购作为企业快速整合外部绿色资源、实现技术跃迁的战略工具，被认为是高耗能企业实现节能减排目标、走上绿色转型道路的重要举措之一。因此，探究绿色并购对高耗能企业绿色转型的影响及动态演化机制，具有显著的学术价值与实践意义。

本文以2012—2023年全部A股高耗能企业面板数据为研究对象，系统考察绿色并购对高耗能企业绿色转型的影响。本文构建了绿色转型多维度评价体系，运用熵权法量化企业绿色转型水平，并结合动态能力理论揭示绿色并购推动高耗能企业绿色转型的传导路径。同时，进一步探讨高管环保认知在此过程中的调节作用。最后，通过分样本回归，分析绿色并购在不同企业产权、地区及环境规制力度下的异质性影响。

本文得到以下结论：第一，绿色并购显著提升高耗能企业绿色转型水平，且此结论在经过一系列稳健性检验之后依然成立。第二，机制检验发现，高耗能企业通过借助绿色并购增强吸收能力、适应能力和创新能力从而促进企业的绿色转型。第三，调节效应表明，高管环保认知在推动高耗能企业绿色转型方面具有正向调节作用。第四，异质性检验表明，与非国有企业相比，国有企业实施的绿色并购对企业绿色转型的影响更显著；与弱环境规制地区相比，绿色并购对企业绿色转型的影响在强环境规制地区更显著；与中西部地区相比，绿色并购对企业绿色转型的影响在东部地区更显著。最后，根据上述结论，提出以下针对性的建议：强化绿色并购的政策支持与监管；增强动态能力建设以推进技术转化与创新；优化高管环保考核与激励机制；实施差异化区域与企业扶持政策。本文通过系统研究绿色并购和高耗能企业绿色转型的影响，不仅拓展了企业绿色转型研究的理论边界，更为推动经济高质量发展与生态环境保护协同共进提供了实践参考。

Under the dual-carbon goals and the push for new quality productivity, high energy-consuming enterprises—vital pillars of the national economy—have entered a critical phase in green transition. However, these enterprises face structural challenges including entrenched technology pathways and high environmental costs. Breaking free from traditional energy-intensive models requires technological innovation and resource restructuring. Green mergers and acquisitions (M&A) serve as a strategic tool for rapidly integrating external green resources and achieving technological leapfrogging, making them crucial for achieving energy-saving targets and enabling green transformation. Therefore, understanding how green M&A facilitates this transition and revealing its dynamic mechanisms holds significant importance.

Based on this context, this study analyzes the impact of green M&A on the green transformation of high-energy-consuming enterprises using panel data from all A-share listed companies in China (2012-2023). We first develop a multidimensional evaluation system covering green culture, strategy, innovation, and governance, employing the entropy weight method to quantify corporate green transition levels. Through the lens of dynamic capabilities theory, we identify three transmission mechanisms: absorptive capacity, adaptive capacity, and innovation capacity. Additionally, we explore how executives' environmental awareness influences this process. Finally, subsample regressions based on ownership type, regional location, and environmental regulation intensity reveal heterogeneous effects of green M&A across different contexts.

This study yields four main findings: First, green M&A significantly enhances the green transformation of high-energy-consuming enterprises, a conclusion that remains valid after rigorous robustness checks. Second, mechanism analysis reveals that green M&A promotes transformation by strengthening three core capabilities: absorptive capacity (integrating external knowledge), adaptive capacity (adjusting to market changes), and innovation capacity (developing green technologies). Third, executives' environmental awareness shows a positive moderating effect on this transformation process. Fourth, heterogeneity tests demonstrate stronger impacts in state-owned enterprises compared to non-state firms, in regions with stricter environmental regulations versus weaker regulatory areas, and in eastern China relative to central-western regions. Based on these findings, we propose targeted recommendations: 1) Strengthen policy support and supervision for green M&A transactions; 2) Enhance dynamic capability building to accelerate technology adoption and innovation; 3) Optimize environmental performance evaluation and incentive mechanisms for executives; 4) Implement differentiated regional and enterprise-specific support policies. This paper not only expands the theoretical boundaries of green transformation research, but also provides practical references for promoting the synergy between high-quality economic development and ecological environmental protection through systematic research on green mergers and acquisitions and the impact and internal mechanism of green transformation of energy-consuming enterprises.

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