摘要：在气候危机日益严峻、可持续发展共识不断深化的背景下，伴随着中国深度融入全球价值链分工体系，国际强制性非财务信息披露政策如何通过出口贸易渠道影响中国企业绿色战略行为，是亟待深入探索的问题。本文以出口目的国实施的强制性环境、社会和治理(ESG)披露政策为准自然实验，采用交错双重差分(DID)模型，系统考察此类政策通过出口贸易渠道对中国供应商绿色并购决策的影响及其机制、异质性和经济后果。(1)基准回归结果显示，出口目的国强制性ESG披露政策显著促进了中国供应商的绿色并购行为，该结论经过平行趋势检验、替换变量、控制混淆政策、安慰剂测试等一系列稳健性检验后依然成立。(2)机制分析表明，政策效果通过双重路径实现:一是客户倒逼压力，即下游客户为规避供应链ESG风险向供应商传递合规要求;二是供应商主动传递绿色转型信号，即借助绿色并购向国际市场展示环境承诺。(3)异质性分析发现，该促进效应在污染型企业、非国有企业及面临较强政府环境监管的企业中更为显著。(4)经济后果检验证实，绿色并购有助于提高企业对政策实施国的出口水平及其自身环境信息披露质量。此外，资产剥离也是企业响应该政策的重要方式。本文为理解强制性非财务信息披露的跨境影响以及企业在国际ESG规制下的绿色转型提供新的实证依据，研究结论对完善相关政策、推动企业绿色转型具有重要启示。具体而言，政府应完善非财务信息披露法规，加强环境监管与绿色转型国际合作;客户企业应提升自身绿色绩效，以带动供应链可持续发展;企业自身也可通过绿色并购传递转型信号，同时需防范盲目并购与“漂绿”行为，切实助力“双碳”目标实现。

Abstract: This paper employs the mandatory environmental,social,and governance(ESG) disclosure policies implemented in export destination countries as a quasi-natural experiment. Using a staggered DID approach,it empirically examines how such international non-financial disclosure policies affect the green merger and acquisition(M&A) decisions of Chinese suppliers through export trade channel. The results show that the mandatory ESG disclosure policy in export destination countries has a significant facilitating effect on Chinese suppliers' green M&A. The policy effects are particularly evident among Chinese suppliers who are highly dependent on foreign customers and have low transparency of environmental information,indicating that customer pressure and suppliers proactively conveying signals of green transformation are important driving mechanisms. Heterogeneity analysis shows that the policy has a more significant impact on polluting,nonstate-owned Chinese suppliers and those facing stronger government environmental regulation. Further analysis shows that green M&As help improve firms' exports performance to countries with mandatory ESG disclosure policies,as well as the quality of their environmental disclosure. Moreover,in addition to green M&A,asset divestiture also serves as a means for firms to respond to the concerns and needs of customers in destination countries. This paper enriches the literature on drivers of green M&A,deepens understanding of mandatory non-financial disclosure,and provides novel insights for corporate green transformation strategies.