Managing China's Energy Efficiency: Based on the Impact Information of Cross-Border M&A on A-Share Listed Firms Information

Managing energy efficiency is essential for ensuring national energy security and facilitating a transition to a green economy. Outer circulation creates favorable external conditions. Using data from listed firms information in China between 2007 and 2016, this paper examines the effect of cross-border mergers and acquisitions (M&A) on energy efficiency through a PSM-DID model. The research shows that: (1) M&A can effectively manage and improve energy efficiency of domestic enterprises, with the positive impact showing a clear trend of increasing annually. (2) The mechanism analysis suggests that the enhancement of energy efficiency is driven by technological and structural effects. (3) Furthermore, the rise in energy efficiency benefits more from M&A in regions along the Belt and Road Initiative and countries with stricter environmental regulations. The findings of this paper provide important insights into the management of international capital flows, energy efficiency improvement, and sustainable development.