Analysis of the Impact of Green Mergers and Acquisitions on Supply Chain Resilience in Hunan Province's Manufacturing Industry under the "Dual Carbon" Goals

HRMARS - Against the backdrop of the comprehensive advancement of the "dual carbon" goals and the deepening green transformation of manufacturing, supply chain resilience has become a core competitive advantage for enterprises to withstand external shocks and maintain stable operations. As an important pathway for companies to rapidly acquire green resources and optimize their supply chain structures, green mergers and acquisitions (M&A) have emerged as a practical issue worthy of investigation regarding their impact on supply chain resilience. This study takes listed manufacturing firms in Hunan Province from 2014 to 2024 as the research sample, with "whether green M&A occurred" as the key explanatory variable. A composite indicator of supply chain resilience—constructed from data on top five customers and financial performance, including the proportion of stable customers and accounts receivable—is used as the dependent variable. Firm size and debt-to-asset ratio are selected as control variables. The impact of green M&A on supply chain resilience is empirically examined through baseline regression and robustness tests. Results show that green M&A significantly enhances supply chain resilience among listed manufacturing firms in Hunan Province; firms that engage in green M&A exhibit significantly higher supply chain stability compared to those that do not. Firm size has a significant positive effect on supply chain resilience, while the debt-to-asset ratio exerts a significant negative influence. This study provides practical insights for Hunan’s manufacturing enterprises to improve supply chain management through green M&A, and offers a replicable and operational empirical model for academic research.