本研究旨在探究企業漂綠程度對於企業併購宣告時產生之股市反應的影響。企業漂綠是一種選擇性的環境資訊揭露，而選擇性揭露將造成資訊不對稱性加劇。過往研究大多著眼於企業漂綠的其他負向影響，然而資訊不對稱性恰巧在企業進行併購時是一大要角，並對於投資者之判斷也有相當嚴重的影響。所以本篇研究將著重探究參與併購的主併公司之漂綠程度，測試其對他們進行併購宣告時的股價異常報酬有無正負向關聯性。

The objective of this article is to inspect the association between the greenwash level of participating firms in an M&A deal and the M&A announcement return. As information asymmetry is crucial in M&A deals, and selective non-financial disclosure heavily impacts information asymmetry just as financial information disclosure does, it would be important to investigate the effects that selective environmental information has on M&A deals.

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