在近年環保意識的高漲下，促使了私部門針對永續發展進行相關策略的制定，尤其在如京都議定書、巴黎協定等國際環境公約的簽署下，各國政府也積極制定國家級別的減碳計畫，所有私部門甚至是國民，都需要按照國家的政策逐步減碳。
　　過去已有相關研究證實碳風險因子確實對於企業價值有相當大的影響，為在短時間內降低碳風險所帶來的威脅，且維護與主要利害關係人的關係，企業能很大的可能對外獲取相關綠色資源。
　　本研究即以2013到2019年美國S&P 1500的企業為樣本，去探討國際環境公約與企業本身的碳風險是否會成為併購的重要原因，另外企業透過併購以達到環境以及創新的需求，是否同樣與上述兩因子相關。本研究結果發現，對於美國S&P 1500企業，巴黎協定的執行以及碳排放對於併購呈現正向的影響。碳風險因子(如自主揭露與碳排放量)並不是驅使美國企業進行環保、創新需求之併購的原因。

Recently, the rising awareness of environmental protection has prompted the private sector to formulate relevant strategies for sustainable development. Especially after the signing of international environmental conventions such as the Kyoto Protocol and the Paris Agreement, governments are also actively formulating country-leveled carbon reduction plan. Most sectors and even citizens are required to follow the regulation in accordance with national policies.
　　Relevant studies have confirmed that carbon risk factors do have a considerable impact on corporate value. In order to reduce the threat posed by carbon risks in a short period of time and maintain relationships with key stakeholders, companies are likely to externally obtain relevant green resources.
　　This study uses the S&P 1500 companies listed from 2013 to 2019 as a sample to explore whether the carbon risk and international environmental conventions will become important reasons for mergers and acquisitions, and whether these two factors matter when companies are going to obtain some environmental and innovational resources through mergers and acquisitions. This study found that, for US S&P 1500 companies, the implementation of the Paris Agreement and carbon risk factors have a positive impact on mergers and acquisitions. At the same time, the risk factors we study here, self-disclosure and carbon emissions, are not the drivers for S&P 1500 companies to pursue green and innovation oriented M&A.

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