{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,6,6]],"date-time":"2026-06-06T05:03:02Z","timestamp":1780722182469,"version":"3.54.1"},"reference-count":63,"publisher":"MDPI AG","issue":"6","license":[{"start":{"date-parts":[[2026,6,4]],"date-time":"2026-06-04T00:00:00Z","timestamp":1780531200000},"content-version":"vor","delay-in-days":0,"URL":"https:\/\/creativecommons.org\/licenses\/by\/4.0\/"}],"funder":[{"name":"Ministry of Education Social Science Fund Project","award":["25YJA790047"],"award-info":[{"award-number":["25YJA790047"]}]},{"name":"Beijing Municipal Social Sciences and Economics Project","award":["22JJB016"],"award-info":[{"award-number":["22JJB016"]}]},{"DOI":"10.13039\/501100012226","name":"Fundamental Research Funds for the Central Universities","doi-asserted-by":"crossref","award":["2025YJS127"],"award-info":[{"award-number":["2025YJS127"]}],"id":[{"id":"10.13039\/501100012226","id-type":"DOI","asserted-by":"crossref"}]}],"content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["Systems"],"abstract":"<jats:p>The low-carbon transition is reshaping firms\u2019 strategic behavior and financial resource allocation, yet the mechanisms linking green mergers and acquisitions (green M&amp;A), green credit, and market value remain insufficiently understood. Existing studies recognize the signaling role of environmental actions but often lack a formal game-theoretic framework to explain how green M&amp;A conveys information to financial institutions and capital markets. This study fills this gap by developing a signaling game model between firms and financial institutions to analyze how green M&amp;A affects market value directly and indirectly through credit resource flow. Using panel data of Chinese A-share listed companies from 2013 to 2023, we examine the observable implications derived from the model: the value effect of green M&amp;A, its association with green credit allocation, and the mediating role of green credit. The results show that green M&amp;A is associated with higher market value and greater green credit allocation, while green credit serves as a partial transmission channel. These effects are weakened by internal climate-risk exposure and climate-policy uncertainty, and strengthened by media attention. This study develops a unified theoretical\u2013empirical framework for understanding the economic consequences and financial transmission mechanisms of green M&amp;A, offering implications for corporate green transformation and green-finance resource allocation.<\/jats:p>","DOI":"10.3390\/systems14060641","type":"journal-article","created":{"date-parts":[[2026,6,4]],"date-time":"2026-06-04T07:36:28Z","timestamp":1780558588000},"page":"641","update-policy":"https:\/\/doi.org\/10.3390\/mdpi_crossmark_policy","source":"Crossref","is-referenced-by-count":0,"title":["Green M&amp;A, Green Finance, and Corporate Market Value Enhancement: A Signaling Game-Theoretic and Empirical Analysis"],"prefix":"10.3390","volume":"14","author":[{"given":"Xi","family":"Chen","sequence":"first","affiliation":[{"name":"School of Economics and Management, China University of Petroleum, Beijing 102200, China"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Chunai","family":"Ma","sequence":"additional","affiliation":[{"name":"School of Economics and Management, China University of Petroleum, Beijing 102200, China"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Wanting","family":"Wu","sequence":"additional","affiliation":[{"name":"School of Economics and Management, Beijing Jiaotong University, Beijing 100080, China"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Fuying","family":"Hao","sequence":"additional","affiliation":[{"name":"School of Economics and Management, China University of Petroleum, Beijing 102200, China"}],"role":[{"vocabulary":"crossref","role":"author"}]}],"member":"1968","published-online":{"date-parts":[[2026,6,4]]},"reference":[{"key":"ref_1","doi-asserted-by":"crossref","first-page":"727","DOI":"10.1080\/17516234.2024.2305320","article-title":"Dual Carbon Goals\u2019 Enhances Policy Integration: Analysing Recent Changes in China\u2019s National Climate Policy","volume":"18","author":"Xu","year":"2024","journal-title":"J. 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