The Impact Of Green M&A On Enterprise Performance:An Empirical Study Based On Chinese Listed Energy-Intensive Firms

In recent years,the problem of environmental pollution has become one of the major practical problems in China.In order to achieve the goal of energy conservation and emission reduction,Green M&A has become an important means for enterprises to transform into the field of cleaner production.Green M&A is to gain additional competitiveness.During 2009-2018,23.79% of M&A events of listed energy-intensive firms were green M&A.This paper focuses on whether green M&A events can have more significant positive impact on corporate performance than non Green M&A events.This paper integrates the social attribute of Green M&A into the traditional M&A performance evaluation system.This paper measures the performance of green M&A from three aspects:short-term market performance,long-term financial performance and social performance.This paper also considers whether the equityattribute has moderating effect on the performance,and discusses the impact of Green M&A on the performance before and after the implementation of the new environmental protection law.Based on the above research background and purpose,this paper first reviews the literature from three aspects:Green M&A,M&A performance and corporate social responsibility,providing reference for the following variable selection and model design.Then according to the simple statistical analysis,The paper shows the time distribution and regional distribution characteristics of Green M&A based on energy-intensive listed companies in China.According to the theoretical research and current situation analysis,this paper puts forward five hypotheses:Hypothesis 1:The short-term market performance of Green M&A is significantly better than that of non Green M&A;Hypothesis 2:The long-term financial performance of Green M&A is significantly better than that of non Green M&A;Hypothesis 3:The social performance of Green M&A is significantly better than that of non Green M&A;Hypothesis 4:The state-owned nature of enterprises has a negative moderating effect on the performance of hypothesis 1 to 3;Hypothesis 5:The new environmental protection law can significantly improve the performance of Green M&A.Using the research method of M&A performance for reference,considering the special social attribute of Green M&A,This paper takes listed enterprises in Energy-Intensive industries as an example,then come to the conclusion:Whether for short-term or long-term perspective,the economic performance of Green M&A is significantly better than that of non Green M&A,which may be caused by marketrecognition,innovation compensation effect and first mover advantage.In terms of social performance,Enterprises implementing Green M&A undertake more social responsibilities,indicating that the current companies have paid more and more attention to the essence of environmental protection.After adding the nature of property right as regulating variable,we can get the conclusion: The performance of private enterprises is more outstanding than that of state-owned enterprises,and the efficiency of Green M&A of state-owned enterprises needs to be improved.In addition,the paper also examines whether the implementation of the new environmental protection law has an impact on the performance of Green M&A.It is found that after the implementation of the new environmental protection law,Green M&A has a significant impact on Corporate Performance.Based on the above empirical analysis,the paper finally puts forward the corresponding suggestions from the enterprise and government level.Enterprises can choose Green M&A to realize environmental transformation.The government should perfect the corresponding policy mechanism,especially the social responsibility evaluation system for the follow-up policy implementation and the public intuitive understanding.