Research On Transformation And Upgrading Performance Of Heavy Polluting Enterprises Under Green M&A

During the 40 years of reform and opening up,heavy polluting enterprises,such as thermal power generation and steel,have played a great role in the process of China's economic development.However,their extensive development mode has also accumulated a lot of environmental pollution problems,which are now the problems of people's livelihood.It not only threatens the economic consequences of reform and opening up,but also reduces the quality of life and happiness of the public.At present,the construction of ecological civilization has been included in the overall layout of our country's future development.Protecting the ecological environment and saving resources have become the basic national policy.The extensive economic development mode based on large-scale consumption of resources and large-scale continuous expansion is no longer suitable for the current stage of economic development,and the transformation and upgrading of heavy polluting enterprises and the conversion of kinetic energy are urgent.In this context,more and more heavy polluting enterprises begin to carry out environmental management,integrate green concept into production and operation activities,and transform to clean energy industry through green M & A.Based on the sustainable development theory,M&A motivation theory and triple bottom line theory,this paper introduces the process of green M&A of Hanggang by using the methods of literature research and case analysis M & A has realized the transformation and upgrading of products,technology and talent team.The performance of industrial transformation and upgrading after green M&A of Hanggang is evaluated from three aspects of financial performance,environmental performance and social performance.This paper finds that,firstly,green M&A effectively promotes the transformation and upgrading of enterprises,and plays a positive role in the transformation and upgrading of enterprises,which can be used as the path choice for the transformation and upgrading of heavy polluting enterprises;secondly,after the transformation and upgrading of heavy polluting enterprises,the financial performance,environmental performance and social performance are improved,and the performance of enterprise transformation and upgrading is remarkable.It can be seen that green M&A of heavy polluting enterprises is not an eye-catching gimmick,nor is it just a superficial effort.This study is of great significance for the government to increase subsidies for green mergers and acquisitions,heavy polluting enterprises to achieve transformation and upgrading through green mergers and acquisitions to improve the quality of China's economic growth,achieve sustainable green development and establish an ecological civilization society.