Research On The Impact Of Green M&A On Sustainable Development Efficiency Of GDPD

Since the reform and opening up,China’s economic and social development has made remarkable achievements,and in recent years,the unreasonable industrial structure,low efficiency of resource utilization and other problems began to appear.As the lifeblood industry of China’s economic development,the electric power industry has carried out a large number of internal mergers and acquisitions under the active guidance of the government,and HNP,CHD,GDPD and other giant enterprises in China’s electric power industry have also carried out a large number of internal resource integration under this trend.In recent years,the topic of "Green M&A" of heavy polluting enterprises has been paid more and more attention by domestic scholars.From the perspective of power enterprises,this paper intends to study the impact of green mergers and acquisitions on power enterprises,and explore the path of energy structure transformation,energy conservation and emission reduction of power enterprises.Based on the existing research results and the actual situation of green mergers and acquisitions of power enterprises,this paper takes "the impact of green mergers and acquisitions on the sustainable development efficiency of GDPD" as the core research content,and mainly solves the following two sub-issues :(1)whether green mergers and acquisitions improve the sustainable development efficiency of GDPD;(2)What is the internal mechanism of the impact of green M&A on the sustainable development efficiency of GDPD?In this paper,the green mergers and acquisitions in the power industry and GDPD green M&A were summarized as the basis of subsequent analysis;Then the CCR model based on data envelopment analysis,SBM model,as well as the SE model,for GDPD sustainable efficiency calculation and analysis of electric power enterprises to answer the first question,then every input and output indicators of SBM model input redundancy and output deficiency is analyzed,on the one hand,to determine which input and output index has influenced the sustainable development of the enterprise efficiency,on the other hand provide thinking direction for the research on the mechanism of the lingering effects of;Finally,a comparative enterprise similar to GDPD was selected for horizontal analysis,and the internal mechanism of the impact of green M&A on the sustainable development efficiency of GDPD was explored from three aspects of economic input-output,environmental input-output and social input-output,to answer the second sub-question.The relevant research conclusions of this paper are as follows :(1)Green M&A can promote the improvement of sustainable development efficiency of GDPD.Although the value of enterprise sustainable development efficiency of GDPD decreased in the current period of green merger and acquisition,after the integration stage of merger and acquisition,the value of enterprise sustainable development efficiency of GDPD showed an overall upward trend,and the proportion of input redundancy of each index that needs to be adjusted gradually decreased.(2)Green M&A can realize the internal mechanism of sustainable development efficiency improvement of GDPD,which mainly benefits from the improvement of environmental and social input-output efficiency.Green M&A has improved the environmental input-output efficiency of GDPD,increased the installed capacity of clean energy,and significantly decreased the coal consumption of power supply.Green M&A has improved the social input-output efficiency of GDPD,and the welfare level of employees,the number of patented technologies and the total amount of tax payment of GDPD have also increased significantly.The application value of this paper lies in: on the one hand,it can provide path dependence and relevant experience for power generation energy structure transformation and sustainable development of power industry enterprises;On the other hand,the successful case of GDPD’s Green M&A is conducive to guiding the positive development of the power industry and promoting the transformation of the energy structure.