Research On The Performance Of Green M&A Based On BSC

Currently,economic development has entered a period of new normal.The proposal of the 14th Five Year Plan ecological environment policy and the 3060 dual carbon goal has pushed the environmental protection track back into the main theme of promoting development.Governments have proposed new green assessment indicators for enterprises,and a large number of new investment products with the theme of low-carbon,energy-saving and environmental protection have emerged in the capital market.Green finance is in the ascendant.With this trend,mergers and acquisitions have also been given new connotations,and green mergers and acquisitions have extended a new context on the basis of mergers and acquisitions,boosting them to a new height.As an emerging way of enterprise investment and strategic transformation,the underlying logic of green mergers and acquisitions is closely related to the socialist concept of ecological civilization.It has always played a pivotal role in optimizing enterprise resource allocation,promoting green innovation and assisting enterprise strategic transformation.It is of great significance for focusing on national strategies and deepening enterprise development.Currently,various industries have set off a wave of mergers and acquisitions to varying degrees,and the environmental protection industry is no exception.Due to the particularity of the industry,most of these mergers and acquisitions belong to the category of green mergers and acquisitions.The dual policy drive of green and mergers and acquisitions has made the environmental protection industry the main position for the prosperity of green mergers and acquisitions.In addition,the industrial organization characteristics of the environmental protection industry,which are dominated by small and medium-sized enterprises,directly lead to a low industrial concentration.So there is a huge potential for scale economy to be tapped through green mergers and acquisitions.Therefore,it is expected that in the future,green mergers and acquisitions will become a common practice in the environmental protection industry,and conducting research on green mergers and acquisitions in the environmental protection industry will help to conduct targeted performance analysis based on summarizing characteristics and exploring motivations,providing feasible path references for future enterprises.This paper takes green mergers and acquisitions as the main line,and summarizes the general motivation for environmental protection enterprises to carry out green mergers and acquisitions by combing the development status and characteristics of green mergers and acquisitions in China’s environmental protection industry.And select a typical case of green mergers and acquisitions in the environmental protection industry in recent years-China Tianying Green Merger and Acquisition Urbaser.Through in-depth analysis of specific cases,analyze the deep-seated motivations of China Tianying’s implementation of green mergers and acquisitions from the perspectives of business collaboration,management collaboration,and financial collaboration,and use the balanced scorecard model to start from the perspectives of finance,customers,internal processes,and learning and growth A comprehensive evaluation of the performance of this green M&A activity is conducted in a three-dimensional manner,with a view to summarizing universal experience and refining potential risks from case studies,and providing constructive suggestions for enterprises that will adopt a green M&A approach for strategic transformation in the future.The study found that green mergers and acquisitions have a positive impact on the financial performance of China Tianying in the short term,but in the long run,the performance of some financial indicators is not satisfactory.However,at the customer,internal processes,and learning and growth levels,the positive benefits brought by green mergers and acquisitions are relatively obvious,especially for the significant improvement of environmental benefits,which is also consistent with the purpose of green mergers and acquisitions.Overall,it can be said that China Tianying’s green merger and acquisition has successfully achieved synergy and achieved relatively ideal results.Based on the research findings,this article proposes suggestions from three aspects.Firstly,the main merger enterprise can reasonably utilize the "PE+listed company" model to carry out green mergers and acquisitions.The strong financial strength,professional investment experience,rich network resources,and senior investment background of private equity funds are conducive to promoting merger and acquisition activities with half the effort and twice the results.Secondly,merging enterprises need to scientifically select green M&A targets from a strategic perspective,while considering economic,environmental,and social benefits.Thirdly,the merging enterprise must attach importance to post merger integration,purposefully learn from the merged party’s strengths and weaknesses,achieve key technology exchange,core talent mutual learning,and high-quality resource sharing,in order to continue to play the synergistic effect of green mergers and acquisitions in operation,management,and finance.