Research On The Motivation And Performance Of Shenzhen Energy Green Mergers And Acquisition

At present,the construction of ecological civilization in China has entered a critical period to achieve the goal of "carbon peak,carbon neutral".The 20 th Party Congress clearly pointed out that we must adhere to the concept of "green water and green mountains is the silver mountain of gold",accelerate the green transformation of development,and promote the clean,low-carbon and efficient use of energy.In this context,the power industry is facing the power reform focusing on energy transformation,and power companies need to explore the path of green development and energy transformation.Green M&A is an important way to obtain green technology and other resources of the merged enterprises and achieve green development and transformation,but whether it can achieve the "win-win" of environmental and economic benefits is to be evaluated.Therefore,this thesis selects a typical case of Shenzhen Energy gradually transforming into a new environmental protection energy enterprise through green M&A to provide reference for electric power enterprises.This thesis presents a case study on the motivation and performance of Shenzhen Energy’s green M&A.Firstly,this thesis compares the relevant literature on the motivation and performance of green M&A at home and abroad,and defines the concepts of green M&A and green M&A performance,as well as elaborates the theory of sustainable development,the theory of market forces and the theory of synergy effect to provide a theoretical basis for the study.Secondly,based on the background of Shenzhen energy and the M&A process,the company’s acquisition and integration of resources through green M&A is described.Combining the above theories,we analyze the motives of green M&A of Shenzhen Energy with the background of policy and industry,and find that the motives mainly include responding to environmental protection policy,accelerating energy transformation,enhancing market power and obtaining synergy effect.Finally,the impact of green M&As on the performance of Shenzhen Energy is investigated in depth.The paths of green M&As affecting the performance of Shenzhen Energy are analyzed first,and then the environmental and economic performance of enterprises in the green M&As process are evaluated in terms of environmental performance and economic performance.The Fama-French three-factor model was used to evaluate the environmental performance,the Fama-French three-factor event study method and the financial index analysis method were used to evaluate the market response and financial performance of economic performance,and the same industry average and comparable companies were introduced to compare the financial performance.The results of the study show that green M&A helps to improve the environmental performance and economic performance of Shenzhen energy,but there are still problems such as blind expansion of high frequency in the green M&A process.At the same time,it also shows that green M&A is one of the effective ways for power companies to achieve green development and energy transformation.Based on the findings,this thesis proposes countermeasures in terms of carrying out green M&A on the premise of scientific decision-making,formulating and implementing policies and systems,and constructing and operating a multifaceted synergistic supervision mechanism,so as to provide references for power enterprises to better exert the synergistic effects after green M&A and use green M&A to achieve green development and energy transformation.