Research On X Enterprise’s Green M&A Performance

The 20th Report of the Communist Party of China points out that nature is the basic condition for human survival and development,and building a powerful modern socialist country requires us to protect the natural environment and maintain ecological civilization.At present,the environmental problem is still the prominent factor restricting the high quality development of our country,how the heavy pollution enterprises conform to the development trend of The Times and respond to the call of green development,has become one of the managers focus on.The development of heavy polluting enterprises has attracted wide attention from all walks of life due to the characteristics of "high pollution and high emission".In order to achieve the goals of energy conservation and emission reduction and the requirements of sustainable development,some enterprises believe that they can transform to green production and hightech fields through green mergers and acquisitions.Green M&A is an economic behavior that integrates green development concept into the whole process of enterprise M&A selection,decision and integration.Its purpose is to gain or expand green competitive advantage.This paper reviews relevant literature on green M&A and M&A performance evaluation,takes the sustainable development theory,synergy theory and triple bottom line theory as the theoretical support,and takes the green M&A implemented by X,a heavily polluting enterprise,as the case.By using literature research method,case analysis method and comparative analysis method,this paper analyzes and discusses the changes of environmental performance,social performance and financial performance of heavy polluting enterprises before and after the transformation of green M&A,and finds out the influence of green M&A on the M&A performance of X enterprises,and draws enlightenment based on the actual situation of green M&A of X enterprise.In terms of environmental protection,enterprises should focus on preprotection and in-process protection,and increase investment in environmental protection,rather than only after treatment.Strengthening the team construction of high-level talents such as R&D is beneficial to the transformation and upgrading of enterprises;The improvement of environmental awareness and discrimination of the public and the media can better supervise the green transformation of enterprises;Government policy formulation should take into account both "sugar and whip",promote heavy polluting enterprises to actively carry out green mergers and acquisitions,and actively strengthen the construction of supervision platforms to respond to social concerns about pollution of enterprises and help citizens to improve environmental awareness.Reasonable resource integration after merger and acquisition can form synergy effect of merger and acquisition,which is helpful to improve the economic benefits of enterprises.The acquiring enterprise should pay attention to the selection of target enterprise according to the required technology or enterprise development direction before the merger.Based on this case study,the basic conclusions are as follows: green M&A has a positive impact on the M&A performance of X enterprise;Promoting the transformation and upgrading of X enterprise;The impact on the social performance of enterprises is lagging.The government should give policy guidance to the heavy polluting enterprises that are striving for transformation and speed up the construction of an ecological civilization society.