Research On The Motivation And Performance Of Green Mergers And Acquisitions Of Highly Polluting Enterprise

Since China and the United States signed the Paris Agreement in 2015,carbon neutrality has attracted the attention of all sectors of society.From the ’ 13 th Five-Year’ focus on energy conservation and emission reduction,to carbon neutral pollution reduction and carbon reduction simultaneously.As the key object of environmental remediation,high-pollution enterprises will face more stringent environmental remediation policies,but there are also opportunities for green transformation.In addition,China ’s energy structure depends on coal,and carbon emissions mainly from the application of coal,so the energy sector emission reduction has become a top priority.Under the pressure of pollution reduction and carbon reduction to promote the transformation of the domestic economy,the demand for green resources is rising,and for thermal power enterprises with relatively concentrated technology,it has become the best choice to quickly obtain the new energy-related industries that they lack through green mergers and acquisitions.Starting from the motivation of enterprises to carry out green M&A,this paper discusses the impact of internal and external motivations on the economic,environmental and social performance of enterprises around green M&A.Specifically,in order to meet the needs of legality,their own transformation needs and the pressure of public supervision,high-polluting enterprises such as Shenzhen Energy quickly obtain green resources such as environmental protection equipment,environmental governance technology,and green management capabilities,and objectively evaluate the effects of their green mergers and acquisitions through a triple performance evaluation system.Shenzhen Energy has achieved the transformation of its own enterprise in the process of green mergers and acquisitions for many years,while also improving its overall performance.Through the rational use of green resources,it not only realizes energy conservation and emission reduction of traditional thermal power business,but also helps it build a comprehensive energy structure,and realizes clean energy production as the main way,which improves environmental performance and social performance.In the six-year green M&A process,Shenzhen Energy has focused on low-carbon clean energy and ecological environment governance,and focused on building an industrial system based on clean electricity,ecological environmental protection,integrated gas and energy technology,which not only realized the transformation of revenue structure,reduced the risk of large fluctuations in coal prices to its revenue,but also increased the proportion of new energy power generation,and the comprehensive performance continued to rise,providing a reference for the green transformation of high pollution under the pressure of "carbon neutrality" pollution reduction and carbon reduction.Considering the availability of data,this paper studies the green M&A events of Shenzhen Energy from 2016 to 2021,starts from the motivation of green M&A,combines financial performance,environmental performance and social performance based on traditional M&A research ideas,combines the unique attributes of green M&A,combines financial performance,environmental performance and social performance,and establishes a triple performance evaluation system through the mutation progression method,analyzes the green M&A cases of Shenzhen Energy,expands the research related to green M&A,and provides reference for other highly polluting enterprises to carry out green M&A activities.