| With the introduction of the two-carbon goal,it is the only way for energy-intensive enterprises to achieve sustainable development to get rid of the title of "in energy intensive and high emissions,high pollution" and accelerate the realization of green transformation.In addition to strengthening the research on green and environmental protection technology internally,green M&A externally has also become one of the important measures for high-energy energy consuming enterprises to increase green technology resources and reduce pollution and carbon.Green M&A is not only an important choice to realize the green development and sustainable operation of high energy-consuming enterprises,but also an important resource allocation method to achieve carbon neutrality in China.It has great strategic significance in the construction of ecological civilization in China.At the same time,green M&A also conforms to the need for high energy-consuming enterprises to assume major social responsibilities under the traditional Chinese socialist values.With the implementation of relevant national pollution reduction and carbon reduction policies,accelerating the improvement of their own energy-intensive and high-pollution has become a hot topic at present,and the development of green M&A has also started a boom.Among the 1,648 mergers and acquisitions of six energy-intensive listed companies from 2012 to 2021,332 cases belong to green M&A,accounting for 20% of the total.Therefore,the research on the driving factors and effects of green M&A of high energy consuming enterprises in this paper has important theoretical and practical significance for high energy consuming enterprises under the background of double carbon.In this context,this paper firstly combs the development status of high energy consuming enterprises and the situation of green M&A.Secondly,the green M&A of Shanghai Electric Power is analyzed,and the driving factors of its green M&A are discussed from the government level,enterprise level and public media level.Finally,according to the triple bottom line theory,the economic,environmental and social effects of green M&A are evaluated respectively.The economic effect is analyzed by using event analysis method to analyze the market reaction of Shanghai Electric Power’s two green mergers and acquisitions.The financial status and industry position before and after the green mergers and acquisitions are analyzed by using financial index method.On this basis,the green financial effect is subdivided by the new energy business operation.The environmental and social effects before and after the merger were measured by the mutation progression method,and it was concluded that after the green merger of Shanghai Electric Power,it gained short-term market recognition,improved its industry status,developed its new energy business well,and made progress in stable financial results.The green M&A of Shanghai Electric Power improves the environmental and social performance of enterprises,and further provides some reference for the green M&A practice of energy-consuming enterprises in the transition to green development.The contribution of this paper is mainly made in two aspects.First,most of the current research results consider the impact of macroeconomic reasons on green M&A and stay in empirical research,while the case studies based on microeconomic entities are rarely mentioned.Therefore,this paper analyzes the driving factors of green M&A in Shanghai electric power by combining government policy level,enterprise level and public media level,further enriching the research results in this field.Secondly,the research results of this paper will provide practical reference for Shanghai Electric Power and other high energy consuming enterprises to carry out green M&A activities in the future,so as to improve the enthusiasm of high energy consuming enterprises to carry out green M&A projects,and provide long-term management methods,so as to achieve sustainable development of enterprises. |
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