Research On The Influence Of Overseas Technology Mergers And Acquisitions On The Growth Of Environmental Protection Enterprises

Ecological and environmental protection is the ’great concern of the country’,which is not only related to the current situation,but also to the long-term;It is not only related to the local area,but also to the overall situation;Not only is it related to economic development,but also to improving people’s livelihoods.2021 is the beginning year of the 14 th Five Year Plan.With the proposal of the concept of green development,a beautiful China that treats nature well,has green mountains everywhere,green flow,and harmonious coexistence between humans and nature is becoming increasingly clear.The environmental protection industry will also have greater investment trends and better development trends.The supporting role of ecological environment for high-quality economic development is becoming increasingly evident,but there are also many problems in China’s green development,especially the lack of core technologies.In this context,domestic enterprises are looking for opportunities and hoping to absorb advanced environmental protection technologies from overseas through mergers and acquisitions,to promote the leapfrog development of enterprises.However,Chinese enterprises also face many difficulties in the process of overseas mergers and acquisitions,most of which end in failure.At present,there is relatively little research on overseas mergers and acquisitions in the environmental protection industry in China,and there is a lack of research in the fields of private enterprises and solid waste management.In the context of market-oriented reform in the environmental protection industry,research on the growth mode and path of environmental protection enterprises should be given attention.Therefore,studying the successful case of private enterprise China Tianying’s "snake swallowing elephant" cross-border merger and acquisition of European solid waste giant environmental protection company Urbaser can provide experience and reference for the domestic industry,avoid unfavorable factors in cross-border mergers and acquisitions,and enhance the comprehensive growth ability of the enterprise.This article takes China Tianying’s overseas M&A of Urbaser as the research object and analyzes its overseas M&A activities from 2017 to 2021.The article first reviews the literature related to overseas technology mergers and acquisitions and enterprise growth evaluation theory,and analyzes the pathways of their interaction;Then,the background sources selected for this case were introduced,including the industry background of the merger and the background of both parties.The transaction process of this merger and acquisition was sorted out,and it was found that China Tianying cleverly designed a multi-layer transaction structure during the merger and acquisition process,greatly saving its financing time;On this basis,an in-depth analysis of the motives behind China Tianying’s overseas mergers and acquisitions was conducted,and it was found that the main strategic objectives of this merger and acquisition were to acquire advanced environmental protection technologies from overseas,achieve the integration of the entire industry chain,and explore international markets;Then,we use the financial indicator analysis method to analyze the financial performance of China Tianying after M&A,and finally comprehensively analyze the improvement of innovation ability,international market expansion ability,industrial chain layout ability under business collaboration ability,and market value creation ability based on EVA indicators in combination with non-financial indicator performance.The conclusion is that after the merger and acquisition,China Tianying has significantly improved in the short term,but the improvement in long-term financial capabilities is not optimistic;Significant increase in economic value added;The non-financial capabilities have performed well,achieving improvement in innovation capabilities,industrial synergy,and market expansion,and the core competitiveness of the enterprise has also been continuously strengthened.Finally,this article obtains several inspirations: overseas mergers and acquisitions should clarify the motives for mergers and acquisitions,and select appropriate merger targets on this basis;We should prevent excessive M&A premiums and reduce financial risks;Enterprises should adopt multiple financing methods and expand financing channels for mergers and acquisitions;Finally,enterprises should attach importance to the collaborative integration ability after mergers and acquisitions,improve the overall efficiency of mergers and acquisitions,and promote the sustainable development of the enterprise.