| Although China’s extensive economic model has brought about a leap-forward development of China’s economy,this "exhaustion and fishing" development model not only creates high economic profits,but also produces many environmental problems that cannot be ignored due to high pollution and high energy consumption.Due to the economic loss and reputation loss caused by environmental pressure,enterprises headed by traditional manufacturing industry began to take a series of measures to innovate and transform in order to reduce the environmental pollution of enterprises.Green M&A has become a new trend for these enterprises to seek transformation and development.At the same time,because environmental responsibility is the most important part of corporate social responsibility,the disclosure of environmental information has become the focus of investors’ attention.Enterprises disclose their environmental performance or responsibilities to the public by publishing annual reports,social responsibility reports,and other environmental-related information such as pollutant emissions,which can not only meet the interest demands of the government,the public and the news media,but also obtain better economic benefits,improve the public’s access to environmental information,and allow the public to participate in the process of environmental governance.Based on this background,this paper studies the theme of green M&A from the perspective of information disclosure,taking Shanghai Electric’s green M&A behavior as the case study object.As a traditional equipment manufacturing enterprise and power station distribution enterprise,Tianwo Technology,a private enterprise leading in the fields of electric power engineering EPC and solar thermal power generation,took the initiative to move closer to the environmental protection and new energy industries,and finally successfully transformed from the traditional manufacturing industry into a comprehensive environmental protection enterprise of manufacturing、energy and service,which is typical.This paper innovatively uses python text analysis technology to build a text retrieval dictionary for the classification of enterprise environmental information,selects the annual report,social responsibility report,environmental society and governance report of the case company Shanghai Electric from 2013 to 2021 as the research object,and discusses the quality of environmental information disclosure of Shanghai Electric word frequency,growth rate,visibility,density and consistency between words and deeds of the reverse link component were analyzed quantitatively,showing the positive impact of the green M&A of Shanghai Electric on its own environmental information disclosure quality.It was found that the consistency between words and deeds has significantly eased after the green M&A,but there is still a slight situation of "more words than deeds" in general.At the same time,this paper explores which important factors in the transformation process lead to changes in environmental information disclosure from the economic perspective such as capital market reaction,financial operation and management coordination,and social perspective such as environmental responsibility,product responsibility,and employee responsibility,and examines and explores the unique role of green mergers and acquisitions in improving corporate environmental information disclosure,It is believed that the key to green M&A is to do a good job in business collaboration.In view of the problems found in this case,the article finally puts forward relevant policy recommendations.Before conducting green M&A,we should deeply analyze the current policy orientation,carefully consider the industrial suitability of the target enterprise,and grasp the opportunity of green M&A;After M&A,attention should be paid to industrial integration and integrity of environmental information disclosure to provide reference for other heavily polluting enterprises in green transformation. |
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