Research On Corporate Green M&A Performance Based On Synergistic Effect

With the continuous promotion of China’s reform and opening up,China’s economic development is gradually on the fast track.In the decades after the reform and opening up,China has an urgent need to develop its economy,thus ignoring the issue of ecological environment protection.In recent years,with the development of China’s economy to a certain extent,the people’s demand for a good ecological environment has become higher and higher.The Chinese government has paid more and more attention to the issue of ecological environment protection,limiting and controlling the production capacity and pollution emissions of some traditional industries that will cause a lot of environmental problems.The cement industry has always been regarded as a traditional industry with "high pollution and high energy consumption".Therefore,the state not only issued relevant policies to strictly require the cement industry to stagger peak production,but also required the cement enterprises to strictly control the new capacity of the cement industry by replacing the original capacity.In this context,the competition between the cement industry has gradually developed from simply increasing production capacity to realizing green transformation and upgrading through green and purchase.At the same time,environmental protection industries such as solid and hazardous waste treatment have shown a prosperous development prospect thanks to the strengthening of the government’s protection of the ecological environment.Under the background of the restriction of the cement industry and the booming development of the environmental protection industry,many cement enterprises have entered the environmental protection industry and realized the green transformation of their own enterprises through green mergers and acquisitions of environmental protection enterprises.This paper takes Jinyuan Shares as an example.On the basis of fully understanding the green M&A of Jinyuan Shares,it first introduces the background of Jinyuan Shares’ implementation of green M&A,industry background and the overall background of the environmental protection industry.Secondly,it introduces the detailed process of Jinyuan Shares’ implementation of green M&A over the years,and finds out the main reasons for its implementation of green M&A from the perspective of Jinyuan Shares’ own and industry development;Secondly,based on the perspective of synergy,this paper analyzes the path of synergy in Jinyuan’s green M&A from three detailed perspectives of management synergy,operation synergy and financial synergy;Finally,judge the financial performance and non-financial performance of Jinyuan shares after the green M&A from three different perspectives,and whether the synergy is effectively played.Through the introduction of Jinyuan’s green M&A and a series of analysis of its financial data and non-financial data,the final conclusion is reached.Through the research on the green M&A of Jinyuan,this paper puts forward some suggestions on the green M&A of cement industry.Before the green M&A,we should thoroughly understand the situation of our own enterprises and the merged enterprises,and avoid the situation that the enterprises can not integrate well with the merged enterprises after the M&A due to the blind expansion of enterprises.After the M&A,enterprises should pay attention to the industrial integration,and give better play to the advantages of M&A.I hope it can be used as a reference for other cement enterprises in green mergers and acquisitions.