Effect Of Green M&A On Post-Acquisition Performance Of High-Emission Enterprises

High-emission enterprises are the main body that urgently needs to be optimized in social and environmental governance,and cement enterprises are also an important support for the national economy.With the national “Carbon Peaking and Carbon Neutrality” strategic goal,the national environmental regulations and penalties for high-emission enterprises are more stringent,high-emission enterprises to upgrade the green industry has become a trend.Cement enterprises,as representatives of high emission industries,have focused on reducing emissions and increasing efficiency and seeking green transformation and development.In this context,the study of high-emission enterprises on the impact of Green M&A on corporate performance will be the same industry to carry out Green M&A reference.Based on the economic theory of sustainable development,the triple bottom line theory and the operational synergy theory,this paper takes the listed company Tangshan Jidong Cement Co.,Ltd.(Jidong Cement)as the research object.and applies the event study method and text analysis method,in-depth development of Jidong Cement Green M&A necessary analysis and performance analysis.First of all,this paper first introduces the main characteristics,development environment,and macro policy background of the cement industry,on this basis,introduces the basic situation of both sides of the merger company and the process of green M&A;Secondly,this paper analyzes the motivations of green M&A from five aspects:slowing down cement business growth,entry barrier of environmental protection business,green transformation demand of enterprises,government support for green development and positive response to environmental protection policies.Thirdly,on the basis of the above,indepth analysis of the performance of green M&A on enterprises is mainly reflected in the four aspects of obvious effect of stock price,improving the financial performance of environmental protection business,promoting the innovation of green technology of enterprises,and improving the quality of fulfilling social responsibility.At last,the paper concludes the case of Jidong Cement Green M&A,which is as follows: First,the stock price effect has both positive and negative impacts,and only has a positive return in a short time;Second,green M&A has greatly improved the financial performance of environmental protection business of highemission enterprises;Third,after the introduction of green technology,the attention of innovation will be effectively improved,and the growth rate of green technology innovation output of enterprises will be accelerated;Fourth,enterprises should speed up the investment and construction of green projects and gradually form economies of scale.On this basis,this paper further suggests four insights.First,leading companies in highemission industries should play a leading role,use their scale advantage to efficiently utilize resources and expand green business,and promote green development in their regions through their market position.Secondly,enterprises should lower information barriers in green M&A events,actively defend stock prices and protect stakeholders’ rights and interests,and actively accept the supervision of the public,investors,media and government.Third,companies actively responding to the government’s call will make it easier to complete green M&A,and the overall transformation of the industry will help create a scale effect.Fourth,the industry should encourage the construction of cooperative relationships to integrate resources,share technological achievements and share the risks of entering the green industry through interenterprise cooperation.This case provides valuable experience for other high-emission enterprises to implement green M&A and make green transformation in the future,and will also enrich the research on the performance of green M&A in this field.