Research On The Path And Green Innovation Performance Of Cross-border M&A Of Environmental Protection Enterprises

Ecological environment protection plays an important role in achieving high-quality economic and social development and building a modern socialist country in all respects.Environmental protection enterprises,as the main force in providing environmental governance solutions,urgently need to improve their green innovation performance.Previous studies have shown that cross-border mergers and acquisitions can strengthen international exchanges and cooperation,promote optimal allocation of global resources,accelerate the updating and flow of innovative resources,and is one of the important ways for enterprises to achieve green innovation.However,cross-border M&A transactions are relatively complex,and some of them have poor results.Therefore,this article takes CNTY’s cross-border acquisition of Urbaser as an example to explore the path and green innovation performance of cross-border mergers and acquisitions of environmental protection enterprises..This article firstly introduces the research background and significance,sorts out research literature on cross-border mergers and acquisitions and green innovation performance at home and abroad,and clarifies the achievements and shortcomings of existing research.Secondly,it summarizes the current situation and characteristics of cross-border mergers and acquisitions of environmental protection enterprises in China,and combines resource allocation theory,absorptive capacity theory,open innovation theory,and synergy theory to construct a theoretical analysis framework for the path and green innovation performance of cross-border mergers and acquisitions of environmental protection enterprises.On this basis,introduce the overview and process of both parties in cross-border M&A cases,and analyze their cross-border M&A motivations from the policy,industry,and enterprise levels.Then,based on the theory of resource allocation,explore the dynamic path of CNTY’s cross-border M&A of Urbaser,and analyze in detail its path selection in each stage of resource allocation.Furthermore,starting from the dimensions of innovation output and innovation efficiency,indicators such as the number of green patent applications and the intensity of R&D investment are selected to analyze the green innovation performance of CNTY’s cross-border acquisition of Urbaser using data envelopment analysis.Research has found that:(1)In the resource combination stage,enterprises acquire external knowledge,manpower,and market resources through cross-border M&A,and construct multi-level resource combinations to provide a foundation for green innovation.(2)In the resource bundling stage,enterprises carry out resource restructuring to improve their green innovation capabilities through efficiency improvement,market and business development,knowledge spillover and learning.(3)In the resource crowding stage,enterprises integrate a unified platform to build a full industry chain ecosystem,promoting the transformation,application,and diffusion of green innovation achievements.(4)Cross-border M&A have a positive impact on green innovation performance of enterprises,which is mainly reflected in the increase of green patent applications and the expansion of green innovation scale at the initial stage of integration.With the deepening of integration,the proportion of green invention patents has increased,and the quality and efficiency of green innovation have improved.Finally,this article proposes countermeasures and suggestions such as selecting suitable target enterprises,avoiding M&A risks,strengthening M&A integration,improving the quality of green innovation for environmental protection enterprises,and promoting the transformation and application of green innovation achievements.This article constructs a theoretical analysis framework for the "path performance" of cross-border mergers and acquisitions of environmental protection enterprises,explores the dynamic process of resource allocation in cross-border mergers and acquisitions of environmental protection enterprises,analyzes in detail the path choices in each stage,and constructs an indicator evaluation system to evaluate their green innovation performance.This enriches and expands the research on cross-border mergers and acquisitions and green innovation performance,and can provide decision-making reference for optimizing cross-border mergers and acquisitions behavior of environmental protection enterprises in China.