Green M&A Performance Analysis Of Environmental Protection Enterprises

In the face of the current severe ecological environment situation,first,resource constraints are tightening,second,environmental pollution is serious,and third,ecosystem degradation.It is necessary to establish and improve the economic system of green,low-carbon and circular development,strengthen the green environmental protection industry,promote green technology innovation,so as to improve the ecological environment.This thesis first reviews the relevant literature of M&A motivation,M&A performance,green M&A and green M&A performance,sorts out the relevant concepts including M&A,green M&A and performance evaluation and the theoretical basis including synergistic effect,market power theory,industry impact theory,high-quality development evaluation system,and then introduces the environmental protection industry and its M&A status,as well as the general situation of both M&A parties in this case.In the performance analysis part,integrate high-quality development into green merger performance analysis.In the dimension of high-quality innovative development,explore the enterprise’s research and development results and investment.In the dimension of high-quality green development,DEA and quantitative analysis are used to study the changes of their environmental performance.In the dimension of high-quality efficiency growth,through the event analysis method studied the DJE’s market reaction,using the comparative analysis method to study the impact of M&A on DJE’s financial performance in solvency,profitability,operating capacity and growth ability.In the high-quality social sharing dimension,the staff development,charity and safety production situation are analyzed.finally draw the corresponding conclusion and enlightenment.Through the research and analysis of this thesis,the following conclusions are drawn: First,in the dimension of high-quality innovation and development,the R&D ability of enterprises has been enhanced after the M&A.Second,in the dimension of high-quality green development,the M&A has significantly improved the environmental performance of enterprises,reaching the best level in the past three years,and significantly improved the green performance.Thirdly,in the dimension of high-quality and efficiency growth,the M&A event does not have a great impact on the short-term market performance of DJE,and the market reaction is not strong.In terms of the solvency,DJE’s short-term solvency has been optimized,and its long-term solvency is better than the average level of the industry.In terms of profitability,this M&A increased the revenue to the enterprise,but did not bring more net profit to the enterprise.The enterprise is facing the current situation of "incremental not increasing profit",and the profitability has not been strengthened.In terms of operating capacity,the M&A has optimized the enterprise’s ability to recover receivables,and the use efficiency of all assets has been improved,but the speed of inventory turnover needs to be further strengthened.In terms of growth ability,the M&A has brought new growth points for the operating income of the enterprise,but the increase of operating income has not played an obvious role in the increase of net profit.At the same time,its asset scale has been expanded,but the scale of net assets is shrinking,and the growth rate of total assets is higher than the growth rate of net assets.Finally,in the dimension of high-quality social sharing,after the M&A,the charity donation of DJE has been increased compared with before,and the awareness of production safety has been further enhanced.