Research On The Performance Of Cross-industry Mergers And Acquisitions Transformation Of Manufacturing Enterprises From The Perspective Of Industrial Policy

In recent years,environmental protection issues have received more and more attention from all walks of life.With the continuous acceleration of economic development,the economic prosperity brought about at the expense of the environment has gradually revealed its drawbacks.The anti-phagocytosis of the extreme environment has brought far more damage to the economy than the economic benefits it has brought to mankind.Coupled with the non-renewable nature of resources,how to solve the problem of environmental pollution is imminent.In 2020,China first proposed the goal of ’ double carbon ’,which made the development of traditional manufacturing enterprises in China face great challenges.At the same time,China ’s environmental protection industry has ushered in a major opportunity for development and growth.Based on this,many manufacturing enterprises in China choose cross-industry mergers and acquisitions of environmental protection enterprises when seeking transformation and upgrading,and step into the environmental protection industry with great development prospects.As far as the current academic research is concerned,there are many studies on cross-industry mergers and acquisitions of enterprises,but few people have studied the overall layout of mergers and acquisitions of micro-enterprises from the perspective of industrial policies.Based on this,this article chooses from the perspective of industrial policy,takes the environmental protection industry which is highly dependent on macro policy development as the research background,and combines the typical cases of cross-industry mergers and acquisitions of manufacturing enterprises to transform environmental protection enterprises.On the basis of a brief overview of the M & A background and M & A process of Yingfeng Environmental Technology Group Co.,Ltd.(hereinafter referred to as " Yingfeng Environment "),the event research method is applied to evaluate the short-term performance of M & A,and the impact of industrial policy on corporate environmental performance,social performance and economic performance is analyzed based on relevant literature.According to the characteristics of environmental protection enterprises,combined with triple surplus theory,balanced scorecard theory and stakeholder theory,the long-term performance evaluation system of enterprises is constructed.The system consists of 3first-level indicators,12 second-level indicators and 40 third-level indicators.It is mainly based on the mainstream ESG report preparation standard,’ China Environmental Protection Enterprise Development Status Report ’ and the impact of industrial policy on enterprise performance.The evaluation indicators are selected as the basis,and then the indicators are normalized.The calculation results of the catastrophe progression method are used to analyze the second-level indicators,first-level indicators and total performance indicators in the performance system.The research conclusion shows that after six cross-industry mergers and acquisitions,Yingfeng Environment has successfully transformed from a general equipment manufacturing enterprise to an environmental protection enterprise.After the transformation of mergers and acquisitions,the economic performance,social performance and environmental performance of enterprises have been improved to varying degrees.Therefore,under the guidance of industrial policies,enterprises can not only enjoy more policy dividends through mergers and acquisitions of target enterprises supported by industrial policies,but also promote the performance of enterprises in environmental,social and economic aspects.