Research On The Impact Of Green Mergers And Acquisitions On The Transformation And Upgrading Of Heavily Polluting Enterprises

Over the past 40 years,heavy pollution enterprises have played a very positive role in our country’s economic growth,but in the development process,extensive development model was excessively dependent on ecological environmental resources.This model not only made ecological environment problems increasingly serious,but also forced the contradiction between economic development and environmental protection become increasingly fierce,restricting our country’s high-quality economic transformation.Therefore,more and more heavy polluting enterprises gradually integrate green development concept into their daily production and operation activities,pay more attention to environmental management,and try to transform into environmental protection field through green mergers and acquisitions(M&A).By reviewing and collating relevant literature about green M&A and green transformation of enterprises at home and abroad,based on the synergistic effect theory,triple bottom line theory and sustainable development theory,this paper collected and analyzed part of the data of our country’s green M&A,and selected Jinyuan Share,which has successfully transformed from cement industry to environmental protection industry,as the case,and deeply explored the role and effect of green M&A in the process of transformation.First,it introduced the basic situation of the company,analyzed the background and motivation of green M&A from the aspects of country,industry and enterprise,and then sorted out and summarized the layout in green M&A since Jinyuan Shares started transformation,and divided it into three stages from the startup to the completion of the transformation for phased analysis.Secondly,according to four levels--industrial resources,R&D technology,employee quality and management structure,this paper analyzed the path of green M&A affecting the green transformation of enterprises,and a series of financial and non-financial data are selected to evaluate multiple aspects of financial,environmental and social performance in the transformation process.Finally,through the study,it is found that green M&A can indeed become the path choice for heavy polluting enterprises to realize green transformation.At the same time,the implementation of green M&A can help improve the environmental and social performance of enterprises,and bring certain economic benefits.Based on the advantages and disadvantages of the case,this paper puts forward suggestions to help enterprises implement green M&A from the perspective of enterprises and the government respectively.In the theoretical sense,this paper enriched the research content of heavy polluting enterprises achieving transformation through green M&A,and some references are provided for other enterprises to choose green M&A.