Research On The Impact Of Green Mergers And Acquisitions On Shanghai Electric Power's ESG Performanc

Under the background of "carbon peak","carbon neutral" and stable high-quality development,the performance of listed companies in environmental,social responsibility and corporate governance has become an important factor affecting their green transformation and sustainable development.The power industry is an important force to promote China’s economic development.With the active guidance and strong support of the government,the industry is actively undergoing green transformation.The topic of "green mergers and acquisitions" of heavily polluting companies has attracted more and more attention from scholars at home and abroad.Some scholars have conducted research on the consequences of green mergers and acquisitions,but there is almost no literature to explore the relationship between green mergers and ESG performance.Based on this,this paper studies the impact of green M&A on the performance of power companies ESG,and explores the path of green transformation and upgrading of the power industry to achieve green development.Based on the existing research results and the actual situation of green M&A of power companies,this paper explores "the impact of green M&A on the performance of Shanghai Electric Power ESG",and mainly answers the following questions:;First,whether green M&A has improved the performance of Shanghai Electric Power ESG.Secondly,what is the path of green M&A affecting the performance of Shanghai Electric Power Company ESG.First of all,this paper combs the background of green M&A in the power industry,so as to explain the basis for selecting Shanghai Electric Power,and introduces the situation of green M&A in Shanghai Electric Power as the basis for subsequent analysis.Secondly,data envelopment analysis is used to calculate and analyze the performance of Shanghai Electric Power ESG,and answer the first question.Secondly,select comparable companies similar to Shanghai Electric Power to conduct horizontal ESG performance comparative analysis,and then use the SBM model to determine which indicators have an impact on ESG performance,so as to provide ideas for the subsequent impact path research.Finally,from the four aspects of increasing the proportion of clean energy to improve energy conservation and emission reduction capacity,effectively protecting the rights and interests of stakeholders,mitigating the principal-agent problem of the company,adjusting the equity structure and giving play to the supervision function of the board of directors,explore the path of green mergers and acquisitions affecting the performance of Shanghai Electric Power ESG,and answer the second question.First,green M&A will promote the improvement of Shanghai Electric Power’s ESG performance.Although the completion of green M&A in the current period will reduce the company’s ESG performance,it will promote the improvement of environmental performance,social responsibility performance and corporate governance from 2018 to 2021,and the investment redundancy of each indicator and the proportion to be adjusted will gradually reduce.Second,the internal path of green M&A to improve the performance of Shanghai Electric Power ESG is mainly derived from the steady increase in the proportion of clean energy of the company after green M&A,which has realized the transformation of energy structure,improved the company’s ability to save energy and reduce emissions,promoted the company’s green transformation and upgrading,better protected the rights and interests of stakeholders,effectively alleviated the company’s principal-agent problem,adjusted the equity structure,and better played the board’s regulatory function,And jointly promoted the improvement of ESG performance.The theoretical value of this paper lies in;On the one hand,from the perspective of ESG performance,it is found that green M&A can improve the company’s ESG performance,promote the sustainable development of power industry enterprises,and enrich the literature on green M&A.On the other hand,based on the perspective of green M&A,it is found that green M&A can improve the performance of power industry companies ESG,further enriching the research on influencing factors of ESG performance.The practical value of this paper lies in;On the one hand,it is hoped to help power companies absorb green resources,acquire advanced green production technologies,change the company’s energy generation structure,improve the company’s green management experience,so as to improve ESG performance and realize green development of power companies.On the other hand,I hope it can help the power industry to better promote the transformation of energy structure and achieve green and sustainable development.