Research On The Impact Of Green Mergers And Acquisitions On The Sustainable Development Performance Of Heavily Polluting Enterprise

As an indispensable raw material,cement industry plays a key role in China’s national economic construction.In recent years,with the decline of the growth rate of China’s national economy,the downward pressure on the economy has surged,which has added difficulties to the development of the cement industry.The cement industry is scattered,with serious overcapacity,huge losses and serious pollution.Since 2015,the development of the downstream real estate industry has been sluggish,and the demand for cement has declined seriously,which has caused a huge impact on the national cement industry and severely hindered its development.Moreover,the awareness of the state and the public on environmental protection has increased,and the pollution form of the cement industry is severe,which does not conform to the current concept of green development.Green M&A is the best way for Cement and other heavy pollution enterprises to get out of trouble.Through green M&A,heavily polluting enterprises make use of the acquired party’s proprietary technology to recycle and harmlessly treat hazardous wastes,industrial wastes,sewage,etc.,so as to transform and upgrade traditional industries,which is conducive to further optimizing resource allocation and promoting the company’s high-quality development.Facing the requirements of de-capacity,low pollution and green development,the government encourages the merger and integration of heavily polluting enterprises such as cement,and has issued a series of policy support,which provides favorable conditions for the merger and acquisition of leading companies in the cement industry.Based on this,this paper takes "the influence of green M&A on the sustainable development performance of Jidong Cement" as the core research content,and mainly solves the following two problems:(1)whether green M&A has improved the sustainable development performance of Jidong Cement;(2)What is the internal mechanism of the impact of green M&A on the sustainable development performance of Jidong cement.Firstly,this paper sorts out the general situation of green M&A of Jidong Cement,as the basis of follow-up research,then calculates and analyzes the sustainable development performance of Jidong Cement by catastrophe progression,compares it with that before M&A,and answers the first question above.Then,select the comparative enterprises similar to Jidong Cement for horizontal comparison,explore whether the sustainable development performance of Jidong Cement after green merger is better than that of comparable enterprises,and answer the second question above.The research conclusions of this paper are as follows:(1)Green M&A can promote the sustainable development performance of cement and other heavy polluting enterprises.(2)The internal mechanism of green M&A to improve the sustainable development performance of heavy polluting enterprises such as cement is as follows: on the one hand,the green resources obtained by green M&A help heavy polluting enterprises to optimize the traditional business production internally,reduce production costs and improve operational efficiency;On the other hand,it provides external environmental protection services,reduces environmental pollution,improves reputation and obtains legitimacy status.Both internal and external aspects work together to improve enterprise sustainability performance.The application value of this paper lies in: on the one hand,it can provide path dependence and relevant experience for heavy polluting enterprises such as cement to realize green transformation and sustainable development;On the other hand,the successful case of Jidong Cement Green M&A is helpful to guide the cement industry to develop positively and promote the transformation of traditional industries.