Research On The Motivation And Performance Of Nuclear Energy Acquisition In China Under The Background Of "dual Carbon" Goal

In order to cope with global climate change and reduce greenhouse gas emissions,General Secretary Xi Jinping announced China’s new goal of "carbon neutral and carbon peak" at the UN Working Conference in September 2020,striving to achieve carbon peak by 2030 and carbon neutral by 2060.The report of the 19 th CPC National Congress clearly stated that the government should establish and improve a modern economic system featuring green,low-carbon and circular development,step up efforts to solve environmental problems and promote the development of green industries.In this context,China’s energy system will also accelerate the pace of clean and low-carbon transformation,reduce the use of fossil energy,reduce the carbon emission in the production process,and actively develop low-carbon and clean energy.In order to meet the national requirements for green development of enterprises,energy enterprises choose merger and reorganization to acquire green innovative technologies and enhance their green competitiveness.Among them,CNNC integrated the resources of the new energy industry through the acquisition of CNNC Huineng and promoted the high-quality and rapid development of the company’s new energy industry,which is a typical case of green merger and acquisition after the "dual carbon" goal was proposed.This thesis first reviews the relevant literature of green M&A,expounds the concept of "dual carbon" goal and green M&A,combs the synergistic effect theory,triple performance theory,green development theory and social responsibility theory,and introduces the background of M&A and the general situation of both parties.Secondly,by means of case analysis and comparative analysis,this thesis discusses the influence of policies and national development strategies on nuclear acquisition motivation in China.Furthermore,with the help of data analysis,combined with the triple performance theory,the economic performance and non-economic performance after the merger and acquisition are studied,and then the impact of the merger and acquisition on the development state,value creation and future strategic direction of the enterprise is explored.Finally,the corresponding conclusions and suggestions are drawn.Through research and analysis,this thesis draws the following conclusions: First,the motivation of China’s nuclear power acquisition is to expand the industrial scale and help the company achieve the integration of new energy industry resources;At the same time,CNNC will use its experience and advantages in the development of the new energy industry to actively fulfill its social responsibilities and help the country achieve the goal of "dual carbon".Second,through the analysis of the economic performance,the market holds a positive attitude to the acquisition behavior,improve the profitability of China’s nuclear power,debt paying ability to maintain relatively stable state,dropped slightly but at minimum operating ability,growth ability show the good development trend,management cost and r&d spending increased to a certain extent.Third,through the analysis of non-economic performance,in terms of environmental performance,the proportion of China’s nuclear power in non-nuclear clean energy,namely the second largest main business,has significantly increased after the acquisition compared with that before the acquisition,and the energy saving and emission reduction for the environment has increased.In terms of social impact,this acquisition further reflects the social responsibility of CNPC as a state-owned enterprise,which has achieved good results in poverty alleviation.The company actively participates in green power trading and national carbon emission trading to develop green economy.Based on this,this thesis gets relevant enlightenment,hoping to enrich the research content of M&A behavior in the energy industry,and provide reference for further exploration of green M&A of enterprises.