关键词: 绿色并购, 企业绩效, 高耗能行业, 企业社会责任

Abstract:

With environmental issues being increasingly serious, green development has become one of the key ideas in Chinese social development progress. Analyzing the economic and social performance of Green M&A in energy-intensive industry, this paper finds that enterprises can significantly improve their economic performance through Green M&A. State-owned enterprises may sacrifice some short-term economic benefits in order to take more environmental protection responsibilities, but this decision will not affect the long-term economic performance of enterprises. In addition, the social performance of enterprises of Green M&A is not obvious. The reason may be that there is lagging effect in the social performance of Green M&A or that some enterprises use environmental protection as a gimmick to transfer economic benefits. In a word, Green M&A is a new choice for enterprises, and the government as well as related departments should guide and standardize policies more actively and effectively to promote the process of ecological civilization construction in China.

Key words: Green M&A, enterprise performance, energy-intensive industry, corporate social responsibility