| Since the 18th National Congress,General Secretary Xi Jinping has proposed to speed up the construction of a resource-saving and environment-friendly society and promote the formation of a green development and lifestyle.in September 2020,General Secretary Xi Jinping made a commitment at the United Nations General Assembly to"strive to achieve carbon peaking by 2030 and carbon neutrality by 2060"[1].Energy is the basis of human survival and development,but with the rapid economic development,human beings are facing increasingly serious energy shortage and environmental damage problems.The high carbon energy structure and high energy-consuming and high carbon industrial structure are the major causes of environmental problems in China.2020,China’s energy industry,which accounts for more than 85%of total carbon emissions,is a high carbon dioxide emission industry,and its development is facing a huge challenge.Promoting the transformation and upgrading of energy and industrial structures and taking a green and low-carbon development path is an inevitable choice to achieve highquality economic development.Under the goal of "double carbon",the energy industry is the main battlefield and the main position for promoting green and low-carbon development in China.The green and low-carbon transformation of the energy industry has a fundamental and critical role in achieving the "double carbon" goal in China.Under the "double carbon" target,traditional energy companies are facing unprecedented transformation pressure and development opportunities in the new competitive landscape.More and more companies are following the national development direction,adjusting their development strategies and accelerating the pace of green transformation.Divestiture is one of the important means for companies to achieve a rapid return to their core business and adjust their strategies,and plays an important role in their green transformation.By divesting businesses that do not meet its strategic objectives,have poor profitability or no development potential,the company obtains capital and resources to further develop its core business through effective resource allocation.Donghua Energy is currently the largest LPG trading company in China and a leading company in the energy industry.In the context of green development,Donghua Energy actively responds to the national policy and realizes the company’s green and lowcarbon transformation through asset divestment.Based on this,this paper selects a typical representative Donghua Energy Company as the research object and analyzes its divestiture events.Combining the environmental background and green development strategy of the company,the reasons,process and effects of the divestiture of Donghua Energy are analyzed in depth.Through the analysis of the causes and consequences of the divestiture of Donghua Energy,we provide some reference implications for other companies in the energy industry to realize green transformation and some suggestions for the divestiture activities of the company.This paper mainly uses literature research method,case study method and event research method to study and analyze the divestiture of Donghua Energy,which is divided into seven chapters.Chapter 1 presents the practical significance of this paper’s research in the context of the national strategy of green development and the description of the divestiture situation of listed companies,and highlights the theoretical significance of this case study in conjunction with a review of the existing literature related to divestiture;the main contents of this study and the methodology adopted are generally described,and the research ideas and technical lines of this paper are proposed.Chapter 2 defines the concepts related to divestiture and briefly explains the meaning and manner of divestiture;the theoretical basis of corporate divestiture behavior is elaborated with resource allocation theory,normalization theory and financing constraint theory,etc.,laying the theoretical foundation for the later analysis.Chapter 3 introduces the development background of China’s petrochemical industry,highlighting the impact of the external environment on the company’s development,and focusing on describing the transformation challenges faced by the petrochemical industry under the concept of green development.Chapter 4 introduces the process of the divestiture event of the case company Donghua Energy,distills and summarizes the characteristics of Donghua Energy’s divestiture,and focuses on the analysis of the motivation of Donghua Energy’s implementation of divestiture from several aspects,including green transformation,industrial chain extension,capital raising and resource allocation.Chapter 5 examines the short-term market reaction to the divestiture of Donghua Energy,analyzing the market reaction to the divestiture of Donghua Energy from the perspectives of stock price change,excess return and Tobin’s Q value.Chapter 6 analyzes the financial performance of the divestiture of Donghua Energy from the perspective of changes in revenue composition,capital liquidity and economic value added,and the economic consequences of the company’s divestiture from the perspective of non-financial performance such as R&D investment and energy saving and emission reduction effects.Chapter 7 contains conclusions and recommendations.Based on the results of the above analysis,it is concluded that the divestiture of Donghua Energy’s assets promotes the company’s business transformation,enhances the company’s market value and improves the company’s financial position;on this basis,the following recommendations are made:first,the company should understand asset divestiture objectively and fairly;second,the company must match the company’s strategy in the selection of divested assets;third,the The company should focus on the integration of resources after the divestiture. |
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