The Research Of The Triple Performance Evaluation Of The Green Merger And Acquisitions

With the report of the 19 th National Congress of the Communist Party of China,ecological civilization construction and environmental protection have been elevated to a new height.Changing the economic development mode is an important part of the construction of ecological civilization.Only by advancing green development and cyclic development,can we completely change the mode of enterprise development to ensure the sustainable development of the enterprise.The steel industry is an important pillar industry of the national economy,which has played an irreplaceable role in the process of industrial modernization in our country.As China enters “the New Normal”,the steel industry is also facing an unprecedented test: the slowdown in the growth of domestic steel demand and the arduous task of de-capacity production;low industrial concentration because of no breakthrough in industry mergers and acquisitions;high total energy consumption and large pollutant emissions which due to the overall scale of the steel industry.The environmental protection issues of the steel industry have become the most pressing and severe problem that the steel industry and the whole society are facing to green,harmonious and sustainable development.With the wave of M&A,it has become an important way for China to change its economic development mode.Through the Green M&A,steel corporations can absorb others' advanced green technologies and green resources,then develop green products,gain green competitive advantages,conserve energy and reduce pollution emissions,achieve resource optimization,and ultimately achieve the green development of corperations.Although the practice of the Green M&A is getting richer,the research on the Green M&A performance evaluation system still needs to be improved.How to measure the efficiency of this economic behavior is in front of us.Starting from the background of green development,this paper groundbreakingly combines the triple bottom line theory with the catastrophe progression method(CPM)to construct a triple performance evaluation system of the Green M&A suitable for steel companies.Through literature review the author understood that domestic and foreign scholars have relatively little research on the performance evaluation of the Green M&A,and they mostly independently evaluated from a financial perspective or an environmental perspective.Therefore,based on the triple bottom line theory,the author comprehensively considers and selects indicators that meet the performance evaluation of steel companies starting from the three different dimensions of economic responsibility,environmental responsibility and social responsibility.By analyzing and evaluating the performance of the corporate Green M&A from a three-dimensional perspective,it is possible to abandon the defects of the single-point evaluation in green M&A performance.Based on the characteristics of the Green M&A whether the steel companies absorb the green technologies and resources through the M&A to enhance their green competitive advantages and improve their social image or not,the author select Fujian Sansteel Shuguang Co.,Ltd.,Shanxi Taigang Stainless Steel Co.,Ltd.,Angang Steel Co.,Ltd.,Baoshan Iron and Steel Co.,Ltd.and Maanshan Iron and Steel Co.,Ltd.as the research objects of this article,and using SPSS software to classify the sample enterprise cluster analysis into three categories: significantly elevated category,partially elevated category,and weakly elevated category.And the author manually collect the data of this performance system indexes of the sample companies from 2012 to 2016.After the original data is processed by nondimensionalize methods,the author perform the comprehensive quantization operation on the normal data to evaluate the Green M&A triple performance,using the formula of the cusp catastrophe model,the butterfly catastrophe model and the swallowtail catastrophe model.The case analysis verifies that this performance system has certain feasibility,scientific and practicality,and that it provides guidance for the Green M&A performance evaluation in the steel industry,and also provides direction and theoretical basis for follow-up Green M&A research in other industries.