| "Carbon neutralization" and "carbon peak" are two goals of China’s green economy,and the green transformation of thermal power generation is the only way to achieve these two goals.M&A especially green M&A,provides a green transformation way for listed companies in thermal power industry.The research on the motivation and performance of green M&A in the thermal power industry will help the government departments better guide the M&A behavior of listed companies in the thermal power industry.The thermal power enterprises will conduct M&A more suitable for their own business conditions,better complete the green transformation,and realize the development of China’s green economy.In order to distinguish the quality of green M&A of enterprises,this paper subdivides green M&A of thermal power industry into "light green" M&A and "dark green" M&A,and analyzes the heterogeneity of non-green M&A,"light green" M&A and "dark green" M&A.First of all,starting from the motivation of M&A,this paper uses the fuzzy set qualitative comparative analysis method to obtain the configuration path of non-green M&A,"light green" M&A and "dark green" M&A motivation,and selects typical case enterprises representing three types of M&A as the object of follow-up performance research.Then,the event study method is used to calculate the short-term and long-term market performance of non-green M&A,"light green" M&A and "dark green" M&A.Finally,the financial analysis method is used to study the changes of solvency,profitability,operating capacity and development capacity of listed thermal power companies after non green M&A,"light green" M&A and "dark green" M&A.The research finds that:(1)Among the seven configuration paths of the three types of M&A,the driving force of green innovation is the key factor that determines whether listed companies in the thermal power industry choose green M&A or non-green M&A,and whether they choose "light green" M&A or "dark green" M&A.(2)The excess return of thermal power industry M&A is low.Among the three types of M&A,the short-term market performance of "dark green" M&A is the best,while the long-term market performance of non-green M&A is the best.(3)Non-green M&A and "dark green" M&A are both excellent in improving the financial ability of listed companies in the thermal power industry.By studying the M&A of the thermal power industry,this paper can provide policy suggestions for the government to guide the green transformation of the thermal power industry through M&A,and can also provide guidance for enterprises in the thermal power industry to conduct M&A. |
