生态文明视域下企业低碳并购的生态效率评价及优化新探

A New Study on Eco-Efficiency Evaluation and Optimization of Low-Carbon M&A Based on Ecological Civilization

低碳并购是生态文明建设中出现的新型并购模式,文章首次分析了低碳并购的生态效率改善状况及优化策略。实证发现:总体上大部分低碳并购公司的生态效率有了较大改善,少量低碳并购样本甚至达到了DEA有效,但小部分低碳并购样本的生态效率反而下降。低碳并购生态效率的变化规律基本体现为先由小变大,后由大变小的趋势。企业低碳并购的短期生态绩效改善力度较大,长期生态绩效改善甚微,企业低碳并购的生态效率缺乏持续推动力。对于非有效低碳并购样本,提出了生态效率的优化路径。

Low-carbon M＆A is a new mode of merger acquisition in the construction of ecological civilization, and its eco- efficiency evaluation is popular for the academic circles. By establishing DEA model, we first analyze the eco-efficiency and optimization strategies of low-carbon M＆A. The empirical findings are： Overall, the major eco-efficiency of low- carbon M＆A has greatly improved, and a small amount of low carbon acquisition samples even reached the DEA effective, but eco-efficiency of a small portion of low-carbon M＆A samples decreased. From the perspective of change trend, a basic embodiment tend of ecological efficiency of low carbon M＆A is as follows： from being small to big, and then from being big to small. The short-term eco-performance of low carbon M＆A improved more intensely, little improvement of long-term ecological performance, so the ecological efficiency is lack of sustained impetus. For non-effective low-carbon acquisition samples, the paper put forward the optimization strategy for eco-efficiency. Eco-efficiency improvements require more stringent implementation of national low-carbon policies and long-term mechanism to promote ecological efficiency.