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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 mergers and acquisitions (M & A) are new modes of M & A in the construction of ecological civilization. The article first analyzes the improvement of eco-efficiency in low-carbon mergers and acquisitions and the optimization strategy. The empirical findings show that the overall ecological efficiency of most low carbon M & A companies has been greatly improved. A small number of low carbon M & A samples have even reached the DEA level, but the ecological efficiency of a few low carbon M & A samples has actually declined. The changing rules of low-carbon M & A eco-efficiency are basically reflected by the trend of small to large and then big to small. The short-term improvement of the ecological performance of low-carbon M & A enterprises is relatively strong, the long-term improvement of ecological performance is minimal, and the eco-efficiency of low-carbon M & A enterprises lacks continuous impetus. For non-effective low-carbon M & A samples, put forward the optimization of ecological efficiency path.