横向并购如何助力重污染行业减排增效?  

How Can Horizontal Mergers and Acquisitions Help Heavy Pollution Industries Reduce Emissions and Increase Efficiency?

作　　者：强国令[1] 高乾 QIANG Guo-ling;GAO Qian(School of Finance,Xinjang University of Finance and Economics,Urumqi 830011,China)

机构地区：[1]新疆财经大学金融学院,乌鲁木齐830011

出　　处：《管理案例研究与评论》2023年第4期473-488,共16页Journal of Management Case Studies

基　　金：国家自然科学基金地区项目“对口援疆、制度环境与新疆经济社会发展”(71663048);新疆维吾尔自治区社科基金项目“中央新疆工作会议背景下对口援助对新疆经济社会影响的效应评价和政策优化研究”(20BJL063);新疆财经大学科研创新团队项目“产业政策、地方政府干预与资本配置效率”(2020XTD001)。

摘　　要：重污染行业的减排增效对于经济社会高质量发展极为重要。然而,许多重污染企业在转型升级过程中面临资金、人才等资源约束和能力约束。通过剖析宝武并购韶钢后的整合过程,探索了横向并购对于重污染行业减排增效的重要意义及作用机理。研究结论显示,在重污染行业的横向并购中,并购方可以通过资金输入及技术协同对被并购方进行技术赋能,通过人才输入及业务协同对被并购方进行管理赋能,从而缓解被并购企业面临的资源和能力约束,提高其技术及管理能力,进而实现减排增效,使其具备环保和经营方面的竞争优势,最后通过合理运用并购的经济效益巩固被并购企业的这种优势。同时,并购方也可以从中分享被并购方的经济效益和技术创新成果,从而使并购双方走向高质量发展之路。The emission reduction and efficiency enhancement of heavy pollution industries are extremely important for high-quality economic and social development.However,many heavily polluting enterprises are faced with resource constraints and capacity constraints such as capital and talents in the process of transformation and upgrading.This paper researches the significance and mechanism of horizontal mergers and acquisitions for reducing emissions and increasing efficiency in heavily polluting industries by analyzing the integration process after Baowu's merger with Shaogang.It shows that the acquirer can improve the technology capability of the acquiree through capital input and technology collaboration,and improve the management capability of the acquiree through talent input and business collaboration,so as to ease the resource and capacity constraints faced by the acquiree and achieve emission reduction and efficiency increase.So it has a competitive advantage in environmental protection and business.Finally,it can consolidate this advantage of the merged enterprises through the rational use of the economic benefits of mergers and acquisitions.At the same time,the acquirer can also share the economic benefits and technological innovation achievements of the acquiree.So both the acquirer and the acquirer can move towards high-quality development.

关 键 词：横向并购 重污染行业 减排 高质量发展 

分 类 号：F272[经济管理—企业管理]