重污染企业绿色并购协同效应价值评估  

Evaluation of the Synergistic Effect of Green Mergers and Acquisitions in Heavily Polluting Enterprises

作　　者：周楠 李谦 ZHOU Nan;LI Qian(School of Accountancy,Southwest Forestry University,Kunming 650224,China)

机构地区：[1]西南林业大学会计学院,昆明650224

出　　处：《科技和产业》2023年第21期122-128,共7页Science Technology and Industry

摘　　要：绿色并购作为重污染企业绿色转型的重要方法,能否为重污染企业带来协同效应价值是社会各界关注的重点。通过对文献的梳理,提出基于灰色预测模型对收益法改进,并综合应用自由现金流折现模型、B-S(Black-Scholes)模型对重污染企业绿色并购的协同效应价值进行评估。最后以中欣氟材收购高宝矿业为例,评估其绿色并购产生的协同效应价值。研究结果可为并购后管理者进一步加强资源整合、提高重污染企业的并购管理效率提供参考。As an important method of green transformation for heavily polluting enterprises,whether green mergers and acquisitions can bring synergistic value to heavily polluting enterprises is a focus of attention from all sectors of society.An improvement of the income method based on the grey prediction model is proposed through literature review,and the discounted free cash flow model and B-S(Black-Scholes)model are comprehensively applied to evaluate the value of the synergistic effect of green mergers and acquisitions of heavily polluting enterprises.Finally,taking Zhongxin Fluorine Materials’acquisition of Gaobao Mining as an example,the synergistic value generated by its green merger is evaluated.The research results can provide reference for managers to further strengthen resource integration and improve the efficiency of mergers and acquisitions management for heavily polluting enterprises after mergers and acquisitions.

关 键 词：协同效应 绿色并购 EVA(经济增加值)法 B-S(Black-Scholes)模型 灰色预测 

分 类 号：F123.7[经济管理—世界经济]