会计学院知识库

  电力行业对于国家的经济增长至关重要，在国家政策的大力推动和“双碳”目标的提出下，越来越多的污染企业开始在日常经营中加入绿色生产，并逐步向清洁能源行业转型。华能、华电和国电等大型电力集团在这一趋势下，纷纷开展了行业领域内的环保资源整合工作。因此，“绿色并购”这一现象在我国学术界引起了日益广泛的关注。

  本文以国电电力公司为例进行案例研究。首先，文章回顾和总结了关于企业绿色并购绩效评价的文献，然后结合三重底线理论，从经济、社会和环境三个维度选择了26个指标，建立出适用于电力企业的三重底线绩效评价体系。在此基础上，引入熵值法对每个指标进行加权，并根据权重对指标进行排序，然后用归一化公式计算出一级和二级指标的突变级数值，即评价值，最后根据突变级数值对绩效进行评价。

  经过分析得出国电电力经济绩效整体表现一般，存在波动不稳定的现象，上升空间较大；社会绩效整体表现较好，近三年变动趋势稳定；环境绩效总体增长，绿色并购的初衷得以实现，但存在信息披露不完善的问题。根据研究结论提出相关建议，包括提升企业经济绩效、将社会责任理念融入企业运营和强化环境信息披露机制。通过上述分析和建议，希望可以为我国电力企业的发展提供思路及借鉴意义。

    Under the background of "double carbon", more and more heavy polluters are starting to incorporate green production in their daily operations and gradually transform into clean energy industries. The power industry is crucial to the country's economic growth, and under the strong impetus of national policies, large power groups such as Huaneng, Huandian and GD Power have carried out green resource integration in the industry. As a result, the phenomenon of "green M&A" is attracting more and more attention in China's academic circles.

    This paper takes GD Power Company as an example to conduct a case study. First, the paper reviews and summarizes the literature on the evaluation of corporate green M&A performance, and then combines the triple bottom line theory to select 26 indicators from three dimensions: economic, social and environmental, to establish a triple bottom line evaluation system applicable to electric power enterprises. On this basis, the entropy value method is introduced to weight each indicator, and the indicators are ranked according to the weights, and then the normalized formula is used to calculate the mutation level values of the primary and secondary indicators, and finally the performance is evaluated according to the mutation level values.

    After analysis, it is concluded that GD Power's overall economic performance is average, with unstable fluctuations and more room for improvement; social performance is good overall, with a stable trend in the past three years; environmental performance is growing overall, and the original intention of green M&A is realized, but there are problems of imperfect information disclosure. And based on the findings of the study, we put forward relevant suggestions, including improving the economic performance of enterprises, integrating the concept of social responsibility into corporate operations and strengthening the environmental information disclosure mechanism. Through the above analysis and recommendations, we hope to provide development ideas and reference implications for China's electric power enterprises.