企业绿色并购绩效研究——以隆基绿能并购宁波宜则为例

Research on the Performance of Corporate Green Mergers and Acquisitions—A Case Study of LONGi Green Energy’s Acquisition of Ningbo Yize

摘要: 随着国家进一步强调“碳中和”“碳达标”，绿色并购也随即成为企业实现战略部署和绿色转型的首要方式。本文立足于制度理论视角，以隆基绿能并购宁波宜则为案例，系统地阐述了隆基绿能绿色并购宁波宜则的过程、动因及绩效分析。研究发现，隆基绿能通过这一绿色跨国并购，获取了宁波宜则位于越南的光伏电池及组件产能，使得隆基绿能的国际市场竞争能力得到增强，其东亚地区的供应链布局也得到完善。财务绩效分析表明，并购后的隆基绿能在营运能力、偿债能力和发展能力方面表现稳健，盈利能力虽因业务结构变化略有下降，但整体上仍优于行业平均水平。通过EVA模型也进一步验证了绿色并购对隆基绿能企业价值创造的积极影响。

Abstract: As China further emphasizes the goals of “carbon neutrality” and “carbon peaking,” green mergers and acquisitions (M&A) have become a primary approach for enterprises to achieve strategic deployment and green transformation. Based on the institutional theory perspective, this paper systematically examines the process, motivations, and performance of LONGi Green Energy’s acquisition of Ningbo Yize as a case study. The study finds that through this cross-border green M&A, LONGi Green Energy acquired Ningbo Yize’s photovoltaic cell and module production capacity in Vietnam, which enhanced its competitiveness in the international market and optimized its supply chain layout in East Asia. Financial performance analysis indicates that, post-acquisition, LONGi Green Energy demonstrated stability in operational capability, debt-paying ability, and development capacity. Although profitability slightly declined due to changes in business structure, it generally remained above the industry average. Furthermore, the EVA model validated the positive impact of green M&A on LONGi Green Energy’s corporate value creation.