南山铝业绿色并购南山天然气的经济效果分析

Analysis of the Economic Effect of Nanshan Aluminum’s Green Merger and Acquisition of Nanshan Natural Gas

摘要: 在“碳达峰、碳中和”政策推动及市场竞争双重驱动下，有色金属行业作为高耗能高排放领域，绿色低碳转型趋势已成为行业共识。绿色并购成为企业快速获取清洁能源资源、提升绿色竞争力的重要路径。本文以南山铝业并购南山天然气为例，采用财务指标分析法与因子分析法，探究绿色并购的经济效果。此次并购为南山铝业构建稳定清洁能源供应体系，降低采购成本与价格波动风险，同时显著降低碳排放强度。研究发现，并购后企业短期市场效应积极，盈利能力、成长能力、营运能力、偿债能力及综合财务绩效均实现提升。最后，从深化整合、绿色推广、风险防范等方面提出建议，为南山铝业绿色并购后提升其综合绩效提供参考。

Abstract: Driven by the policy of “carbon peaking and carbon neutrality” and market competition, the green and low-carbon transformation of the non-ferrous metals industry, as a high-energy-consuming and high-emission field, has become an industry consensus. Green mergers and acquisitions have become an important way for enterprises to quickly obtain clean energy resources and enhance their green competitiveness. This paper takes Nanshan Aluminum’s acquisition of Nanshan Natural Gas as an example, and uses financial indicator analysis and factor analysis to explore the economic effects of green mergers and acquisitions. The merger and acquisition will build a stable clean energy supply system for Nanshan Aluminum, reduce procurement costs and price fluctuation risks, and significantly reduce carbon emission intensity. The study finds that the short-term market effect of enterprises after mergers and acquisitions is positive, and profitability, growth ability, operating ability, solvency and comprehensive financial performance have all been improved. Finally, suggestions are put forward from the aspects of deepening integration, green promotion, and risk prevention to provide a reference for Nanshan Aluminum to improve its comprehensive performance after green mergers and acquisitions.