Merger and acquisition decisions analysis with sustainability operation concept

摘要

Under the target of mergers & acquisitions (M&As), in addition to askingthe traditional financial synergy of the maximization of shareholder wealth objectives, it is alsonecessary to think the social care and environmental commitment of social responsibility for the trend of sustainable operation.This paper mainly uses the mathematical model to evaluate how to decide M&As with the sustainability operation concept in the traditional financial economics. In order toconform tothe aspects of sustainability operation and the economical concept ofM&As about sustainabilityoperation,this paperadoptsthe real options approach that estimates the reactions of Global 100 Passive Index to the M&As of corporate sustainability operation between before and after M&As. Therefore, the key point in this model is how to decide the appropriate timing of M&As, the threshold of the mathematical model, and the analysis of M&As of corporate sustainability operation between before and after M&As.