發(fā)布時間：2018-04-26 11:22

  本文選題：阿里巴巴 + 企業(yè)并購�。� 參考：《華東交通大學》2017年碩士論文

【摘要】：依托經(jīng)濟的發(fā)展和市場的變革,很多企業(yè)都加入企業(yè)并購的大潮里來。受這股浪潮的推動,我國的企業(yè)并購活動也越來越多,企業(yè)在擴大規(guī)模時,往往首先考慮到的就是并購企業(yè),并購活動也成為了各個行業(yè)所關(guān)注的熱點內(nèi)容。通過對并購形式進行分析,可以對其自身優(yōu)勢有一個充分的認識,可以看到該方式能夠在很大程度上提升企業(yè)對資源的利用效率,因此開展企業(yè)并購活動成為了股東獲取自身利益最為有效的方式。通過并購不僅僅可以提升企業(yè)發(fā)展速度,還可以實現(xiàn)規(guī)模的有效擴展。同時對于一些新市場,采用并購的形式來促進企業(yè)發(fā)展也非常有效。也正是因具有如此多的優(yōu)勢,才使得企業(yè)愿意利用并購的方式來發(fā)展自己,以此來更快的進入到新市場當中�；ヂ�(lián)網(wǎng)企業(yè)的并購在國內(nèi)的并購案例中十分典型,尤其是我的幾家互聯(lián)網(wǎng)巨頭企業(yè),擁有著充裕的現(xiàn)金流,為了盡快的擴張自己的規(guī)模,大多選擇并購不同業(yè)務領(lǐng)域的互聯(lián)網(wǎng)企業(yè),來以此實現(xiàn)自身業(yè)務的多元化。而互聯(lián)網(wǎng)企業(yè)與常規(guī)傳統(tǒng)行業(yè)相比,具有輕資產(chǎn)、盈利模式不斷變化的特點,產(chǎn)品更新?lián)Q代的速度快也意味著競爭十分激烈,而變化頻率高也為財務分析提供了難度。本文在對國內(nèi)外已有文獻資料進行充分分析的基礎(chǔ)上,對并購這一概念進行了確定。同時詳細解釋了并購產(chǎn)生的原因。根據(jù)時間不同對并購階段進行了詳細的劃分�；诖�,以阿里巴巴并購合一集團為案例,運用文獻分析等方法,結(jié)合了互聯(lián)網(wǎng)企業(yè)的特性,結(jié)合了互聯(lián)網(wǎng)企業(yè)的特性,探究其并購動因及并購風險的影響因素,包括并購前的估值風險、并購中的融資和支付風險以及并購后的財務整合風險等。最后,本文對阿里巴巴如何規(guī)避并購財務風險提出了改進建議,以期研究結(jié)果能為其它企業(yè)的并購提供借鑒。
[Abstract]:Relying on economic development and market change, many enterprises have joined the tide of mergers and acquisitions. Driven by this wave, M & A activities in our country are more and more. When enterprises expand their scale, the first consideration is M & A enterprises, and M & A activities have become the focus of attention of various industries. Through the analysis of the form of M & A, we can have a full understanding of its own advantages, we can see that this way can greatly improve the efficiency of resource utilization. Therefore, M & A has become the most effective way for shareholders to obtain their own interests. M & A can not only improve the speed of enterprise development, but also achieve the effective expansion of scale. At the same time for some new markets, the form of mergers and acquisitions to promote the development of enterprises is also very effective. It is because of so many advantages that enterprises are willing to use M & A to develop themselves so as to enter the new market more quickly. Mergers and acquisitions of Internet enterprises are very typical in domestic M & A cases. In particular, several of my Internet giants have abundant cash flow, in order to expand their own scale as soon as possible. Most choose to merge Internet enterprises in different business areas to achieve diversification of their own business. Compared with the conventional traditional industries, Internet enterprises have the characteristics of light assets, constantly changing profit model, rapid product upgrading speed also means that the competition is very fierce, and the high frequency of change also provides difficulty for financial analysis. Based on the analysis of the existing literature, this paper determines the concept of M & A. At the same time, the reasons of M & A are explained in detail. According to the time of different stages of mergers and acquisitions carried out a detailed division. Based on this, taking Alibaba M & A Group as a case, using literature analysis and other methods, combining the characteristics of Internet enterprises, combined with the characteristics of Internet enterprises, to explore its M & A motivation and M & A risk factors. It includes valuation risk before M & A, financing and payment risk in M & A and financial integration risk after M & A. Finally, this paper puts forward some suggestions on how to avoid the financial risk of mergers and acquisitions by Alibaba, in the hope that the results can be used for reference by other enterprises.
【學位授予單位】：華東交通大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F275;F49

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本文編號：1805811