【摘要】：隨著互聯(lián)網(wǎng)的蓬勃發(fā)展,不僅人們的生活方式有了很大改變,商業(yè)模式也發(fā)生了巨大變化,這給傳統(tǒng)行業(yè)帶來了強(qiáng)力的沖擊。為了獲得更好的發(fā)展,形成規(guī)模優(yōu)勢,增強(qiáng)自身競爭力,并購成為了企業(yè)擴(kuò)張的最佳方式。由于互聯(lián)網(wǎng)金融的興起,爭奪大數(shù)據(jù)資源,完善移動終端業(yè)務(wù)等,電子商務(wù)企業(yè)進(jìn)行了大規(guī)模的并購活動。但是并購不一定就是成功的,研究表明,有一半左右的并購是無用的或是失敗的,如雅虎和阿里巴巴的并購,最終以雅虎中國退出而結(jié)束。企業(yè)在計(jì)劃開展并購活動的途中,很可能會產(chǎn)生多種不同的風(fēng)險(xiǎn),像是市場環(huán)境的風(fēng)險(xiǎn)、因政策變動引起的政策風(fēng)險(xiǎn)以及財(cái)務(wù)風(fēng)險(xiǎn)等,這些風(fēng)險(xiǎn)之中財(cái)務(wù)風(fēng)險(xiǎn)作為所有經(jīng)營行為的集合體現(xiàn),對其加以控制與防范顯得尤為重要。并購雙方對并購財(cái)務(wù)風(fēng)險(xiǎn)認(rèn)識的提升,及時建立并購財(cái)務(wù)風(fēng)險(xiǎn)管理體系來加以防范規(guī)避風(fēng)險(xiǎn),并購安全和成功的可能性也會得到一定的提升。因此,論文對并購財(cái)務(wù)風(fēng)險(xiǎn)的研究具有重大意義。論文主要采用了文獻(xiàn)研究法、案例分析法和數(shù)據(jù)分析法。論文在深入研究國內(nèi)外相關(guān)成果的條件下,通過對并購相關(guān)理論的解釋與闡述,為后續(xù)對并購財(cái)務(wù)風(fēng)險(xiǎn)的深入研究提供了基礎(chǔ)。以并購交易的不同階段為著眼點(diǎn),從并購前、并購中、并購后這三個層次分析了 A集團(tuán)并購潛在的財(cái)務(wù)風(fēng)險(xiǎn),對整個電子商務(wù)行業(yè)的并購著借鑒意義。同時,在預(yù)防并購財(cái)務(wù)風(fēng)險(xiǎn)的過程中,總結(jié)了 A集團(tuán)近幾年的并購事件,介紹了電子商務(wù)行業(yè)和A集團(tuán)的并購現(xiàn)狀及并購動因,強(qiáng)調(diào)了 A集團(tuán)在保證核心業(yè)務(wù)平穩(wěn)運(yùn)行的同時,還應(yīng)該重視移動端用戶的力量,加快流量資源的變現(xiàn)速度。另外還揭示了并購前的估值風(fēng)險(xiǎn),并購中的融資風(fēng)險(xiǎn)和支付風(fēng)險(xiǎn),并購后的財(cái)務(wù)整合風(fēng)險(xiǎn)以及各階段風(fēng)險(xiǎn)產(chǎn)生的原因,最終提出了 A集團(tuán)預(yù)防并購財(cái)務(wù)風(fēng)險(xiǎn)的解決對策。
[Abstract]:With the rapid development of the Internet, not only people's way of life has been greatly changed, but also the business model has undergone great changes, which has brought a strong impact to the traditional industry. In order to gain better development, form scale advantage and enhance competitiveness, M & A has become the best way to expand enterprises. Due to the rise of Internet finance, the competition for big data resources and the improvement of mobile terminal business, e-commerce enterprises have carried out large-scale M & A activities. But mergers and acquisitions are not necessarily successful, with research showing that about half of mergers and acquisitions are useless or unsuccessful, such as those between Yahoo and Alibaba, which ended with Yahoo China's exit. In the course of planning M & A activities, enterprises are likely to produce a variety of different risks, such as market environment risks, policy risks caused by policy changes, and financial risks, etc. Among these risks, financial risk is the collective embodiment of all management behaviors, so it is very important to control and guard against it. The awareness of M & A financial risk is improved and the management system of M & A financial risk is set up in time to avoid the risk. The safety and the possibility of success of M & A will also be promoted to a certain extent. Therefore, the thesis is of great significance to the study of M & A financial risk. The paper mainly adopts the literature research method, the case analysis method and the data analysis method. Under the condition of deeply studying the related achievements at home and abroad, the paper provides the basis for further research on the financial risk of M & A by explaining and expounding the related theories of M & A. Taking different stages of M & A transaction as the starting point, this paper analyzes the potential financial risks of Group A M & A from three levels: before, during and after M & A, which is of great significance to the M & A of the whole e-commerce industry. At the same time, in the process of preventing the financial risk of M & A, this paper summarizes the M & A events of Group A in recent years, introduces the current situation of M & A in E-commerce industry and Group A, and introduces the causes of M & A. It is emphasized that group A should pay attention to the strength of mobile users and speed up the realization of traffic resources while ensuring the smooth operation of core business. In addition, it reveals the valuation risk before M & A, the financing risk and payment risk in M & A, the financial integration risk after M & A and the causes of the risk in each stage, and finally puts forward the countermeasures to prevent the financial risk of M A.
【學(xué)位授予單位】：哈爾濱商業(yè)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F275;F271;F49

【參考文獻(xiàn)】

相關(guān)期刊論文 前10條

1 李向f;;企業(yè)并購的財(cái)務(wù)風(fēng)險(xiǎn)及防范措施[J];中國總會計(jì)師;2016年08期

2 雷翱;李牧;;淺析企業(yè)并購的財(cái)務(wù)風(fēng)險(xiǎn)[J];現(xiàn)代經(jīng)濟(jì)信息;2016年11期

3 吳瑞濤;;淺談企業(yè)并購中的財(cái)務(wù)風(fēng)險(xiǎn)[J];財(cái)經(jīng)界(學(xué)術(shù)版);2016年09期

4 楊偉鴿;;淺談企業(yè)并購的財(cái)務(wù)風(fēng)險(xiǎn)及其規(guī)避[J];中外企業(yè)家;2016年10期

5 鮮韻;;論企業(yè)并購中的財(cái)務(wù)風(fēng)險(xiǎn)與控制[J];商場現(xiàn)代化;2016年03期

6 吳娟;;企業(yè)并購中財(cái)務(wù)風(fēng)險(xiǎn)管理與控制[J];財(cái)會通訊;2015年29期

7 孫國華;;企業(yè)并購的財(cái)務(wù)風(fēng)險(xiǎn)及其防范[J];企業(yè)改革與管理;2015年19期

8 李蕓;賀冰倩;;企業(yè)并購財(cái)務(wù)風(fēng)險(xiǎn)分析[J];時代金融;2015年21期

9 韓磊;;企業(yè)并購的財(cái)務(wù)風(fēng)險(xiǎn)及其防范措施[J];財(cái)經(jīng)界(學(xué)術(shù)版);2015年13期

10 丁潔瓊;陳莉;;企業(yè)并購中的財(cái)務(wù)風(fēng)險(xiǎn)分析[J];知識經(jīng)濟(jì);2015年11期

，

本文編號：2212908