本文選題：企業(yè)并購　切入點(diǎn)：財(cái)務(wù)風(fēng)險(xiǎn)　出處：《吉林財(cái)經(jīng)大學(xué)》2017年碩士論文

【摘要】：伴隨著互聯(lián)網(wǎng)時(shí)代的到來,人們不單單是在生活方式上有了翻天覆地的變化,市場經(jīng)濟(jì)的經(jīng)營模式也有了很大的改變,商業(yè)模式的改變給傳統(tǒng)的行業(yè)帶來了不小的壓力。如果想要在飛速發(fā)展的社會中謀得更好的發(fā)展,首先就要形成企業(yè)自身競爭規(guī)模的優(yōu)勢,提升企業(yè)競爭力,并購的這種方式成為了企業(yè)擴(kuò)張不二的選擇�？墒窃谄髽I(yè)并購的各階段中,都是會存在著一些風(fēng)險(xiǎn)的,如果能夠認(rèn)識到并購將會帶來的財(cái)務(wù)風(fēng)險(xiǎn),并作出相應(yīng)的應(yīng)對方案的話,那么企業(yè)并購的成功率和安全率都會大大提升的。本文在前人研究的基礎(chǔ)上,對阿里巴巴并購天弘基金的財(cái)務(wù)風(fēng)險(xiǎn)進(jìn)行了研究。首先,本文闡述了相關(guān)的研究背景,以及對企業(yè)并購的國內(nèi)外研究現(xiàn)狀進(jìn)行綜述;然后,本文對并購以及并購財(cái)務(wù)風(fēng)險(xiǎn)的相關(guān)概念和相關(guān)理論進(jìn)行介紹;最后深入研究本文的案例部分。通過案例的分析了解,還原了阿里巴巴并購天弘基金的過程,介紹了阿里巴巴和天弘基金的基本情況和并購動因,揭示了并購前的目標(biāo)選擇和估值風(fēng)險(xiǎn)、并購過程中融資和支付風(fēng)險(xiǎn),以及并購后的整合和兌付風(fēng)險(xiǎn),并針對相關(guān)風(fēng)險(xiǎn)阿里巴巴所作出的應(yīng)對方案。最終,在案例分析的基礎(chǔ)上的到一些啟示,企業(yè)要想在互聯(lián)網(wǎng)的經(jīng)濟(jì)環(huán)境下迅速擴(kuò)大是很困難的,但是通過并購將企業(yè)的市場份額進(jìn)行提高是可以實(shí)現(xiàn)的,如果并購成功,這對企業(yè)是非常有利的,能夠幫助企業(yè)得到更好的發(fā)展,還能夠整合優(yōu)化社會資源,是一個(gè)雙贏的過程。任何企業(yè)的發(fā)展和并購應(yīng)服務(wù)于社會的發(fā)展趨勢,互聯(lián)網(wǎng)的發(fā)展迅速,只要控制好企業(yè)合并的財(cái)務(wù)風(fēng)險(xiǎn)問題,互聯(lián)網(wǎng)企業(yè)與傳統(tǒng)行業(yè)相結(jié)合將會是未來發(fā)展的大趨勢,能有更好的發(fā)展。阿里巴巴和天弘基金的合并是我國互聯(lián)網(wǎng)金融行業(yè)中具有開端意義的并購案例,本文希望通過對此案例的分析,為正在或?qū)⒁獏⑴c并購的互聯(lián)網(wǎng)金融企業(yè)及性質(zhì)相類似的行業(yè)提供一些理論指導(dǎo)和實(shí)際建議,通過合理分析并購動因,降低并購風(fēng)險(xiǎn),增強(qiáng)企業(yè)競爭力,促進(jìn)互聯(lián)網(wǎng)金融企業(yè)的改革和發(fā)展。
[Abstract]:With the advent of the Internet era, people have not only changed their way of life, but also the business model of market economy. The change of business model has brought great pressure to the traditional industry.If we want to achieve better development in the rapidly developing society, we must first form the advantage of the enterprise's own competitive scale and enhance the competitiveness of the enterprise. This way of M & A has become the choice of the expansion of the enterprise.But in every stage of M & A, there will be some risks. If we can recognize the financial risks that M & A will bring, and make corresponding plans to deal with it,Then the success rate of M & A and safety rate will be greatly improved.On the basis of previous studies, this paper studies the financial risk of Alibaba's merger and acquisition of Tianhong Fund.First of all, this paper describes the relevant research background, as well as the domestic and foreign research status of M & A, and then, this paper introduces the related concepts and theories of M & A and M & A financial risk.Finally, the case of this paper is studied in depth.Through the analysis of cases, this paper restores the process of Alibaba's merger and acquisition of Tianhong Fund, introduces the basic situation and the reasons of mergers and acquisitions, and reveals the target choice and valuation risk before merger and acquisition.In the process of M & A, the risks of financing and payment, as well as the risk of integration and payment after M & A, and the countermeasures made by Alibaba in view of the related risks.Finally, on the basis of the case study, it is very difficult for enterprises to expand rapidly in the economic environment of the Internet, but it is possible to increase the market share of enterprises through mergers and acquisitions, if M & A is successful,This is very beneficial to enterprises, can help enterprises to get better development, but also can integrate and optimize social resources, is a win-win process.The development and merger of any enterprise should serve the development trend of the society, the development of the Internet is rapid, so long as the financial risk of the enterprise merger is controlled well, the combination of the Internet enterprise and the traditional industry will be the big trend of the future development.Can have better development.The merger of Alibaba and Tianhong funds is a beginning case of mergers and acquisitions in China's Internet finance industry. This paper hopes to analyze this case.To provide some theoretical guidance and practical advice for Internet financial enterprises which are or will participate in M & A and industries of similar nature, through reasonable analysis of M & A motivation, to reduce M & A risk, and to enhance the competitiveness of enterprises.To promote the reform and development of Internet financial enterprises.
【學(xué)位授予單位】：吉林財(cái)經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F724.6;F832.39;F830.42

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