阿里巴巴并購恒生電子的財務(wù)風(fēng)險研究
發(fā)布時間：2019-01-08 17:23
【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,并購成為了擴(kuò)張的最佳方式。如今,互聯(lián)網(wǎng)行業(yè)形成了百度、阿里巴巴、騰訊(簡稱BAT)三足鼎立的局面。2013年至2014年期間,由于互聯(lián)網(wǎng)金融的興起,爭奪大數(shù)據(jù)資源,發(fā)展O2O戰(zhàn)略,完善移動終端業(yè)務(wù)等,百度、阿里巴巴、騰訊進(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43%-55%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。在并購過程中,企業(yè)會面臨諸多風(fēng)險,如市場風(fēng)險、政策風(fēng)險、財務(wù)風(fēng)險等,其中以財務(wù)風(fēng)險最為突出。并購雙方如果能正確認(rèn)識并購財務(wù)風(fēng)險,建立并購財務(wù)風(fēng)險管理體系來加以防范規(guī)避風(fēng)險,那么并購的安全性和成功性都能得到很大的提高。因此,本文對并購財務(wù)風(fēng)險的研究具有重大意義。當(dāng)今社會日新月異,變化速度驚人,每個行業(yè)面臨的并購財務(wù)風(fēng)險也隨之變化,不同的階段里有著自己的特點(diǎn)。本文在前人的研究基礎(chǔ)上,研究了阿里巴巴并購恒生電子的財務(wù)風(fēng)險。還原了阿里巴巴并購恒生電子的過程,介紹了阿里巴巴和恒生電子的經(jīng)營情況和并購動因,揭示了并購前估值風(fēng)險,并購中融資風(fēng)險和支付風(fēng)險,并購后的整合風(fēng)險,最終闡述了阿里巴巴對此次并購的風(fēng)險防控措施。阿里巴巴成功并購恒生電子的案例,對互聯(lián)網(wǎng)行業(yè)與傳統(tǒng)行業(yè)的并購具有值得借鑒的意義。本文的研究內(nèi)容主要分為五個部分:一、介紹了本文的研究背景、研究目的及意義,并對相關(guān)文獻(xiàn)進(jìn)行了整理,闡述了本文的研究思路以及全文的基本框架。二、理論闡述中介紹了并購和并購財務(wù)風(fēng)險的概念、特點(diǎn)了解了并購過程及風(fēng)險管理理論。三、介紹了阿里巴巴和恒生電子的并購背景,分析了阿里巴巴并購恒生電子的動機(jī)。四、運(yùn)用相關(guān)理論對阿里巴巴并購恒生電子存在的并購風(fēng)險進(jìn)行分析,指出了造成該風(fēng)險的事項。五、根據(jù)阿里巴巴并購恒生電子存在的財務(wù)風(fēng)險,運(yùn)用并購財務(wù)風(fēng)險相關(guān)理論,闡述了阿里巴巴在并購恒生電子的財務(wù)風(fēng)險防控與對策,給其他企業(yè)以啟示。
[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. Today, the Internet industry has become a three-pronged situation between Baidu, Alibaba and BAT. Between 2013 and 2014, due to the rise of Internet finance, the competition for big data resources, the development of O2O strategy, and the improvement of mobile terminal business, etc. Baidu, Alibaba, Tencent carried out a large-scale M & A activities. But mergers and acquisitions are not necessarily successful, and research shows that 43 to 55 percent of mergers and acquisitions are useless or unsuccessful, such as those of Yahoo and Alibaba, which ended with Yahoo China's exit. In the process of M & A, enterprises will face many risks, such as market risk, policy risk, financial risk and so on. The security and success of M & A can be greatly improved if both sides of M & A can correctly understand the financial risk of M & A and establish a management system of financial risk of M & A to prevent and avoid risks. Therefore, this paper is of great significance to the study of M & A financial risk. Nowadays, the society changes with each passing day, the speed of change is astonishing, each industry faces the financial risk of M & A also changes with it, and has its own characteristics in different stages. On the basis of previous studies, this paper studies the financial risk of Alibaba's acquisition of Hang Seng Electronics. This paper restores Alibaba's process of merger and acquisition of Hang Seng Electronics, introduces the operating situation and the causes of mergers and acquisitions between Alibaba and Hang Seng Electronics, reveals the pre-merger valuation risk, financing risk and payment risk in M & A, and the integration risk after M & A. Finally elaborated Alibaba the risk prevention and control measure to this merger and acquisition. Alibaba's successful merger and acquisition of Hang Seng Electronics is worthy of reference to the merger and acquisition of Internet industry and traditional industry. The research contents of this paper are divided into five parts: first, the research background, purpose and significance of this paper are introduced, and the related documents are sorted out, and the research ideas and the basic framework of the paper are expounded. Secondly, this paper introduces the concept of M & A and the financial risk of M & A, and the characteristics of M & A process and risk management theory. Thirdly, it introduces the background of Alibaba and Hang Seng Electronics, and analyzes the motive of Alibaba's acquisition of Hang Seng Electronics. Fourthly, this paper analyzes the M & A risk of Alibaba's merger and acquisition of Hang Seng Electronics by using relevant theories, and points out the matters that cause this risk. Fifthly, according to the financial risk existing in Alibaba's merger and acquisition of Hang Seng Electronics, using the relevant theory of financial risk of merger and acquisition, this paper expounds the prevention and control of financial risk and its countermeasures in the acquisition of Hang Seng Electronics, and gives enlightenment to other enterprises.
【學(xué)位授予單位】：遼寧大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2015
【分類號】：F724.6;F715.5
本文編號：2404905
[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. Today, the Internet industry has become a three-pronged situation between Baidu, Alibaba and BAT. Between 2013 and 2014, due to the rise of Internet finance, the competition for big data resources, the development of O2O strategy, and the improvement of mobile terminal business, etc. Baidu, Alibaba, Tencent carried out a large-scale M & A activities. But mergers and acquisitions are not necessarily successful, and research shows that 43 to 55 percent of mergers and acquisitions are useless or unsuccessful, such as those of Yahoo and Alibaba, which ended with Yahoo China's exit. In the process of M & A, enterprises will face many risks, such as market risk, policy risk, financial risk and so on. The security and success of M & A can be greatly improved if both sides of M & A can correctly understand the financial risk of M & A and establish a management system of financial risk of M & A to prevent and avoid risks. Therefore, this paper is of great significance to the study of M & A financial risk. Nowadays, the society changes with each passing day, the speed of change is astonishing, each industry faces the financial risk of M & A also changes with it, and has its own characteristics in different stages. On the basis of previous studies, this paper studies the financial risk of Alibaba's acquisition of Hang Seng Electronics. This paper restores Alibaba's process of merger and acquisition of Hang Seng Electronics, introduces the operating situation and the causes of mergers and acquisitions between Alibaba and Hang Seng Electronics, reveals the pre-merger valuation risk, financing risk and payment risk in M & A, and the integration risk after M & A. Finally elaborated Alibaba the risk prevention and control measure to this merger and acquisition. Alibaba's successful merger and acquisition of Hang Seng Electronics is worthy of reference to the merger and acquisition of Internet industry and traditional industry. The research contents of this paper are divided into five parts: first, the research background, purpose and significance of this paper are introduced, and the related documents are sorted out, and the research ideas and the basic framework of the paper are expounded. Secondly, this paper introduces the concept of M & A and the financial risk of M & A, and the characteristics of M & A process and risk management theory. Thirdly, it introduces the background of Alibaba and Hang Seng Electronics, and analyzes the motive of Alibaba's acquisition of Hang Seng Electronics. Fourthly, this paper analyzes the M & A risk of Alibaba's merger and acquisition of Hang Seng Electronics by using relevant theories, and points out the matters that cause this risk. Fifthly, according to the financial risk existing in Alibaba's merger and acquisition of Hang Seng Electronics, using the relevant theory of financial risk of merger and acquisition, this paper expounds the prevention and control of financial risk and its countermeasures in the acquisition of Hang Seng Electronics, and gives enlightenment to other enterprises.
【學(xué)位授予單位】：遼寧大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2015
【分類號】：F724.6;F715.5
【參考文獻(xiàn)】
相關(guān)期刊論文 前4條
1 朱朝華;我國企業(yè)并購過程中的財務(wù)風(fēng)險分析[J];哈爾濱商業(yè)大學(xué)學(xué)報(社會科學(xué)版);2002年06期
2 唐華茂;馮玉成;;企業(yè)基于核心能力并購中的四種風(fēng)險[J];經(jīng)濟(jì)管理;2007年11期
3 張衡;并購、資源整合與企業(yè)成長[J];經(jīng)濟(jì)學(xué)家;2003年02期
4 連慧瑜;當(dāng)前我國企業(yè)跨國并購風(fēng)險的分析[J];中國科技信息;2005年07期
相關(guān)重要報紙文章 前1條
1 本報記者 黃瑩穎;[N];中國證券報;2013年
，本文編號：2404905
本文鏈接：http://sikaile.net/jingjilunwen/guojimaoyilunwen/2404905.html
最近更新
教材專著
