本文選題：并購(gòu)　切入點(diǎn)：財(cái)務(wù)風(fēng)險(xiǎn)　出處：《廣東外語(yǔ)外貿(mào)大學(xué)》2017年碩士論文

【摘要】：全球化經(jīng)濟(jì)的蔓延使互聯(lián)網(wǎng)與人們生活的聯(lián)系越來(lái)越緊密,互聯(lián)網(wǎng)企業(yè)也憑借著網(wǎng)絡(luò)的應(yīng)用不斷發(fā)展。隨著互聯(lián)網(wǎng)企業(yè)的快速發(fā)展,近年來(lái)互聯(lián)網(wǎng)企業(yè)的并購(gòu)行為愈發(fā)頻繁,2013年開(kāi)始我國(guó)迎來(lái)了一輪互聯(lián)網(wǎng)企業(yè)的并購(gòu)熱潮。其中,為了線上與線下的融合、進(jìn)行O2O的布局,以阿里巴巴、騰訊和百度為代表的互聯(lián)網(wǎng)企業(yè)進(jìn)行了大規(guī)模的并購(gòu)交易。然而,互聯(lián)網(wǎng)行業(yè)自身的特點(diǎn)決定了并購(gòu)行為是一種非常復(fù)雜的經(jīng)濟(jì)行為,蘊(yùn)藏著大量的并購(gòu)財(cái)務(wù)風(fēng)險(xiǎn)。因此,本文在前人的基礎(chǔ)上,研究了互聯(lián)網(wǎng)行業(yè)中的代表企業(yè)——阿里巴巴對(duì)于銀泰商業(yè)集團(tuán)的并購(gòu)行為,分析其可能存在的并購(gòu)財(cái)務(wù)風(fēng)險(xiǎn)。并對(duì)于該次并購(gòu)中財(cái)務(wù)風(fēng)險(xiǎn)控制的可借鑒性措施進(jìn)行了總結(jié)歸納。這也對(duì)今后互聯(lián)網(wǎng)企業(yè)并購(gòu)中財(cái)務(wù)風(fēng)險(xiǎn)的防范提供了一定的借鑒意義與價(jià)值。本文將阿里巴巴和銀泰商業(yè)做為研究對(duì)象,以文獻(xiàn)分析法和案例分析法做為主要的研究手段,對(duì)阿里巴巴并購(gòu)銀泰商業(yè)可能發(fā)生的并購(gòu)財(cái)務(wù)風(fēng)險(xiǎn)進(jìn)行了較為全面和深入的研究。第1章闡釋了研究背景和選題意義,介紹了研究的內(nèi)容、框架和方法,并對(duì)國(guó)內(nèi)外已有研究成果進(jìn)行了總結(jié)。第2章介紹了企業(yè)并購(gòu)以及財(cái)務(wù)風(fēng)險(xiǎn)的相關(guān)理論,具體包括并購(gòu)概念以及類型、并購(gòu)財(cái)務(wù)風(fēng)險(xiǎn)的概念與類型、風(fēng)險(xiǎn)的識(shí)別與控制等。第3章對(duì)案例的背景進(jìn)行了簡(jiǎn)要介紹。首先對(duì)互聯(lián)網(wǎng)與傳統(tǒng)零售業(yè)的現(xiàn)狀進(jìn)行了分析,接著對(duì)阿里巴巴與銀泰商業(yè)的情況進(jìn)行了介紹,最后概述了并購(gòu)過(guò)程與案例選取的理由。第4章重點(diǎn)研究了阿里巴巴并購(gòu)銀泰商業(yè)這個(gè)案例中可能會(huì)出現(xiàn)的并購(gòu)財(cái)務(wù)風(fēng)險(xiǎn),包括戰(zhàn)略規(guī)劃和目標(biāo)選擇風(fēng)險(xiǎn)、估值風(fēng)險(xiǎn)、融資與支付風(fēng)險(xiǎn)、整合風(fēng)險(xiǎn)。這一部分采用了以財(cái)務(wù)指標(biāo)為主的大量定量分析,結(jié)合定性分析,通過(guò)互聯(lián)網(wǎng)企業(yè)間橫向比較和銀泰商業(yè)不同時(shí)間點(diǎn)縱向比較的方法,力求分析每一種并購(gòu)財(cái)務(wù)風(fēng)險(xiǎn)出現(xiàn)的可能性大小。第5章為案例啟示部分。這一部分在第4章案例的基礎(chǔ)上,針對(duì)阿里巴巴并購(gòu)銀泰集團(tuán)并購(gòu)風(fēng)險(xiǎn)的控制措施,對(duì)應(yīng)性地分析、歸納了可行的風(fēng)控措施。本文希望能夠?yàn)榫哂胁①?gòu)需求的企業(yè)提供一些理論指導(dǎo)和實(shí)際建議。
[Abstract]:With the spread of global economy, the Internet is more and more closely connected with people's life, and Internet enterprises are developing with the application of Internet.With the rapid development of Internet enterprises, mergers and acquisitions of Internet enterprises have become more and more frequent in recent years. Since 2013, China has ushered in a wave of mergers and acquisitions of Internet enterprises.Among them, in order to integrate online and offline, O2O layout, with Alibaba, Tencent and Baidu as the representative of the Internet enterprises engaged in large-scale mergers and acquisitions.However, the characteristics of the Internet industry determine that M & A is a very complex economic behavior, which contains a large number of M & A financial risks.Therefore, on the basis of predecessors, this paper studies the merger and acquisition behavior of Alibaba, a representative enterprise in the Internet industry, for Yintai Commercial Group, and analyzes the possible financial risks of M & A.And the financial risk control in the M & A can be used for reference measures are summarized.This also provides a certain reference and value for the prevention of financial risks in the future M & A of Internet enterprises.This paper takes Alibaba and Yintai Commerce as the research object, takes the literature analysis method and the case analysis method as the main research means, has carried on the relatively comprehensive and thorough research to the possible merger and acquisition financial risk which the Alibaba M & A Yintai business may take place.Chapter 1 explains the background and significance of the research, introduces the content, framework and methods of the research, and summarizes the existing research results at home and abroad.Chapter 2 introduces the related theories of M & A and financial risk, including the concept and type of M & A, the concept and type of financial risk of M & A, the identification and control of risk, etc.Chapter 3 briefly introduces the background of the case.This paper first analyzes the current situation of Internet and traditional retailing, then introduces the business situation of Alibaba and Yintai, and finally summarizes the process of M & A and the reasons of case selection.Chapter 4 focuses on the financial risks that may arise in the case of Alibaba's merger and acquisition of Yintai Commercial, including strategic planning and target selection risk, valuation risk, financing and payment risk, and integration risk.This part adopts a large number of quantitative analysis based on financial indicators, combined with qualitative analysis, through the horizontal comparison between Internet enterprises and the vertical comparison of Yintai business at different time points.Try to analyze the possibility of each kind of M & A financial risk.Chapter 5 is the case revelation part.On the basis of the case in Chapter 4, this part analyzes the risk control measures of Alibaba's merger and acquisition of Yintai Group, and concludes the feasible risk control measures.This paper hopes to provide some theoretical guidance and practical advice for enterprises with M & A demand.
【學(xué)位授予單位】：廣東外語(yǔ)外貿(mào)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F271;F724.6;F715.5

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