本文選題：并購　切入點：財務風險　出處：《廣東外語外貿(mào)大學》2017年碩士論文

【摘要】：全球化經(jīng)濟的蔓延使互聯(lián)網(wǎng)與人們生活的聯(lián)系越來越緊密,互聯(lián)網(wǎng)企業(yè)也憑借著網(wǎng)絡的應用不斷發(fā)展。隨著互聯(lián)網(wǎng)企業(yè)的快速發(fā)展,近年來互聯(lián)網(wǎng)企業(yè)的并購行為愈發(fā)頻繁,2013年開始我國迎來了一輪互聯(lián)網(wǎng)企業(yè)的并購熱潮。其中,為了線上與線下的融合、進行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)進行了大規(guī)模的并購交易。然而,互聯(lián)網(wǎng)行業(yè)自身的特點決定了并購行為是一種非常復雜的經(jīng)濟行為,蘊藏著大量的并購財務風險。因此,本文在前人的基礎上,研究了互聯(lián)網(wǎng)行業(yè)中的代表企業(yè)——阿里巴巴對于銀泰商業(yè)集團的并購行為,分析其可能存在的并購財務風險。并對于該次并購中財務風險控制的可借鑒性措施進行了總結(jié)歸納。這也對今后互聯(lián)網(wǎng)企業(yè)并購中財務風險的防范提供了一定的借鑒意義與價值。本文將阿里巴巴和銀泰商業(yè)做為研究對象,以文獻分析法和案例分析法做為主要的研究手段,對阿里巴巴并購銀泰商業(yè)可能發(fā)生的并購財務風險進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,并對國內(nèi)外已有研究成果進行了總結(jié)。第2章介紹了企業(yè)并購以及財務風險的相關理論,具體包括并購概念以及類型、并購財務風險的概念與類型、風險的識別與控制等。第3章對案例的背景進行了簡要介紹。首先對互聯(lián)網(wǎng)與傳統(tǒng)零售業(yè)的現(xiàn)狀進行了分析,接著對阿里巴巴與銀泰商業(yè)的情況進行了介紹,最后概述了并購過程與案例選取的理由。第4章重點研究了阿里巴巴并購銀泰商業(yè)這個案例中可能會出現(xiàn)的并購財務風險,包括戰(zhàn)略規(guī)劃和目標選擇風險、估值風險、融資與支付風險、整合風險。這一部分采用了以財務指標為主的大量定量分析,結(jié)合定性分析,通過互聯(lián)網(wǎng)企業(yè)間橫向比較和銀泰商業(yè)不同時間點縱向比較的方法,力求分析每一種并購財務風險出現(xiàn)的可能性大小。第5章為案例啟示部分。這一部分在第4章案例的基礎上,針對阿里巴巴并購銀泰集團并購風險的控制措施,對應性地分析、歸納了可行的風控措施。本文希望能夠為具有并購需求的企業(yè)提供一些理論指導和實際建議。
[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.
【學位授予單位】：廣東外語外貿(mào)大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F271;F724.6;F715.5

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