阿里巴巴并购合一集团财务风险研究

发布时间：2018-04-26 11:22

本文选题：阿里巴巴 + 企业并购　；参考：《华东交通大学》2017年硕士论文

【摘要】：依托经济的发展和市场的变革,很多企业都加入企业并购的大潮里来。受这股浪潮的推动,我国的企业并购活动也越来越多,企业在扩大规模时,往往首先考虑到的就是并购企业,并购活动也成为了各个行业所关注的热点内容。通过对并购形式进行分析,可以对其自身优势有一个充分的认识,可以看到该方式能够在很大程度上提升企业对资源的利用效率,因此开展企业并购活动成为了股东获取自身利益最为有效的方式。通过并购不仅仅可以提升企业发展速度,还可以实现规模的有效扩展。同时对于一些新市场,采用并购的形式来促进企业发展也非常有效。也正是因具有如此多的优势,才使得企业愿意利用并购的方式来发展自己,以此来更快的进入到新市场当中。互联网企业的并购在国内的并购案例中十分典型,尤其是我的几家互联网巨头企业,拥有着充裕的现金流,为了尽快的扩张自己的规模,大多选择并购不同业务领域的互联网企业,来以此实现自身业务的多元化。而互联网企业与常规传统行业相比,具有轻资产、盈利模式不断变化的特点,产品更新换代的速度快也意味着竞争十分激烈,而变化频率高也为财务分析提供了难度。本文在对国内外已有文献资料进行充分分析的基础上,对并购这一概念进行了确定。同时详细解释了并购产生的原因。根据时间不同对并购阶段进行了详细的划分。基于此,以阿里巴巴并购合一集团为案例,运用文献分析等方法,结合了互联网企业的特性,结合了互联网企业的特性,探究其并购动因及并购风险的影响因素,包括并购前的估值风险、并购中的融资和支付风险以及并购后的财务整合风险等。最后,本文对阿里巴巴如何规避并购财务风险提出了改进建议,以期研究结果能为其它企业的并购提供借鉴。
[Abstract]:Relying on economic development and market change, many enterprises have joined the tide of mergers and acquisitions. Driven by this wave, M & A activities in our country are more and more. When enterprises expand their scale, the first consideration is M & A enterprises, and M & A activities have become the focus of attention of various industries. Through the analysis of the form of M & A, we can have a full understanding of its own advantages, we can see that this way can greatly improve the efficiency of resource utilization. Therefore, M & A has become the most effective way for shareholders to obtain their own interests. M & A can not only improve the speed of enterprise development, but also achieve the effective expansion of scale. At the same time for some new markets, the form of mergers and acquisitions to promote the development of enterprises is also very effective. It is because of so many advantages that enterprises are willing to use M & A to develop themselves so as to enter the new market more quickly. Mergers and acquisitions of Internet enterprises are very typical in domestic M & A cases. In particular, several of my Internet giants have abundant cash flow, in order to expand their own scale as soon as possible. Most choose to merge Internet enterprises in different business areas to achieve diversification of their own business. Compared with the conventional traditional industries, Internet enterprises have the characteristics of light assets, constantly changing profit model, rapid product upgrading speed also means that the competition is very fierce, and the high frequency of change also provides difficulty for financial analysis. Based on the analysis of the existing literature, this paper determines the concept of M & A. At the same time, the reasons of M & A are explained in detail. According to the time of different stages of mergers and acquisitions carried out a detailed division. Based on this, taking Alibaba M & A Group as a case, using literature analysis and other methods, combining the characteristics of Internet enterprises, combined with the characteristics of Internet enterprises, to explore its M & A motivation and M & A risk factors. It includes valuation risk before M & A, financing and payment risk in M & A and financial integration risk after M & A. Finally, this paper puts forward some suggestions on how to avoid the financial risk of mergers and acquisitions by Alibaba, in the hope that the results can be used for reference by other enterprises.
【学位授予单位】：华东交通大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F49

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