阿里巴巴并购高德动因与财务效应分析

发布时间：2018-06-12 23:52

本文选题：阿里巴巴 + 高德软件　；参考：《江西财经大学》2017年硕士论文

【摘要】：最近几年,因为中国经济飞速发展、市场形势不停改变,所以许多大规模企业偏重于通过并购来帮助企业成长。并购这一行为变成企业改良资源、优化组织架构的绝佳方法。作为国家重点支持产业,互联网行业中的企业数量增长迅猛,企业间的兼并和收购成为行业发展的有效途径。互联网企业并购在发达国家已经有较长的研究历史,形成了较为成熟的理论基础以及系统的研究方法和手段。但我国对互联网企业并购的相关理论研究还不够成熟,学术界对于并购能否给互联网企业带来正向财务效应也各执一词。因此,探究互联网企业并购的动因,正确评价互联网企业并购对财务效应的影响,不仅能丰富我国互联网企业并购的理论研究,还可以为我国互联网企业的进一步发展提供一些原则、依据和策略,对于指导我国互联网企业更好地实施并购也具有一定的实践意义。本文通过规范研究和案例研究的方法进行探究。在规范研究部分,对国内外文献进行归纳和总结,并应用协同效应论、市场势力论和交易费用论,从理论层面剖析企业并购的原因。在案例研究部分,选取阿里巴巴并购高德软件这一案例作为研究对象,先是分析案例公司并购的过程、特点和原因;然后分析并购后案例公司财务效应的变化,并进一步说明财务效应变化的原因;最后得出该案例的研究结论和研究启示。全文划分为五个章节。第一章为引言,重点概括文章研究的背景与意义,通过对并购动因和并购财务效应两方面的文献回顾,得出文章的探究思路和形式。第二章为并购理论梗概,重点说明企业并购的概念、并购的支付方式、并购的原因以及并购的理论基础。第三部分是阿里巴巴并购高德软件的案例介绍,主要介绍案例公司的基本情况、并购的过程、并购的特点以及选择并购的原因。第四部分是全文的核心内容,以案例研究和比较研究的方法详细分析了阿里巴巴并购高德软件之前和之后的变化,详细内容有:财务指标的改变、市场占有率变化和创新能力变化;同时进一步探究并购高德软件后阿里巴巴财务效应变化的原因,具体包括:并购协同效应得到发挥,资源得到有效整合,利润获取途径得到增加。最后一部分结合前文的理论和案例分析,得出并购高德软件扩大了阿里巴巴的市场、优化了阿里巴巴的产业链以及对阿里巴巴产生了正向财务效应的研究结论,并获得若干案例启示。
[Abstract]:In recent years, because of the rapid growth of China's economy and changing market conditions, many large enterprises have focused on mergers and acquisitions to help them grow. M & A is an excellent way to improve resources and optimize organizational structure. As a national key supporting industry, the number of enterprises in the Internet industry is growing rapidly, and mergers and acquisitions between enterprises have become an effective way to develop the industry. Internet M & A has a long history of research in developed countries, forming a more mature theoretical basis and systematic research methods and means. However, the theoretical research on M & A of Internet enterprises in our country is not mature enough, and the academic circles have different opinions on whether M & A can bring positive financial effect to Internet enterprises. Therefore, exploring the motivation of Internet enterprise M & A and correctly evaluating the influence of Internet M & A on financial effect can not only enrich the theoretical research of Internet M & A in China. It can also provide some principles, bases and strategies for the further development of China's Internet enterprises, and has certain practical significance for guiding our country's Internet enterprises to better implement mergers and acquisitions. This article carries on the exploration through the normative research and the case study method. In the part of normative research, the author sums up and summarizes the domestic and foreign literature, and analyzes the reasons of M & A on the theoretical level by applying the theory of synergetic effect, the theory of market power and the theory of transaction cost. In the case study part, the case of Alibaba M & A software is selected as the object of study. Firstly, the process, characteristics and reasons of case M & A are analyzed, and then the change of financial effect of case company after M & A is analyzed. The reasons for the change of financial effect are further explained. Finally, the research conclusions and implications of the case are drawn. The full text is divided into five chapters. The first chapter is the introduction, which mainly summarizes the background and significance of the research, through reviewing the literature of M & A motivation and M & A financial effect, obtains the research ideas and forms of the article. The second chapter is the summary of M & A theory, focusing on the concept of M & A, the payment method of M & A, the reasons of M & A and the theoretical basis of M A. The third part is the case introduction of Alibaba M & A, which mainly introduces the basic situation of case companies, the process of M & A, the characteristics of M & A and the reasons for choosing M & A. The fourth part is the core content of the full text, with the method of case study and comparative study, the paper analyzes the changes before and after the acquisition of Gout software by Alibaba in detail, including: the change of financial indicators, At the same time, it further explores the reasons for the change of Alibaba financial effect after the acquisition of Gaude software, including: the synergy of M & A is brought into play, the resources are effectively integrated, Access to profits has been increased. In the last part, combining with the previous theory and case analysis, we draw the conclusion that the M & A software expands the market of Alibaba, optimizes the industry chain of Alibaba and has positive financial effect on Alibaba. And some cases of enlightenment.
【学位授予单位】：江西财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F49;F271;F275

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