基于EVA方法的阿里巴巴并购绩效研究

发布时间：2018-01-13 22:00

本文关键词：基于EVA方法的阿里巴巴并购绩效研究　出处：《青岛科技大学》2017年硕士论文　论文类型：学位论文

更多相关文章： EVA 并购绩效 并购动因 绩效指标

【摘要】：为实现企业长期发展战略阿里巴巴自2014年以来在国内外大举进行了一系列的并购交易,但并购交易对企业经营发展产生的具体效果如何一直未知。因此,本文利用考虑股东资本投入的EVA指标评价法进行并购绩效研究,以期对其并购绩效进行合理的评价,进而发现问题、提供合理的对策建议。本研究介绍了阿里巴巴的企业概况及发展战略,利用并购动因理论对不同的并购方式进行具体分析,发现并概括阿里巴巴的具体并购动因。根据EVA理论计算阿里巴巴2012-2015年的EVA值及EVA评价指标,对比传统财务分析法计算的并购绩效,揭示阿里巴巴并购交易的真实绩效,进而提出改进的对策与建议。本研究总结的阿里巴巴大量进行并购交易的主要动因有五个方面,分别为打造良性发展的阿里巴巴生态圈、提高电子商务核心业务的竞争力、占领移动端与大数据等关键技术的制高点、扩大产品市场与获取新的利润增长点,以及消化巨额现金结余并提高股东收益。阿里巴巴并购交易对企业带来的影响主要涵盖两个方面,一是阿里巴巴的经济增加值EVA、EVA报酬率逐年下降,表明资本投入回报过低,并购交易并未给股东创造良好的价值;二是并购交易导致企业的运营效率下降,企业的资本成本上升。本研究采用EVA指标评价法对阿里巴巴并购绩效进行分析,并通过对比传统财务指标分析法与EVA指标评价法下的相同指标、不同计算口径下的指标值,揭示并购交易对股东创造价值、有效使用企业资本的真实能力。对阿里巴巴这样的大型电子商务企业的并购绩效进行研究,丰富了电子商务及互联网企业并购绩效研究的案例。
[Abstract]:In order to realize the long-term development strategy Alibaba has carried out a series of M & A transactions at home and abroad since 2014 but how the specific effect of M & A transactions on the business development has been unknown. In this paper, we use the EVA index evaluation method considering shareholders' capital investment to study the M & A performance, in order to evaluate the M & A performance reasonably and find out the problems. This study introduces Alibaba's enterprise situation and development strategy, and analyzes the different ways of M & A by means of M & A motivation theory. To find and summarize the specific M & A motivation of Alibaba. According to the EVA theory calculate the EVA value and EVA evaluation index of Alibaba 2012-2015. Compared with the traditional financial analysis method to calculate the performance of mergers and acquisitions to reveal the real performance of Alibaba M & A transactions. And then put forward the countermeasures and suggestions for improvement. This study summarizes the main motivation of a large number of M & A transactions by Alibaba in five aspects, respectively to create a benign development of Alibaba ecological circle. Improve the competitiveness of e-commerce core business, occupy the mobile terminal and big data and other key technologies, expand the product market and gain new profit growth. As well as digesting the huge cash balance and improving the shareholder income. Alibaba M & A transactions mainly cover two aspects: first, Alibaba's economic value added EVAVAVAEVA rate of return has decreased year by year. It shows that the return on capital investment is too low and M & A does not create good value for shareholders; Second, M & A transactions lead to a decline in the operational efficiency of enterprises, enterprise capital costs rise. This study uses the EVA index evaluation method to analyze the performance of Alibaba M A. And by comparing the traditional financial index analysis method with the EVA index evaluation method under the same index, different calculation caliber index value, reveal M & A transactions to shareholders create value. The study of M & A performance of large e-commerce enterprises such as Alibaba enriches the case of M & A performance of E-commerce and Internet enterprises.
【学位授予单位】：青岛科技大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F724.6;F271

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