阿里巴巴并购天弘基金的财务风险分析与防范

发布时间：2018-04-05 11:25

本文选题：企业并购　切入点：财务风险　出处：《吉林财经大学》2017年硕士论文

【摘要】：伴随着互联网时代的到来,人们不单单是在生活方式上有了翻天覆地的变化,市场经济的经营模式也有了很大的改变,商业模式的改变给传统的行业带来了不小的压力。如果想要在飞速发展的社会中谋得更好的发展,首先就要形成企业自身竞争规模的优势,提升企业竞争力,并购的这种方式成为了企业扩张不二的选择。可是在企业并购的各阶段中,都是会存在着一些风险的,如果能够认识到并购将会带来的财务风险,并作出相应的应对方案的话,那么企业并购的成功率和安全率都会大大提升的。本文在前人研究的基础上,对阿里巴巴并购天弘基金的财务风险进行了研究。首先,本文阐述了相关的研究背景,以及对企业并购的国内外研究现状进行综述;然后,本文对并购以及并购财务风险的相关概念和相关理论进行介绍;最后深入研究本文的案例部分。通过案例的分析了解,还原了阿里巴巴并购天弘基金的过程,介绍了阿里巴巴和天弘基金的基本情况和并购动因,揭示了并购前的目标选择和估值风险、并购过程中融资和支付风险,以及并购后的整合和兑付风险,并针对相关风险阿里巴巴所作出的应对方案。最终,在案例分析的基础上的到一些启示,企业要想在互联网的经济环境下迅速扩大是很困难的,但是通过并购将企业的市场份额进行提高是可以实现的,如果并购成功,这对企业是非常有利的,能够帮助企业得到更好的发展,还能够整合优化社会资源,是一个双赢的过程。任何企业的发展和并购应服务于社会的发展趋势,互联网的发展迅速,只要控制好企业合并的财务风险问题,互联网企业与传统行业相结合将会是未来发展的大趋势,能有更好的发展。阿里巴巴和天弘基金的合并是我国互联网金融行业中具有开端意义的并购案例,本文希望通过对此案例的分析,为正在或将要参与并购的互联网金融企业及性质相类似的行业提供一些理论指导和实际建议,通过合理分析并购动因,降低并购风险,增强企业竞争力,促进互联网金融企业的改革和发展。
[Abstract]:With the advent of the Internet era, people have not only changed their way of life, but also the business model of market economy. The change of business model has brought great pressure to the traditional industry.If we want to achieve better development in the rapidly developing society, we must first form the advantage of the enterprise's own competitive scale and enhance the competitiveness of the enterprise. This way of M & A has become the choice of the expansion of the enterprise.But in every stage of M & A, there will be some risks. If we can recognize the financial risks that M & A will bring, and make corresponding plans to deal with it,Then the success rate of M & A and safety rate will be greatly improved.On the basis of previous studies, this paper studies the financial risk of Alibaba's merger and acquisition of Tianhong Fund.First of all, this paper describes the relevant research background, as well as the domestic and foreign research status of M & A, and then, this paper introduces the related concepts and theories of M & A and M & A financial risk.Finally, the case of this paper is studied in depth.Through the analysis of cases, this paper restores the process of Alibaba's merger and acquisition of Tianhong Fund, introduces the basic situation and the reasons of mergers and acquisitions, and reveals the target choice and valuation risk before merger and acquisition.In the process of M & A, the risks of financing and payment, as well as the risk of integration and payment after M & A, and the countermeasures made by Alibaba in view of the related risks.Finally, on the basis of the case study, it is very difficult for enterprises to expand rapidly in the economic environment of the Internet, but it is possible to increase the market share of enterprises through mergers and acquisitions, if M & A is successful,This is very beneficial to enterprises, can help enterprises to get better development, but also can integrate and optimize social resources, is a win-win process.The development and merger of any enterprise should serve the development trend of the society, the development of the Internet is rapid, so long as the financial risk of the enterprise merger is controlled well, the combination of the Internet enterprise and the traditional industry will be the big trend of the future development.Can have better development.The merger of Alibaba and Tianhong funds is a beginning case of mergers and acquisitions in China's Internet finance industry. This paper hopes to analyze this case.To provide some theoretical guidance and practical advice for Internet financial enterprises which are or will participate in M & A and industries of similar nature, through reasonable analysis of M & A motivation, to reduce M & A risk, and to enhance the competitiveness of enterprises.To promote the reform and development of Internet financial enterprises.
【学位授予单位】：吉林财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F724.6;F832.39;F830.42

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