阿里巴巴并购恒生电子的财务风险研究
发布时间：2019-01-08 17:23
【摘要】：随着互联网的蓬勃发展,不仅人们的生活方式有了很大改变,商业模式也发生了巨大变化,这给传统行业带来了强力的冲击。为了获得更好的发展,形成规模优势,增强自身竞争力,并购成为了扩张的最佳方式。如今,互联网行业形成了百度、阿里巴巴、腾讯(简称BAT)三足鼎立的局面。2013年至2014年期间,由于互联网金融的兴起,争夺大数据资源,发展O2O战略,完善移动终端业务等,百度、阿里巴巴、腾讯进行了大规模的并购活动。但是并购不一定就是成功的,研究表明,有43%-55%的并购是无用的或是失败的,如雅虎和阿里巴巴的并购,最终以雅虎中国退出而结束。在并购过程中,企业会面临诸多风险,如市场风险、政策风险、财务风险等,其中以财务风险最为突出。并购双方如果能正确认识并购财务风险,建立并购财务风险管理体系来加以防范规避风险,那么并购的安全性和成功性都能得到很大的提高。因此,本文对并购财务风险的研究具有重大意义。当今社会日新月异,变化速度惊人,每个行业面临的并购财务风险也随之变化,不同的阶段里有着自己的特点。本文在前人的研究基础上,研究了阿里巴巴并购恒生电子的财务风险。还原了阿里巴巴并购恒生电子的过程,介绍了阿里巴巴和恒生电子的经营情况和并购动因,揭示了并购前估值风险,并购中融资风险和支付风险,并购后的整合风险,最终阐述了阿里巴巴对此次并购的风险防控措施。阿里巴巴成功并购恒生电子的案例,对互联网行业与传统行业的并购具有值得借鉴的意义。本文的研究内容主要分为五个部分:一、介绍了本文的研究背景、研究目的及意义,并对相关文献进行了整理,阐述了本文的研究思路以及全文的基本框架。二、理论阐述中介绍了并购和并购财务风险的概念、特点了解了并购过程及风险管理理论。三、介绍了阿里巴巴和恒生电子的并购背景,分析了阿里巴巴并购恒生电子的动机。四、运用相关理论对阿里巴巴并购恒生电子存在的并购风险进行分析,指出了造成该风险的事项。五、根据阿里巴巴并购恒生电子存在的财务风险,运用并购财务风险相关理论,阐述了阿里巴巴在并购恒生电子的财务风险防控与对策,给其他企业以启示。
[Abstract]:With the rapid development of the Internet, not only people's way of life has been greatly changed, but also the business model has undergone great changes, which has brought a strong impact to the traditional industry. In order to gain better development, form scale advantage and enhance competitiveness, M & A has become the best way to expand. Today, the Internet industry has become a three-pronged situation between Baidu, Alibaba and BAT. Between 2013 and 2014, due to the rise of Internet finance, the competition for big data resources, the development of O2O strategy, and the improvement of mobile terminal business, etc. Baidu, Alibaba, Tencent carried out a large-scale M & A activities. But mergers and acquisitions are not necessarily successful, and research shows that 43 to 55 percent of mergers and acquisitions are useless or unsuccessful, such as those of Yahoo and Alibaba, which ended with Yahoo China's exit. In the process of M & A, enterprises will face many risks, such as market risk, policy risk, financial risk and so on. The security and success of M & A can be greatly improved if both sides of M & A can correctly understand the financial risk of M & A and establish a management system of financial risk of M & A to prevent and avoid risks. Therefore, this paper is of great significance to the study of M & A financial risk. Nowadays, the society changes with each passing day, the speed of change is astonishing, each industry faces the financial risk of M & A also changes with it, and has its own characteristics in different stages. On the basis of previous studies, this paper studies the financial risk of Alibaba's acquisition of Hang Seng Electronics. This paper restores Alibaba's process of merger and acquisition of Hang Seng Electronics, introduces the operating situation and the causes of mergers and acquisitions between Alibaba and Hang Seng Electronics, reveals the pre-merger valuation risk, financing risk and payment risk in M & A, and the integration risk after M & A. Finally elaborated Alibaba the risk prevention and control measure to this merger and acquisition. Alibaba's successful merger and acquisition of Hang Seng Electronics is worthy of reference to the merger and acquisition of Internet industry and traditional industry. The research contents of this paper are divided into five parts: first, the research background, purpose and significance of this paper are introduced, and the related documents are sorted out, and the research ideas and the basic framework of the paper are expounded. Secondly, this paper introduces the concept of M & A and the financial risk of M & A, and the characteristics of M & A process and risk management theory. Thirdly, it introduces the background of Alibaba and Hang Seng Electronics, and analyzes the motive of Alibaba's acquisition of Hang Seng Electronics. Fourthly, this paper analyzes the M & A risk of Alibaba's merger and acquisition of Hang Seng Electronics by using relevant theories, and points out the matters that cause this risk. Fifthly, according to the financial risk existing in Alibaba's merger and acquisition of Hang Seng Electronics, using the relevant theory of financial risk of merger and acquisition, this paper expounds the prevention and control of financial risk and its countermeasures in the acquisition of Hang Seng Electronics, and gives enlightenment to other enterprises.
【学位授予单位】：辽宁大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F724.6;F715.5
本文编号：2404905
[Abstract]:With the rapid development of the Internet, not only people's way of life has been greatly changed, but also the business model has undergone great changes, which has brought a strong impact to the traditional industry. In order to gain better development, form scale advantage and enhance competitiveness, M & A has become the best way to expand. Today, the Internet industry has become a three-pronged situation between Baidu, Alibaba and BAT. Between 2013 and 2014, due to the rise of Internet finance, the competition for big data resources, the development of O2O strategy, and the improvement of mobile terminal business, etc. Baidu, Alibaba, Tencent carried out a large-scale M & A activities. But mergers and acquisitions are not necessarily successful, and research shows that 43 to 55 percent of mergers and acquisitions are useless or unsuccessful, such as those of Yahoo and Alibaba, which ended with Yahoo China's exit. In the process of M & A, enterprises will face many risks, such as market risk, policy risk, financial risk and so on. The security and success of M & A can be greatly improved if both sides of M & A can correctly understand the financial risk of M & A and establish a management system of financial risk of M & A to prevent and avoid risks. Therefore, this paper is of great significance to the study of M & A financial risk. Nowadays, the society changes with each passing day, the speed of change is astonishing, each industry faces the financial risk of M & A also changes with it, and has its own characteristics in different stages. On the basis of previous studies, this paper studies the financial risk of Alibaba's acquisition of Hang Seng Electronics. This paper restores Alibaba's process of merger and acquisition of Hang Seng Electronics, introduces the operating situation and the causes of mergers and acquisitions between Alibaba and Hang Seng Electronics, reveals the pre-merger valuation risk, financing risk and payment risk in M & A, and the integration risk after M & A. Finally elaborated Alibaba the risk prevention and control measure to this merger and acquisition. Alibaba's successful merger and acquisition of Hang Seng Electronics is worthy of reference to the merger and acquisition of Internet industry and traditional industry. The research contents of this paper are divided into five parts: first, the research background, purpose and significance of this paper are introduced, and the related documents are sorted out, and the research ideas and the basic framework of the paper are expounded. Secondly, this paper introduces the concept of M & A and the financial risk of M & A, and the characteristics of M & A process and risk management theory. Thirdly, it introduces the background of Alibaba and Hang Seng Electronics, and analyzes the motive of Alibaba's acquisition of Hang Seng Electronics. Fourthly, this paper analyzes the M & A risk of Alibaba's merger and acquisition of Hang Seng Electronics by using relevant theories, and points out the matters that cause this risk. Fifthly, according to the financial risk existing in Alibaba's merger and acquisition of Hang Seng Electronics, using the relevant theory of financial risk of merger and acquisition, this paper expounds the prevention and control of financial risk and its countermeasures in the acquisition of Hang Seng Electronics, and gives enlightenment to other enterprises.
【学位授予单位】：辽宁大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F724.6;F715.5
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