阿里巴巴并购银泰商业的财务风险与控制

发布时间：2018-04-10 08:09

本文选题：并购　切入点：财务风险　出处：《广东外语外贸大学》2017年硕士论文

【摘要】：全球化经济的蔓延使互联网与人们生活的联系越来越紧密,互联网企业也凭借着网络的应用不断发展。随着互联网企业的快速发展,近年来互联网企业的并购行为愈发频繁,2013年开始我国迎来了一轮互联网企业的并购热潮。其中,为了线上与线下的融合、进行O2O的布局,以阿里巴巴、腾讯和百度为代表的互联网企业进行了大规模的并购交易。然而,互联网行业自身的特点决定了并购行为是一种非常复杂的经济行为,蕴藏着大量的并购财务风险。因此,本文在前人的基础上,研究了互联网行业中的代表企业——阿里巴巴对于银泰商业集团的并购行为,分析其可能存在的并购财务风险。并对于该次并购中财务风险控制的可借鉴性措施进行了总结归纳。这也对今后互联网企业并购中财务风险的防范提供了一定的借鉴意义与价值。本文将阿里巴巴和银泰商业做为研究对象,以文献分析法和案例分析法做为主要的研究手段,对阿里巴巴并购银泰商业可能发生的并购财务风险进行了较为全面和深入的研究。第1章阐释了研究背景和选题意义,介绍了研究的内容、框架和方法,并对国内外已有研究成果进行了总结。第2章介绍了企业并购以及财务风险的相关理论,具体包括并购概念以及类型、并购财务风险的概念与类型、风险的识别与控制等。第3章对案例的背景进行了简要介绍。首先对互联网与传统零售业的现状进行了分析,接着对阿里巴巴与银泰商业的情况进行了介绍,最后概述了并购过程与案例选取的理由。第4章重点研究了阿里巴巴并购银泰商业这个案例中可能会出现的并购财务风险,包括战略规划和目标选择风险、估值风险、融资与支付风险、整合风险。这一部分采用了以财务指标为主的大量定量分析,结合定性分析,通过互联网企业间横向比较和银泰商业不同时间点纵向比较的方法,力求分析每一种并购财务风险出现的可能性大小。第5章为案例启示部分。这一部分在第4章案例的基础上,针对阿里巴巴并购银泰集团并购风险的控制措施,对应性地分析、归纳了可行的风控措施。本文希望能够为具有并购需求的企业提供一些理论指导和实际建议。
[Abstract]:With the spread of global economy, the Internet is more and more closely connected with people's life, and Internet enterprises are developing with the application of Internet.With the rapid development of Internet enterprises, mergers and acquisitions of Internet enterprises have become more and more frequent in recent years. Since 2013, China has ushered in a wave of mergers and acquisitions of Internet enterprises.Among them, in order to integrate online and offline, O2O layout, with Alibaba, Tencent and Baidu as the representative of the Internet enterprises engaged in large-scale mergers and acquisitions.However, the characteristics of the Internet industry determine that M & A is a very complex economic behavior, which contains a large number of M & A financial risks.Therefore, on the basis of predecessors, this paper studies the merger and acquisition behavior of Alibaba, a representative enterprise in the Internet industry, for Yintai Commercial Group, and analyzes the possible financial risks of M & A.And the financial risk control in the M & A can be used for reference measures are summarized.This also provides a certain reference and value for the prevention of financial risks in the future M & A of Internet enterprises.This paper takes Alibaba and Yintai Commerce as the research object, takes the literature analysis method and the case analysis method as the main research means, has carried on the relatively comprehensive and thorough research to the possible merger and acquisition financial risk which the Alibaba M & A Yintai business may take place.Chapter 1 explains the background and significance of the research, introduces the content, framework and methods of the research, and summarizes the existing research results at home and abroad.Chapter 2 introduces the related theories of M & A and financial risk, including the concept and type of M & A, the concept and type of financial risk of M & A, the identification and control of risk, etc.Chapter 3 briefly introduces the background of the case.This paper first analyzes the current situation of Internet and traditional retailing, then introduces the business situation of Alibaba and Yintai, and finally summarizes the process of M & A and the reasons of case selection.Chapter 4 focuses on the financial risks that may arise in the case of Alibaba's merger and acquisition of Yintai Commercial, including strategic planning and target selection risk, valuation risk, financing and payment risk, and integration risk.This part adopts a large number of quantitative analysis based on financial indicators, combined with qualitative analysis, through the horizontal comparison between Internet enterprises and the vertical comparison of Yintai business at different time points.Try to analyze the possibility of each kind of M & A financial risk.Chapter 5 is the case revelation part.On the basis of the case in Chapter 4, this part analyzes the risk control measures of Alibaba's merger and acquisition of Yintai Group, and concludes the feasible risk control measures.This paper hopes to provide some theoretical guidance and practical advice for enterprises with M & A demand.
【学位授予单位】：广东外语外贸大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F271;F724.6;F715.5

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