并购对互联网企业能力的影响研究

发布时间：2018-03-15 06:20

本文选题：企业能力　切入点：熵　出处：《北京邮电大学》2017年硕士论文　论文类型：学位论文

【摘要】：本文构建了基于博弈论的并购对互联网企业能力的影响模型,并阐述了互联网企业在企业并购后企业能力的变化情况。本文通过熵变模型将企业能力量化成企业熵的形式,而企业熵由能力熵和负熵组成,并将企业资源效能设置为企业能力的度量和评价。首先,本文采用古诺模型和斯坦科尔伯格模型分析企业并购前后所变化的参数,得出领导企业与非领导企业在横向并购时会引起企业能力发生不同的改变。其次,基于委托代理模型分析互联网企业纵向并购对企业能力的影响,最后发现互联网企业在纵向并购时会促进企业能力的提升。在案例研究中,本文总共选择6家互联网上市企业作为研究对象。从并购的产业特征不同的角度进行研究,研究互联网企业使用不同并购对企业能力的影响。本研究为从微观角度研究企业并购是否有利于企业发展提供了定量分析的依据和工具。研究发现携程和58同城作为各自领域的领导者企业,在进行横向并购后,使企业熵降低,即企业能力会得到提升,有利于企业的发展,而其他企业如优酷由于不是在线视频领域的领导者企业,在进行横向并购后,企业能力变化不显著,无法判断横向并购促进优酷的发展。在纵向并购方面百度在收购去哪儿之后,企业熵出现了显著性的变化,而且是企业熵降低,即企业能力得到了增加,更好的促进了企业未来的发展;而对于Google和Microsoft,由于所并购的业务方向在其营业收入上占比较少,纵向并购没有使Google和Microsoft的企业能力得到显著性变化,所以无法判断该次纵向并购促进了 Google 和 Microsoft 的发展。
[Abstract]:This paper constructs the model of the influence of M & A on the ability of Internet enterprises based on game theory, and expounds the changes of the capability of Internet enterprises after M & A. This paper transforms the power of enterprise into the form of enterprise entropy through entropy change model. The enterprise entropy is composed of capability entropy and negative entropy, and the enterprise resource efficiency is set up as the measurement and evaluation of enterprise capability. Firstly, this paper uses Cournot model and Steinkelberg model to analyze the parameters before and after M & A. It is concluded that the horizontal mergers and acquisitions of leading enterprises and non-leading enterprises will cause different changes in enterprise capabilities. Secondly, based on the principal-agent model, the paper analyzes the impact of vertical mergers and acquisitions of Internet enterprises on corporate capabilities. Finally, it is found that the vertical mergers and acquisitions of Internet enterprises will promote the ability of enterprises. In the case study, this paper selects six Internet listed enterprises as the research object. This study provides a quantitative analysis basis and tool for studying whether mergers and acquisitions are beneficial to the development of enterprises from a micro perspective. The study found that Ctrip and 58.com. As leaders in their respective fields, After horizontal mergers and acquisitions, the entropy of the enterprise will be reduced, that is, the ability of the enterprise will be improved, which is beneficial to the development of the enterprise, while other enterprises, such as Youku, because it is not a leader in the field of online video, after the horizontal merger, The change of enterprise capability is not significant, it is impossible to judge the horizontal merger and acquisition to promote the development of Youku. In vertical merger and acquisition, Baidu has a significant change in the enterprise entropy after the acquisition, and the enterprise entropy has decreased, that is, the enterprise ability has been increased. For Google and Microsoft, because the business direction of M & A accounts for less of their operating income, vertical M & A has not significantly changed the enterprise capability of Google and Microsoft. So it can not be judged that the vertical merger promoted the development of Google and Microsoft.
【学位授予单位】：北京邮电大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F271;F49

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