2012年以来，大量互联网企业以并购的方式扩张经营规模，对世界经济产 生了巨大的影响。特别是2015年以来阿里巴巴并购优酷土豆、58同城并购赶集 网、携程旅游并购去哪儿网、万达集团并购传奇影业、腾讯并购荷兰手游开发商 Supercell、京东并购一号店等众多并购事件的发生，众多互联网企业以迅雷不 及掩耳之势掀起了一股巨大的井喷式的并购浪潮。随着“互联网+”的兴起和“中 国制造2025”国家战略的推进，未来会有越来越多的传统企业进入互联网行业， 而且在互联网行业中企业之间的界限将越来越模糊，跨界并购的现象将十分普 遍。 2008年阿里巴巴开始打造电子商务生态系统，以大数据业务为核心，着力 发展电商、金融、物流，向健康、快乐和全球化业务拓展。阿里巴巴作为我国目 前最大的电商，新浪微博作为我国当前最有影响的互联网社交媒体之一，二者的 并购产生了我国最大的社交电商平台。本文在借鉴国内外有关企业并购理论研究 和实践经验的基础上，分析了阿里巴巴与新浪微博的发展状况以及阿里巴巴并购 新浪微博的过程和动因，探究了阿里巴巴并购新浪微博的协同效应和规模经济效 应，从并购前的目标公司财务风险、并购中的融资与支付风险、并购后的战略整 合风险等方面揭示了阿里巴巴集团并购新浪微博的风险，进而从并购前、并购中、 并购后等环节提出了阿里巴巴并购风险的防范策略。本文的主要结论有：（1） 阿里巴巴并购新浪微博的动因源于实现规模经济效应、顺应市场发展需要、提高 综合竞争实力、拓宽自身融资渠道等需要，这是并购双方都追求的目标；（2） 阿里巴巴并购新浪微博的效应体现在两个方面：一方面，阿里巴巴对新浪微博的 并购给双方都带来了比并购前更大的收益，其营业收入和净利润均明显上升，产 生了1+1大于2的显著协同效应；另一方面，阿里巴巴并购新浪微博产生了规模 经济效应；（3）阿里巴巴并购新浪微博的风险集中于并购前的选择目标公司财 务风险、并购过程中的融资与支付风险，以及并购实施后的双方战略整合风险等 三个方面；（4）阿里巴巴并购新浪微博风险的防范，应着力于三个方面：通过 明确并购意图、寻找锁定并购目标、构建风险评估体系、优化收购方案等防控并 购前风险；通过规避融资支付风险等防控并购中风险；通过防范业务整合、人力 资源整合、企业文化整合、企业战略整合等并购中的风险以防控并购后的风险。 关键词: 阿里巴巴；新浪微博；互联网企业；并购动因与效应；并购风险与 防范 II Abstract Since the year 2012, a large number of Internet companies enrich their businesses by means of mergers and acquisitions, which exerts great effects to the world economy. For example, Alibaba mergers Youku Tudou Inc., 58 mergers ganji, Ctrip mergers qunar, Wanda Group mergers Legendary Pictures, Tencent mergers Supercell, JD mergers Shanghai Yi is an Agel Ecommerce Ltd. and so on. With the spread of the concept of Internet Plus and the implement of the strategy of Made in China 2025, an increasing number of traditional enterprises explore their businesses on the Internet. In addition, the border between different companies becomes more obscure, which benefits cross-border mergers and acquisitions. In 2008 Alibaba began to establish the E-commerce Ecosystem, which mainly focused on e-commerce, finance and logistics based on big data service and explored its businesses globally. Alibaba is the largest e-commerce platform. Meanwhile, Weibo is one of the largest social media online. The merger and acquisition between Alibaba and Weibo is to establish the largest platform for both e-commerce and social media. The thesis studies the phenomenon of mergers and acquisitions of Internet companies based on referring to the theoretical studies and practical experience of the issue. First of all, the thesis focuses on the studies of some basic concepts and theories such as Internet companies, mergers and acquisitions, motivations and effects of mergers and acquisitions and so on. Then it analyses the process, the motivations and effects of the merger and acquisition between Alibaba and Weibo. The effects of the merger and acquisition between Alibaba and Weibo include synergetic effect and scale economies effect. Moreover, the thesis explores the risks before, during and after the merger and acquisition between Alibaba and Weibo. Furthermore, the methods of risk prevention before, during and after the merger and acquisition of Alibaba and Weibo are proposed. The thesis makes conclusions as follows:（1）The motivations of the merger and acquisition between Alibaba and Weibo are realizing scale economies effect, fulfilling the need of market development , improving the comprehensive competitiveness and broadening the financial channels.（2）The effects of the merger and acquisition between Alibaba and Weibo are reflected in two sides. On the one hand, the merger and acquisition between Alibaba and Weibo brings more benefits for III both sides, which creates the synergetic effect.（3）The thesis analyzes the risks of the merger and acquisition between Alibaba and Weibo before, during and after the M&A process. (4)Finally, the thesis proposes some suggestions to cope with the risks of mergers and acquisitions. The suggestions are as follows: Firstly, before mergers and acquisitions, Alibaba should make the strategic motivation clear, choose appropriate destination companies, establish risk estimation system and optimize M&A plans. Secondly, during the M&A process, it is suggested that Alibaba use both cash and stocks to make a payment in order to control the risks of payment. Thirdly, after mergers and acquisitions, it is proposed that Alibaba should try its best to deal with the combination and cooperation issues in business operation, human resources, enterprise cultures and development strategies between the two companies. Key words: Alibaba; Weibo; Internet companies; motivations and effects of mergers and acquisitions; the risks and risk prevention measures of mergers and acquisitions IV 目 录 中文摘要 .......................................................... I 英文摘要 ...................................................................................................................... II 目 录…………………………………………………………………………….IV 1 绪 论 ......................................................... 1 1.1 研究背景与意义............................................................................................ 1 1.1.1 研究背景............................................................................................ 1 1.1.2 研究意义............................................................................................ 2 1.2 研究综述........................................................................................................ 3 1.2.1 国外研究综述.................................................................................... 3 1.2.2 国内研究综述.................................................................................... 4 1.2.3 文献述评............................................................................................ 7 1.3 研究内容........................................................................................................ 7 1.4 研究方法...................................................................................................... 10 1.5 研究创新...................................................................................................... 10 2 相关理论 ........................................................ 12 2.1 相关概念界定.............................................................................................. 12 2.1.1 互联网企业...................................................................................... 12 2.1.2 企业并购.......................................................................................... 12 2.1.3 企业并购风险.................................................................................. 13 2.2 理论基础...................................................................................................... 14 2.2.1 企业并购动因的理论基础.............................................................. 14 2.2.2 企业并购效应的理论基础.............................................................. 14 2.2.3 企业并购风险的理论基础.............................................................. 15 3 阿里巴巴并购新浪微博的动因分析 ................................. 16 3.1阿里巴巴与新浪微博的发展