首页 > 资料专栏 > 论文 > 经营论文 > 并购重组论文 > MBA毕业论文_联网企业并购财务风险及防范-以阿里巴巴并购饿了么为例PDF

MBA毕业论文_联网企业并购财务风险及防范-以阿里巴巴并购饿了么为例PDF

资料大小:1276KB(压缩后)
文档格式:PDF
资料语言:中文版/英文版/日文版
解压密码:m448
更新时间:2021/11/25(发布于广东)

类型:金牌资料
积分:--
推荐:升级会员

   点此下载 ==>> 点击下载文档


文本描述
iii 摘要 近些年随着科学技术的发展,网络成为我们生活中特别重要的一部分,伴随 着“互联网+”概念的提出,互联网又进入新一轮的发展,越来越多的新兴行业以 各种各样互联网方式出现,互联网市场竞争压力变大,在经济全球化的背景下, 一大批企业通过并购来扩大企业规模、占据市场获得客户资源,我国互联网企业 并购市场一直处于一个相对活跃的状态,需要注意的是虽然并购活动充满着巨大 金额的诱惑,但企业仍然要注意并购活动中隐藏的巨大风险,尤其是财务风险。 对于财务风险及防范的研究对于整个互联网市场来说意义重大,本文的研究对于 那些希望通过并购来扩大自身业务范围、获得更多客户资源、满足自身发展战略 的互联网企业提供一定的参考,有助于互联网企业在考虑并购时更加全面,在每 一个环节做好财务风险的防范工作,提高并购成功率。 本文选取了阿里巴巴并购饿了么案例,运用文献分析法、归纳到演绎的研究 方法进行案例研究分析。本文首先结合研究意义、研究背景对相关文献进行了梳 理,分析了我国互联网并购市场的现状,互联网企业并购特点和动因。基于互联 网并购市场的研究,结合阿里巴巴并购饿了么实际情况,运用协同效应理论、信 息不对称理论、并购风险管理理论、动态并购风险控制理论详细全面的分析并购 前存在的信息不对称、估值风险,并购中的企业偿债能力、现金流情况以及并购 后企业在业务、财务等方面的整合风险,根据风险分析得到相应的财务风险防范 措施并总结出具有普适性的结论。 通过研究,得到以下结论:(1)阿里巴巴并购饿了么是一次正向并购,完善 了阿里巴巴的产业布局;(2)经过对案例的研究发现在并购前普遍存在信息不对 称风险、估值风险;并购中需要关注企业的偿债能力和现金流状况,进行财务指 标分析,关注企业是否由于融资支付导致了财务风险;并购后互联网企业在业务 整合、财务整合、管理制度整合等方面容易出现财务风险;(3)互联网企业并购 财务风险的防范应该关注并购的每一步,在并购前对目标企业进行全面了解,结 合企业自身情况制定详细合理的并购方案;并购中期需要作出合理的规划,对自 身财务状况进行了解选择合适的融资支付手段;并购后期要关注并购双方的企业 文化、管理制度等方面作出最优化企业战略方案,促进并购后的融合。 关键词:互联网企业;并购;财务风险;防范措施 北京交通大学硕士专业学位论文摘要 iv ABSTRACT Inrecentyears,withthedevelopmentofscienceandtechnology,theInternethas becomeaveryimportantpartofourlife.Withtheconceptof"Internetplus"putforward, Internethasenteredanewroundofdevelopment.Moreandmoreemergingindustries areappearinginvariousInternetways.ThecompetitionpressureoftheInternetmarket hasbecomelarger.Underthebackgroundofeconomicglobalization,alargenumberof enterpriseshaveexpandedtheirbusinessesthroughmergersandacquisitions.TheM& amarketofInternetenterprisesinChinahasalwaysbeeninarelativelyactivestate.It shouldbenotedthatalthoughM&Aactivitiesarefullofthetemptationofhuge amount,enterprisesstillneedtopayattentiontothehugeriskshiddeninM&A activities,especiallyfinancialrisks.Theresearchonfinancialriskandpreventionisof greatsignificancetothewholeInternetmarket.Theresearchinthispaperprovides somereferenceforInternetenterpriseswhowanttoexpandtheirbusinessscope,obtain morecustomerresourcesandmeettheirowndevelopmentstrategythroughM&A, whichishelpfulforInternetenterprisestobemorecomprehensivewhenconsideringM &AanddoagoodjoboffinancialriskineverylinkWeshouldtakeprecautionsto improvethesuccessrateofM&A. ThispaperselectsthecaseofAlibabaM&A,andusestheliteratureanalysis methodandtheresearchmethodfrominductiontodeductiontoconductcasestudy analysis.Firstofall,thispapercombstherelevantliteraturebasedontheresearch significanceandbackground,analyzesthecurrentsituationofChina'sInternetM&a market,thecharacteristicsandmotivationofInternetenterpriseM&A.Basedonthe researchofInternetM&amarket,combinedwiththeactualsituationofAlibaba'sM& A,thispaperusessynergytheory,informationasymmetrytheory,M&arisk managementtheoryanddynamicM&ariskcontroltheorytoanalyzetheinformation asymmetryandvaluationriskbeforeM&A,thesolvencyandcashflowofenterprises inM&A,andthebusinessofenterprisesafterM&AAccordingtotheriskanalysis, thecorrespondingfinancialriskpreventionmeasuresareobtainedandtheconclusionis universal. Throughtheresearch,thefollowingconclusionsareobtained:(1)ItisapositiveM &A,improvingAlibaba'sindustriallayout;(2)Thecasestudyfoundthatinformation asymmetryriskandvaluationriskgenerallyexistedbeforeM&A;inM&A,weneed 北京交通大学硕士专业学位论文摘要 v topayattentiontothesolvencyandcashflowofenterprises,analyzefinancial indicators,andpayattentiontowhetherthefinancialriskiscausedbyfinancing payment;afterM&A,Internetenterprisesarepronetofinancialriskinbusiness integration,financialintegration,managementsystemintegration,etcRisk;(3)We shouldpayattentiontoeverystepofM&AtopreventthefinancialriskofM&Aof Internetenterprises.BeforeM&A,weshouldhaveacomprehensiveunderstandingof thetargetenterpriseandmakeadetailedandreasonableM&aplanaccordingtothe situationoftheenterpriseitself.InthemiddlestageofM&A,weneedtomakea reasonableplanandchoosetheappropriatefinancingandpaymentmeans.Inthelater stageofM&A,weshouldpayattentiontothecorporatecultureofbothsides, managementsystemandotheraspectstooptimizethecorporatestrategyandpromote theintegrationafterM&A. KEYWORDS:Internetenterprises;Merger;Financialrisk;Preventivemeasures 北京交通大学硕士专业学位论文 vi 目录 摘要..................................................................................................................................iii ABSTRACT.....................................................................................................................iv 1引言.............................................................................................................................9 1.1研究背景与研究意义......................................................................................9 1.1.1研究背景...............................................................................................9 1.1.2研究意义.............................................................................................10 1.2研究内容与研究方法....................................................................................10 1.2.1研究内容.............................................................................................10 1.2.2研究方法.............................................................................................13 2文献综述与相关理论...............................................................................................14 2.1文献综述........................................................................................................14 2.1.1互联网企业并购研究.........................................................................14 2.1.2互联网企业并购风险研究.................................................................15 2.1.3互联网企业并购财务风险研究.........................................................16 2.1.4互联网企业并购财务风险防范研究.................................................17 2.1.5文献评述.............................................................................................18 2.2相关概念........................................................................................................19 2.2.1互联网企业.........................................................................................19 2.2.2企业并购.............................................................................................19 2.2.3互联网企业并购财务风险.................................................................20 2.3相关理论基础................................................................................................21 2.3.1协同效应理论.....................................................................................21 2.3.2信息不对称理论.................................................................................21 2.3.3并购风险管理理论.............................................................................22 2.3.4动态并购风险控制理论.....................................................................22 3互联网企业并购现状分析.......................................................................................23 3.1互联网企业现状............................................................................................23 3.1.1移动互联网发展迅速...............