阿里巴巴并购UC的财务风险分析.doc

PAGE 17 阿里巴巴并购UC的财务风险分析 摘　要：企业并购是一项常见的经营活动。其中财务风险的问题始终伴随其左，如何处理好这一问题已经成为企业成败的关键。阿里巴巴打造的商业帝国众所周知，其近几年的大举并购成为各界人士的谈资，加之他上市后依旧不停歇的并购脚步，我们似乎更加好奇于大规模并购对其产生的影响。本文就企业并购中的财务风险问题进行了探讨，着重从阿里巴巴并购UC这一案例展开。我们从财务风险的定义入手，挖掘可能出现的财务风险。针对并购中各种财务风险的类型及其成因提出相应的预防与控制措施，促使企业并购能够成功实施。 关键词：企业并购；财务风险；融资；整合 Alibaba m&a financial risk analysis of UC Abstract: Merger and acquisition is a common business activities, including financial risk problem is always accompanied by the left, how to deal with this problem has become the key to enterprise success or failure. Alibaba to build a business empire as is known to all, the shopping spree in recent years to become the people from all walks of life to talk about, and after he listed still non-stop pace of mergers and acquisitions, We seem to be more curious in such large-scale merger and acquisition of its impact.In this paper, this paper discusses the problems in enterprise mergers and acquisitions of financial risk, emphatically from alibaba m&a UC this case. We have from the definition of financial risks and financial risks, Aiming at all kinds of the types and causes of financial risk in m&a put forward the corresponding prevention and control measures, to promote enterprise mergers and acquisitions to successful implementation. Key worm: Mergers and acquisitions; Financial risk ; financing; integration 目 录 TOC \o "1-3" \h \z \u 一、引言 1 二、并购的理论基础 1 （一）并购的含义 1 （二）并购的动因 1 三、并购产生财务风险的原因 2 （一）计划决策阶段的财务风险 2 （二）并购交易执行阶段的财务风险 2 （三）并购运营整合阶段的财务风险 3 四、关于阿里巴巴现状与并购的成因分析 3 （一）阿里巴巴的现状与并购之路动因 3 （二）中国互联网史上最大并购案——“阿里并购UC” 6 （三）阿里并购UC可能存在的财务风险及影响 7 （四）阿里的应对措施 11 （五）互联网行业相关案例对比 12 五、关于并购中财务风险的防范对策 13 （一）科学选择目标企业 13 （二）统筹安排资金以降低融资风险 13 （三）实现并购支付方式多样化，降低支付风险 14 （四）降低财务整合风险 14 六、结束语 15 参考文献…………………………………………………………………………… 16 一、引言 并购作为公司扩大规模，放大资本的一种常用手段，我们在经济市场上已经司空见惯了。而其又是一种高风险的经营活动，风险可能会出现在并购的任何一个环节中。阿里巴巴在其上市前后大肆并购，随着它进入“并购模式”，任何关于阿里巴巴的并购事宜都会迅速引起外界的围观猜测。2014年，阿里巴巴并购UC又成了一爆炸性新闻。作为中国互联网史上最大的并购案，就案例本身，看