阿里巴巴网络技术有限公司并购饿了么公司的绩效研究.docxVIP

PAGE I 阿里巴巴网络技术有限公司并购饿了么公司的绩效研究 摘 要 随着互联网市场经济多元化的深入和发展，市场竞争也促使了企业间的并购活动越来越频繁，并购成为了提高其竞争力、实现企业的发展目标和战略的重要手段和方式。虽然互联网行业是目前我国重点发展和扶持的行业，其经济发展速度十分惊人，但在日益繁荣的互联网并购热潮下，并购投资是否能够给企业发展带来良好的绩效，能否给股东带来巨大的财富和经济效益，是一个重要且值得深入研究的课题。 鉴于此，本文研究企业并购的方法和思路的主要特点是通过案例进行多角度分析以阿里巴巴网络技术有限公司（下称“阿里巴巴”）为例，从阿里巴巴企业并购动因分析下手，采用事件研究法和财务指标法对企业并购绩效开展关键探讨。这其中，事件研究法用以考量资本市场在窗口期内能不能给公司产生了良好盈利，财务指标法用以考核评价并购对阿里巴巴的财务影响。通过分析，本文研究了企业并购是否会对企业产生影响；该案例给公司股东产生了积极的经济收益，提升了公司的财务绩效，为有关并购带来了一些的参照。研究显示，阿里巴巴收购的动因主要是以便完成阿里巴巴新零售的发展目标。鉴于运用事件研究法测算的窗口期累计收益为负，资本市场短时间不易给股东产生良好收益。运用财务指标法对阿里巴巴实行分析。从中显示，阿里巴巴的增长能力较好，短期偿债降低，但长期偿债相应平稳。最后，本文希望对并购的分析提出一些看法和建议。 关键词：“阿里巴巴”；并购绩效；事件研究法；财务指标法  Research on MA Performance of Based on Alibaba’s Acquisition of ele.me Abstract With the deepening and development of the Internet market economy, the market competition also more and more frequent mergers and acquisitions among enterprises. MA have become a vital way to heighten their competitive strength and measure up the development intent and strategies of company. Although the Internet is the point development and support of the industry, its astonishing economic growth, but under the booming Internet ma boom, mergers and acquisitions investment can bring good performance to enterprise development, can you give shareholders bring huge economic benefits and wealth, is an important and worth studying further.. Therefore, this paper diacuss the chief features of merger and acquisition way and train of thought was through a multi-angle analysis on alibaba network technology co., LTD. (hereinafter referred to as the alibaba) as an example, from the analysis on alibaba ma motivation, using event study and financial index method to focus on ma performance. Among them, the event study way is used to measure whether the capital market brings positive returns to shareholders in the window period, and the financial index way is used to comprehensively evaluate the financial impact of the merger on alibaba. Through analysis, this thesis studies whe