并购并购整合财务绩效分析研究 人力资源管理专业.docxVIP

PAGE 5 PAGE 5 摘要 作为新兴产业的互联网行业数量不断增加，规模较大的企业不断扩张，使新进入者缺乏有效竞争，因此许多企业选择以并购的方式进入互联网行业。互联网行业吸引用户无需过多成本，而互联网受众也能够在不同互联网业务类别中寻找到类似的需求，故而业务之间存在密切联系的多元化并购成为互联网企业的首选。并购给互联网企业带来机遇的同时也存在并购风险，整合效果是影响并购成败的主要原因，这种影响可以通过绩效分析来证实。本文选取有关案例研究企业并购与企业利益之间的关系，从而为相关互联网公司的并购项目提供参考。 本文结合阿里巴巴集团并购“饿了么”的案例，对其并购动力、并购过程以及并购后的整合情况进行了全面分析，并且以此为基础研究了企业并购对绩效的影响。本文采取财务绩效和非财务绩效两方面来衡量“阿里巴巴”并购“饿了么”的综合绩效，最后，结合本案例对互联网企业并购事件提供建议。 本文的主要研究结论是：第一，此次“阿里巴巴”并购“饿了么”的动机主要是为取得更多的市场份额，同时推进“阿里巴巴”新零售的战略布局。其次，分析“阿里巴巴”的资产情况后，认为：阿里巴巴在并购后的整体运营状况良好，仍然拥有健康成长的潜力，没有受到并购后短期盈利能力下降的影响。短期偿债能力下降，长期偿债能力比较稳定。最后本文对非财务指标进行了分析，认为阿里巴巴通过并购提升了自身的市场份额，推动新零售战略布局并完善了自身的物流配送体系。 关键词：并购 并购整合 财务绩效 Abstract As an emerging industry, the Internet industry continues to increase in number, and larger companies continue to expand, making new entrants lack effective competition. Therefore, many companies choose to enter the Internet industry through mergers and acquisitions. The cost of acquiring customers in the Internet industry is relatively low, and the same users can bring effective synergies from businesses in different fields. Therefore, diversified mergers and acquisitions with close connections between businesses have become the first choice of Internet companies. While mergers and acquisitions bring opportunities to Internet companies, there are also merger risks. The integration effect is the main reason for the success or failure of mergers and acquisitions. This effect can be confirmed by performance analysis. This paper selects relevant cases to study whether mergers and acquisitions can bring benefits to shareholders, and provides certain reference significance for relevant merger cases. This article uses Alibaba’s MA Eleme as a case to conduct a comprehensive and multi-angle analysis, including research on Alibabas MA motivations and merger integration, and comprehensively measure the impact of MA integration on performance. This article measures the comprehensive performance of Alibaba MA Eleme in terms of financial performance