摘 要
摘 要
在市场经济的飞速发展和经济全球化浪潮的共同作用下，企业并购这种方式使用越来越频繁，许多上市公司在发展的道路上选择企业并购，从而实现企业扩大规模及提升企业影响力的目的。从宏观管理的角度来说，并购在调整国家经济结构和促进国有经济战略重组方面有着积极的作用，并购将继续作为该方面的主要手段。从企业战略发展角度看，并购对企业提高竞争力、实现可持续发展具有重要意义，它是一种重要的外部战略发展方式之一。因此，并购的效率成为人们关注的重点问题，实证分析并购的效率，给公司制定发展战略具有重大意义。本文首先结合国内外研究对并购融资的概念及不同方式进行介绍，结合阿里巴巴收购“饿了么”的案例，计算了阿里巴巴的相关财务指标，阐述了其并购效率，并得到了相关的思考与启示，给同行业提供参考。阿里巴巴作为互联网业行业的领导者，有很多地方值得同行业学习、借鉴。最后得出结论：关注并购后资源整合、并购要服务于公司的总体发展目标、互联网企业需要并购以获得规模经济优势才能实现企业更快更好的发展。
关键词：并购；战略发展；资源整合
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Abstract
Abstract
In the rapid development of market economy and the wave of economic globalization, the role of mergers and acquisitions in this way more and more frequently, many listed companies in the development of the road to choose corporate mergers and acquisitions, in order to achieve the scale of enterprises to expand and enhance the enterprise's influence purpose. From the perspective of macro management, mergers and acquisitions in the adjustment of the national economic structure and promote the strategic reorganization of state-owned economy has a positive role, mergers and acquisitions will continue to be the main means of this aspect. From the perspective of enterprise strategic development, mergers and acquisitions to enhance the competitiveness of enterprises, to achieve sustainable development is of great significance, it is an important way of external strategy development. Therefore, the efficiency of mergers and acquisitions has become the focus of attention, empirical analysis of the efficiency of mergers and acquisitions, to the company to develop development strategy of great significance. This article first combines the domestic and foreign research on the concept of mergers and acquisitions and different ways to introduce, combined with the acquisition of Alibaba \what\case, calculate the Alibaba's related financial indicators, expounded its acquisition efficiency, and get the relevant thinking And revelation, to provide reference for the same industry. Alibaba as the Internet industry leader, there are many places worth learning from the industry, learn from. Finally, the conclusion: Concerned about the integration of resources after mergers and acquisitions to serve the company's overall development goals, Internet companies need to acquire economies of scale in order to achieve faster and better business development.
Keywords: mergers and acquisitions;strategic development; resource integration
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目 录
目录
摘 要 ......................................................................................................................................... I Abstract ..................................................................................................................................... II 目录 .......................................................................................................................................... III 第1章
绪论 .......................................................................................................................... 1
1.1 选题背景 .............................................................................................................................................. 1 1.2 本文的研究意义 .................................................................................................................................. 1
1.2.1 理论意义 ....................................................................................................................................... 1
1.2.2 现实意义 ....................................................................................................................................... 2 1.3 国内外研究综述 .................................................................................................................................. 2
1.3.1国内研究综述 ................................................................................................................................ 2
1.3.2国内研究综述 ................................................................................................................................ 3
第2章 并购融资方式概述 ...................................................................................................... 4
2.1 并购融资的概念 .................................................................................................................................. 4 2.2 并购融资在并购中的作用 .................................................................................................................. 4 2.3 并购融资方式及特点 .......................................................................................................................... 5
第3章 阿里巴巴收购“饿了么”案例介绍 ........................................................................ 6
3.1 行业背景 .............................................................................................................................................. 6 3.2 并购双方基本情况 .............................................................................................................................. 6
3.2.1并购方 ............................................................................................................................................ 6
3.2.2 被并购方 ....................................................................................................................................... 6 3.3 并购动因 .............................................................................................................................................. 7
3.3.1 阿里巴巴想要弥补不足 ............................................................................................................... 7
3.3.2 “饿了么”解决发展瓶颈 ........................................................................................................... 7 3.4 并购类型和模式 .................................................................................................................................. 7
第4章 阿里巴巴并购效率分析及发展启示 .......................................................................... 9
4.1 对上市公司并购活动发生后年度的效率分析 .................................................................................. 9
4.1.1偿债能力分析 ................................................................................................................................ 9
4.1.2盈利能力分析 ................................................................................................................................ 9 4.1.3营运能力分析 .............................................................................................................................. 10 4.2 综合分析 ............................................................................................................................................ 10 4.3 思考与启示 ........................................................................................................................................ 11
4.3.1关注并购后资源整合，达到并购目的 ...................................................................................... 11
4.3.2 并购要服务于公司的总体发展目标 ......................................................................................... 11 4.3.3 互联网企业需要并购以获得规模经济优势 ............................................................................. 11
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