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| 企业并购财务分析——以阿里巴巴并购饿了么为例
摘 要
我国经济发展不断提升，各个企业在整个市场环境中的竞争也越来越激烈，使得企业并购成为了一种较为常见的企业合作和扩张现象。企业并购主要是通过并购的方式，以低成本来进行企业规模和其影响力的扩大，在同类的企业竞争中更加地占据优势，更加快速的实现市场占有的提高。至2013年开始，我国互联网并购开始成为常态，2014年、2015年企业进入并购业绩暴收后，2016年市场活跃度下降，到2018年企业逐渐开始回归理性。现如今互联网行业的三大巨头分别是百度、阿里巴巴和腾讯，并且这三大企业近年来一直在不断并购其他的企业以扩张自身版图，谋求更好发展。
并购作为企业常见的一种扩张方式，实现对资源的重新配置，改变产业组织结构，能有效实现企业的快速、有效扩张。近几年来，互联网之间的并购无论从金额还是从数量来看，都保持着快速上升和发展的趋势。业界也频频关注其企业并购之后的动机以及企业并购后产生的效应。企业并购的过程十分繁琐，同时其并购结果也具有不可逆性，能够对并购过程产生影响的要素极多，也极易使其并购失败。
本文选取了阿里巴巴并购饿了么的典型案例，以现有的文献研究为基础，具体介绍了企业当前的并购活动的状况以及其主要特征，通过深入分析阿里巴巴的并购过程、并购动因，以及并购的财务风险，对企业并购进行评价。
关键词：企业并购，并购动因，并购风险
Abstract
With the continuous improvement of China's economic development,the competition among various enterprises in the whole market environment is becoming more and more fierce, making enterprise merger and acquisition become a more common phenomenon of enterprise cooperation and expansion. Enterprise mergers and acquisitions are mainly through mergers and acquisitions to expand the scale of the enterprise and its influence at low cost,to occupy more advantages in the competition of similar enterprises, and to improve the market share more quickly. Since 2013, China's Internet mergers and acquisitions began to become the norm.After 2014 and 2015, enterprises entered the M&A performance boom,the market activity decreased in 2016, and enterprises gradually began to return to rationality in 2018. At present, the three giants in the Internet industry are Baidu, Alibaba and Tencent.In recent years, these three enterprises have been continuously acquiring other enterprises to expand their territory and seek better development.
As a common way of enterprise expansion,merger and acquisition can realize thereallocation of resources and the change of industrial organization structure, which can effectively realize the rapid and effective expansion of enterprises. In recent years, the mergers and acquisitions between the Internet have maintained a rapid rise and development trend, both in terms of amount and quantity. The industry also pays close attention to the motives and effects of M&A.The process of enterprise merger and acquisition is very complicated, and the result of merger and acquisition is also irreversible. There are many factors that can affect the process of merger and acquisition, and it is easy to make the failure of merger and acquisition.
This paper selects a typical case of Alibaba's merger and acquisition of Ele.me, based on the existing literature research,specifically introduces the current situationof the enterprise's merger and acquisition activities and its main characteristics,and evaluates the enterprise's merger and acquisition through in-depth analysis of Alibaba's merger and acquisition process, merger and acquisition motivation, as well as the financial risk of merger and acquisition.
Key words: Mergers and acquisitions,Motivation of merger and acquisition,Acquisition and merger risk
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