摘要

在企业成长的过程中，并购已经成为其扩大规模、增强竞争力和实现战略转型的一种重要方式，是企业发展壮大的必经之路。随着我国市场经济体制改革的不断推进，并购在调整产业结构、优化资源配置等方面发挥了非常重要的作用。本文选取的案例研究对象为“阿里巴巴”并购“饿了么”，以“阿里巴巴”并购“饿了么”的动机作为出发点，研究此次并购对“阿里巴巴”的绩效有何影响。对该案例进行全方位、多角度的分析，通过采用三种方法来衡量“阿里巴巴”并购“饿了么”的绩效，分别为事件研究法、财务指标法和非财务指标法。通过分析，研究此次并购是否真正给股东带来了正的效益、提高企业的财务绩效，为相关的并购案例提供一定的借鉴意义。最后，本文结合本案例对相关企业并购事件提供建议。

关键词

上市公司；公司并购；绩效分析

ABSTRACT

In the process of enterprise growth,merger and acquisition has become an important way to expand scale, enhance competitiveness and realize strategic transformation, and it is the only way for enterprises to develop and grow. With the continuous advancement of China's market economic system reform,M&A plays a very important role in adjusting the industrial structure and optimizing the allocation of resources. The case study object of this paper is Alibaba's acquisition of Ele.me.Starting from the motivation of Alibaba's acquisition of Ele.me, this paper studies the impact of this acquisition on the performance of Alibaba.This case is analyzed in an all-round and multi-angle way,and three methods are adopted to measure the performance of Alibaba's acquisition of Ele. me, which are event study method, financial index method and non-financial index method.Through the analysis, the paper studies whether the merger really brings positive benefits to shareholders and improves the financial performance ofthe enterprise, which provides some reference for the related merger cases. Finally, this paper combined with this case to provide suggestions for related enterprise merger and acquisition events.

KEY WORDS

Listed companies; Mergers and acquisitions; Performance analysis

 

目 录

一、绪论 1

㈠前言2

1.研究背景2

2.研究意义3

㈡国内外研究现状4

1.国外研究现状4

2.国内研究现状5 3.文献评述5

㈢论文研究思路与结构6

二、相关理论基础8

㈠并购概述6

1.并购定义与类型6

2.并购动因7

㈡并购绩效评价方法8

1.财务指标法9

3.非财务指标法9

三、案例介绍9

㈠企业简介10

1.阿里巴巴网络技术有限公司简介10

2.“饿了么”公司简介 11

㈡并购动因分析 12

1.“阿里巴巴”并购动机12

2.“饿了么”接受并购的动机12

㈢并购类型分析 12

㈣财务指标分析法8

1.成长能力良好9

2.短期偿债能力下降，长期偿债能力较为稳定9

3.盈利能力略有下降9

㈤非财务指标分析法6

1.赢得外卖市场份额9

2.完善“阿里巴巴”新零售体系9

3.物流配送体系得到进一步发展9

㈥绩效分析小结6

四、总结与展望9

㈠存在的问题10

1.价值高估风险10

2.现金支付风险 11

3.并购整合风险 11

㈡对策建议10

1.合理选择并购目标企业10

2.提升企业估值准确程度 11

3.灵活搭配合适的支付方式 11

4.加强并购后的多方位整合 11

参考文献30

附录14

致谢14