【作者】 韩冬；

【导师】 王旭；

【作者基本信息】 吉林大学 ， 会计硕士（专业学位）， 2020， 硕士

【摘要】 互联网从开始进入我国到全面普及已近二十年的时间,期间移动互联网的普及又开启了互联网的新时代,目前我国互联网用户规模已接近9亿人。在我国实体经济增速放缓的时期,互联网行业开始成为越来越多创业者的选择,互联网企业数量不断增加,“互联网+”的提出实现了互联网与实体经济的结合,再加上政府相关政策的出台,推动了近十年间互联网行业的快速有序发展。互联网企业的价值在于用户流量和商业模式,在用户增长放缓的情况下,现有的市场已经变成一片红海,互联网企业间往往“弱肉强食”,规模较大的企业不断扩张,新进入者缺乏有效的竞争手段,往往难以生存。随着市场竞争的加剧,互联网企业间的并购活动也越来越频繁,并购数量和金额持续增长。互联网行业由于业务的特殊性,获客成本较低,相同的用户可以在多领域的业务中带来成倍的价值变现,因此互联网企业开始致力于以用户为基础的多元化并购,由于业务之间存在密切联系,这种多元化并购方式也被称为“生态型并购”。生态型并购对于互联网企业而言是一种发展的趋势,带来机遇的同时也存在并购风险,并购过程中要注意防范多方面的风险。过去的企业并购案成功率并不高,按照风险的来源来看整合效果不理想是主要的失败原因,并购过程中双方的市场环境、人力资源、组织构架等存在诸多差异,这些都是整合过程中不能忽视的地方。因此本文以案例的形式研究互联网企业并购中的整合风险,划分了整合风险的类型,按照整合风险产生的阶段进行防控措施的分析,最后给出有针对性的建议。本文选取的案例是号称当时“互联网最大现金收购案”的“阿里巴巴”并购“饿了么”,这也是一起典型的互联网企业生态型并购的案例,“阿里巴巴”作为生态型并购的先行者,在目标选择、战略规划和整合措施等方面有很多可取之处,“饿了么”也是一家成熟的互联网餐饮服务企业,双方在此次的“强强联合”过程中有许多经验做法,但同时也存在潜在的风险需要引起警示,本文提出的整合风险应对建议,可以供其他互联网企业参考和借鉴。更多还原

【Abstract】 It has been nearly twenty years since the Internet came into China and has been fully popularized.During this period,the emergence of mobile Internet had opened a new era of the Internet.At present,the number of Internet users in China has reached nearly 900 million.During the period when the growth rate of China’s real economy was decreasing,the Internet industry became the choices of more entrepreneurs.The proposal of "Internet +" realized the combi nation of the Internet and the real economy,and the introduction of relevant government policies promoted the rapid and orderly development of the Internet industry in the recent decade.The value of Internet enterprises usually lies in the user flow and business model.In the slow period of user growth,the existing market has become a red sea,and Internet enterprises are often the "law of the jungle".Larger enterprises continue to expand,and new entrants lack effective means of competition,so they are often difficult to survive.With the intensification of market competition,the competition for user resources is becoming increasingly fierce,so mergers and acquisitions among Internet enterprises are becoming more and more frequent.The continuous growth of the amount of mergers and acquisitions is approaching the scale of mergers and acquisitions in the real industry.Internet industry due to the particularity of the business,users cost is lower,the same user can bring in more business in the field of twice the value of the cash,therefore,Internet enterprises begin to devote the mselves to user-based diversified M&A,which is also known as "ecological M&A" due to the close relationship between businesses.Ecological merger and acquisition is a developing trend for Internet enterp rises,which brings opportunities as well as merger and acquisition risks.In the process of merger and acquisition,we should pay attention to guard against various risks.The success rate of mergers and acquisitions in the past is not high,and the unsatisfactory integration effect is the main cause of failure according to the source of risks.There are many differences in the market environment,human resources and organizational structure between the two parties in the merger and acquisition process,which shuouldnot be ignored in the integration process.Therefore,this paper focuses on the study of integration risks in mergers and acquisitions,divides the categories of integration risks,and proposes targeted prevention and control measures from the generation stage of risks.This article selects the case is called "the Internet’s largest cash acquisition" at the time "Alibaba" M&A "Eleme",this is a typical Internet enterprise ecological M&A case,"Alibaba" as the pioneer of ecotype mergers and acquisitions,in target selection,strategic planning and integrated measures have a lot of merit,"Eleme" is also a mature Internet catering service enterprise,the two sides in the " alliance between giants " have a lot of experience in the process of practice,but also potential risks to cause alarm,this article also puts forward the corresponding measures to prevent risks,which can be reference for other Internet companies.更多还原