【作者】 陈璞；

【导师】 鲁盛潭； 陈玉鸣；

【作者基本信息】 广东工业大学 ， 会计（专业学位）， 2020， 硕士

【摘要】 在生活日益便捷、科技不断进步发展的今天,互联网已经悄无声息的渗透进我们生活的方方面面。为了能够在日益激烈的市场竞争环境中谋求自身持续稳定以及更好的发展,许多互联网企业纷纷选择并购这一方式来迅速扩大规模、提升市场占有率。然而无论是在并购前期、并购过程中还是并购完成后,企业都会面临着巨大的风险。而财务因素又是企业并购各个环节中不可忽视的重要因素,因此如何正确识别并有效控制互联网企业并购过程中可能存在的种种风险尤其是财务风险是每个并购企业都必须重视的问题。然而许多并购企业由于缺少对并购财务风险的准确识别与有效控制,进而导致了并购活动的失败,甚至影响到了企业正常的运营与发展。因此,本文对互联网企业并购过程中存在的财务风险以及财务风险控制措施进行研究与讨论,具有一定的理论意义与现实意义。本文以阿里巴巴并购饿了么这一并购事件作为研究对象,对其并购动因、并购过程中存在的财务风险以及并购财务风险控制措施进行了深入研究。本文首先对研究目的与意义、国内外研究现状以及研究内容和研究方法进行了简要说明,并介绍了企业并购与企业并购财务风险的相关基础理论;其次,对并购双方公司概况、并购动因以及并购过程进行了分析;然后,对阿里巴巴并购饿了么过程中存在的估值风险、融资支付风险以及财务整合风险进行了研究,并对阿里巴巴为控制这些风险分别采取的控制措施以及这些控制措施的效果进行了分析与评价;最后,通过前文关于阿里巴巴并购饿了么案例中对财务风险控制措施的分析与评价,对其成功经验进行了一定的归纳与总结,同时针对阿里巴巴尚存在的不足之处分别给出了相应的对策与建议。本文希望通过此案例的分析与研究,为互联网企业在并购过程中如何对财务风险进行有效控制和防范提供参考,以帮助互联网企业通过并购获得更快更好的发展。更多还原

【Abstract】 Today,with the increasingly convenient life and the continuous development of technology,the Internet has quietly penetrated into all aspects of our lives.In order to be able to seek their own sustained stability and better development in the increasingly fierce market competition environment,many Internet companies have chosen mergers and acquisitions to quickly expand their scale and increase market share.However,whether in the early stage of the M&A,during the M&A process or after the M&A is completed,the enterprise will face huge risks.The financial factor is an important factor that cannot be ignored in all aspects of corporate mergers and acquisitions.Therefore,how to correctly identify and effectively control the various risks that may exist in the process of Internet corporate mergers and acquisitions,especially financial risks,is a problem that every merger and acquisition company must pay attention to.However,due to the lack of accurate identification and effective control of M&A financial risks,many M&A companies have led to the failure of M&A activities and even affected the normal operation and development of the company Therefore,this article has some theoretical and practical significance to study and discuss the financial risks and financial risk control measures in the process of Internet enterprise mergers and acquisitionsThis article takes Alibaba’s merger and acquisition of Ele.me as the research object,and conducts an in-depth study on its motivations,financial risks during the merger and acquisition,and financial risk control measures.This article first briefly describes the purpose and significance of the research,the current status of research at home and abroad,as well as the research content and research methods,and introduces the relevant basic theories of corporate mergers and acquisitions and the financial risks of corporate mergers and acquisitions Secondly,it analyzes the company profile,the motivations of the merger and acquisition,and the merger process;then,studies the valuation risk,financing payment risk,and financial integration risk that exist in the process of Alibaba ’s merger and acquisition of Ele.me,and Alibaba controls these The risk control measures taken and the effects of these control measures were analyzed and evaluated;finally,through the previous analysis and evaluation of financial risk control measures in the Alibaba M&A Ele.me case,a certain summary and summary of its successful experience At the same time,according to Alibaba’s shortcomings,the corresponding countermeasures and suggestions are givenThis article hopes that through the analysis and research of this case,it will provide a reference for Internet companies to effectively control and prevent financial risks in mergers and acquisitions,in order to help Internet companies achieve faster and better development through mergers and acquisitions.更多还原