【作者】 张斌；

【导师】 宋玉华；

【作者基本信息】 浙江大学 ， 政治经济学， 2005， 博士

【摘要】 本文以新经济下的网络兼并活动为主要研究对象,对网络兼并的规律和特征进行了归纳,以经济学的视角对网络兼并的本质进行了研究。 本文首先分析了网络兼并的宏观环境——新经济的发展趋势以及微观主体——网络公司的特征,然后探讨了新经济背景下网络兼并发生的动因,分析了网络行业竞争与垄断共存的现象,提供了多种评估被兼并对象的有效方法,最后在理论分析的基础上,对我国网络公司的兼并行为与盈利性的关联性进行了实证研究。 本文得出的主要结论是: 第一,新经济是网络兼并发生的重要宏观背景,古典经济学所无法解释的新经济中的现象和悖论对网络兼并产生了深刻的影响。 第二,网络兼并具有四个特征:其一,网络兼并活动主要围绕四个主要领域进行,即网络基础设施领域、网络应用服务领域、网络媒介领域以及网络商业领域;其二,纵向一体化和多元化是网络兼并的主要形式;其三,跨国兼并频繁发生,跨国兼并由以前的强弱相辅发展为强强结合;其四,网络兼并基本上沿着两种模式在进行,一种是以实现规模效应和商业盈利的原则进行互相整合,另一种是围绕互联网的应用以获得技术和研发优势为特点进行的兼并。 第三,网络兼并与一般的企业兼并一样,可以用规模经济理论、交易成本理论、企业并购协同理论、税收效应理论等传统理论来解释。除此之外,技术、协议标准、微笑曲线也是网络兼并的重要动因。互联网和信息技术的发展以及相关制度的变革也推动了网络兼并的产生。 第四,垄断是目前网络行业普遍存在的现象,通过分析网络垄断形成的过程和产生的深层次的原因,本文认为在给定的条件下网络产业中的垄断可以带来更多的消费者剩余,政府应适当放宽对兼并的管制。 第五,贴现现金流法、市场法和成本法等方法是针对传统兼并对象的价值评估方法,在用于评估网络企业时存在一定的局限性。麦肯锡的三阶段分析新方法、修正的市盈率模型、理论收益乘数法—TEMA、经济附加值(EVA)估值法、期权更多还原

【Abstract】 M&A activities correlated with Internet industry in new economy is a major research target of this paper. This paper summarizes the disciplinarians and characters of M&A in Internet industry, and investigates the hypostasis of M&A based on the economics angle of view.In this paper, it first analyzes the macroscopic environment, its tendency and the microscopic body—what the network companies has been done, and then discusses on why these behaviors take place under new economy has been made. The paper also analyzes the phenomenon of the competition and the monopolization of internet M&A, and offered many kinds of effective methods used to assess merging targets. Finally an empirical study on relation between the M&A activity and profitability of the internet company of our country is carried out based on the theory analysis.The major conclusions from this paper as follows:Firstly, new economics becomes an important macroscopic background under which M&A in Internet space happens. The phenomena and absurdity in new economics that the classical economics can’t explain has greatly influenced the activities.Secondly, Internet M&A bears four characters: first, M&A activities mainly cover four fields that are the field of Internet Infrastructure, Internet Application Infrastructure, Internet Intermedia and Internet Commerce; Second, vertical and hybrid mergers are the primary forms in Internet M&A; third, multinational mergers occurs frequently and the former merger of unequal evolves into merger of equals; forth, there are mainly two modes: One is merging for achieving scale benefit and commercial profitability. The other is merging for acquiring technology and R&D advantages based on the application of Internet.Thirdly, like the traditional enterprise merging, the scale economic theory, the transaction cost theory, enterprise M&A synergy theory, tax effect theory can also explain the M&A in Internet space. Besides, technology, protocols and standards, smile curve are also important factors. The development of Internet and information technology and the change in correlative regulations helps the promotion of the M&A activities.Fourthly, as monopolization becomes popular in Internet industry, we conclude in certain conditions monopolization in the Internet industry can bring more consumer welfare after analyzing the process of net monopolization and deep-seated causation. So the government should relatively broaden control.Fifthly, NPV method, market method and cost method are value-assessing technique aimed at traditional merging objects. So they have limitation when used in assessing the Internet enterprises. The three-step analysis method developed by Mckinsey, amended market-earned rate model, theory earning multiplier-TEMA, EVA value-assessing method, option pricing theory are more suitable for assessing the value of these enterprises. In this paper, the modern value-assessing methods are更多还原