企业并购的财务效应分析-以阿里巴巴并购雅虎中国为例

企业并购的财务效应分析-以阿里巴巴并购雅虎中国为例(论文9000字)
摘  要
随着这些年的发展，我国的经济有了很大的进步，随之导致市场中企业的营业策略也发生了大幅的变化。很多大型企业开始侧重于通过并购来加强企业进步。并购这种方式成为了企业优化资源，提高组织架构的新模式。国家主要扶持行业，网络行业中的企业数量极速发展，企业间的并购成为行业壮大的有效途径。网络企业并购模式在其他发达国家早已开始、并且有很深的基础研究。但是我们国家对网络企业并购的这方面才刚刚起步，有专家对并购能不能给网络企业带来财富各抒己见。探索网络企业并购的动因，合理的评估网络企业并购对财富的影响，不光能对我国网络企业的并购有着重大意义，还为了我国网络企业的飞速发展提供一些宝贵的意见。
关键词：阿里巴巴；雅虎中国；财务效应

ABSTRACT
With the development of these years, China's economy has made great progress, which has led to a significant change in the business strategies of enterprises in the market. Many large companies are beginning to focus on strengthening their business through mergers and acquisitions. M&A this way has become a new model for enterprises to optimize resources and improve organizational structure. The state mainly supports the industry, the number of enterprises in the network industry is developing at a rapid speed, and mergers and acquisitions among enterprises have become an effective way for the industry to grow. The network enterprise M&A model has already begun in other developed countries and has deep basic research. However, this aspect of our country's mergers and acquisitions of network enterprises has only just started. Some experts have their own opinions on whether mergers and acquisitions can bring wealth to network enterprises. Exploring the motivation of network enterprise mergers and acquisitions, and rationally evaluating the impact of network enterprise mergers and acquisitions on wealth, not only can be of great significance to the merger and acquisition of China's network enterprises, but also provide some valuable opinions for the rapid development of China's network enterprises. [资料来源：www.THINK58.com]
Key words: Alibaba; Yahoo China; Financial effect

目  录
1 绪论    1
1.1 研究背景及意义    1
1.1.1 研究背景    1
1.1.2 研究意义    1
1.2 文献综述    2
1.2.1 国外关于企业并购问题的研究    2
1.2.2 国内关于企业并购问题的研究    2
1.3 研究思路及方法    3
1.3.1 研究思路    3
1.3.2 研究方法    3
2 企业并购的理论概述    3
2.1 企业并购的定义及支付方式    3
2.1.1 并购的定义    3
2.1.2 并购的支付方式    4
2.2 企业并购的动因    5
2.2.1 产生并购协同效应    5
2.2.2 整合企业产业链    5
3 阿里巴巴并购雅虎中国的案例介绍    8
3.1 并购双方公司的概况    8
3.1.1 阿里巴巴网络技术有限公司简介    8

3.1.2 中国雅虎公司简介    9
3.2 并购前后财务指标分析    9
3.2.1 盈利能力比较分析    9
3.2.2 偿债能力比较分析    10
3.2.3 营运能力比较分析    10
3.2.4 成长能力比较分析    11
4 案例研究结论与启示    12
4.1 并购是互联网企业完善产业链的有效方式    12
4.2 选择合适的目标企业是企业并购成功的关键    12
4.3 注重并购后的资源整合是企业并购成功的保障    13
5 结论    13
参考文献    14
致谢    15 [资料来源：http://www.THINK58.com]