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| 联网企业并购的财务风险及防范研究 ——以阿里巴巴并购饿了么为例
摘 要
随着信息技术的快速普及，互联网经济的成为发展热点，互联网企业为拓宽新的市场空间，增强的核心竞争力，并购这种重要方式成为互联网企业的选择。互联网企业并购的案例在不断增多，而成功的却占少数，因为并购不是简单的经济行为，会伴随着潜在的财务风险，这就需要我们对并购过程中的财务风险更加重视。基于信息不对称理论、风险管理理论、财务整合理论等财务风险相关理论，揭示其在并购前、中、后期的财务风险，由于信息不对称、现金流不稳定、经营模式不相容性等原因，得出结论为在并购估值、融资和整合阶段最易发生财务风险。为降低上述情况的出现的可能性，提出了做好目标企业调研、优化融资结构、加强内部监督等相应的风险防控措施，为其他互联网公司并购的财务风险防控带来一些建议，具有一定的现实意义。
关键词：互联网企业；财务风险；防控措施
ABSTRACT
With the rapid popularization of information technology,the Internet economy has become a hot spot for development. In order to expand new market space and strengthen core competitiveness,Internet companies have become the choice of Internet companies as an important method of mergers and acquisitions. The number of M&A cases of Internet companies is increasing, but the successful ones account for a small number. Because M&A is not a simple economic activity,it will be accompanied by potential financial risks. This requires us to pay more attention to the financial risks in the process of M&A.This article studies the actual case of Alibaba's acquisition of Ele.me, consults relevant literature and quantitatively analyzes the data,and discusses the motivation and implementation process of its acquisition. Based on financial risk related theories such as financial integration theory,risk management theory, information asymmetry theory, and scale economy theory. It reveals its financial risks before, during and after the merger,and concludes that it is due to information asymmetry, unstable cash flow, incompatibility of business models and other reasons.It is concluded that financial risks are most likely to occur in the merger valuation, financing and integration stages. In order to reduce the possibility of the above situation,this paper puts forward corresponding risk prevention andcontrol measures, such as doing a good job of target enterprise research, optimizing financing structure, strengthening internal supervision, etc., and brings some suggestions for the prevention and control of financial risks in the mergerand acquisition of other Internet companies, which has certain practical significance.
Key words: Internet enterprise; Financial risk; The prevention and control measures
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