摘要
近年来,互联网企业之间竞争加剧,互联网行业内并购频发。本文以阿里巴巴并购饿了么为例,运用事件研究法、财务指标评价法、非财务指标评价法评价了阿里巴巴并购饿了么的并购绩效。研究发现,此次并购短期内未能产生理想的市场绩效,也未能产生理想的财务绩效,但从非财务指标这一角度来看,对阿里巴巴产生了积极的影响,即加速了阿里巴巴的新零售布局,完善了阿里巴巴的物流配送体系。最后,基于研究结论提出了提升并购绩效的有益启示。
In recent years,competition among Internet enterprises has intensified,and mergers and acquisitions in the Internet industry have occurred frequently.This paper takes Alibaba's acquisition of Ele.me as an example to study the M&A performance of Internet enterprises.This paper uses event research method,financial index evaluation method and non-financial index evaluation method to evaluate the performance of M&A,and finds that the M&A fails to produce ideal market performance and financial performance in a short period of time,but from the perspective of non-financial index,the M&A has a positive impact on Alibaba,accelerated Alibaba's new retail layout,improved Alibaba's logistics and distribution system.Finally,this paper puts forward beneficial enlightenment for improving the M&A performance.
作者
李卓遥
姚爱萍
LI Zhuo-yao;YAO Ai-ping(College of Economics and Management,Southwest University;Research Institute of Intelligent Finance and Platform Economics,Southwest University)
出处
《当代金融研究》
2020年第1期64-74,共11页
Journal of Contemporary Financial Research
基金
教育部人文社会科学研究青年基金项目“全球价值链分工背景下生产服务业生产率变动对贸易利益的影响”(16YJC790124)
重庆市社会科学规划培育项目“基于贝叶斯方法的空间分层模型及其应用研究”(2016PY37)资助。
关键词
互联网企业
并购绩效
绩效评价
Internet Enterprises
Merger and Acquisition Performance
Performance Appraisal
