互联网企业并购的财务协同效应.doc

互联网企业并购的财务协同效应 摘要 在资本市场迅速发展的今天，并购正在不断的吸引那些想要重新进行资源的优化配置、寻求资本扩张的企业的注意力。在全球并购浪潮的影响下，我国的企业以稳定的地位和强大的资金实力频繁地进行着并购活动，而对于财务协同效应的寻求和追逐是如今我国公司并购的主要动因之一，这也是衡量企业并购活动成功与否的关键指标。因此对于企业并购财务协同效应的深入研究有助于实现企业的并购战略目标，增强公司的市场竞争力。 本文结合使用了文献资料和案例研究两种方法，研究分析58同城与赶集网并购的财务协同效应。首先介绍了互联网行业并购的研究背景，利用文献资料法分析总结了国内外的研究现状，在对相关文献进行分析总结后，继而对并购和并购财务协同效应等相关概念进行了界定，总结阐述了与财务协同效应有关的并购动因理论。采用案例分析法，以互联网行业并购浪潮中一起具有代表性的并购案例mdash;mdash;58同城并购赶集网为研究对象，运用现有的企业并购协同效应理论，从财务指标法具体分析对比了并购前后的财务状况，研究案例企业并购产生的财务协同效应,发现58同城并购赶集网的财务协同效应没有获得充分的发挥，在对其原因分析的基础上，为并购目标企业如何充分发挥财务协同效应给出了建议，进而期望为互联网行业企业的并购研究提供理论和数据支撑，以有利于我国企业并购战略的实施。通过研究,我们可以看到58同城和赶集网通过横向并购可以获得规模的经济优势,但是由于信息不对称、估价风险、并购财务整合力度和财务风险等原因导致未能实现预期效果，因此并购财务协同效应没有得到充分的发挥。 关键词：互联网企业；企业并购；财务协同效应 abstract In the rapid development of the capital market today, mergers and acquisitions are constantly attracting those who want to re-optimize the allocation of resources to seek capital expansion of the enterprise’s attention. Under the influence of global wave of mergers and acquisitions, China’s enterprises to a stable position and strong financial strength of the frequent M amp; A activities, and for the financial synergies of the pursuit and chase is now one of the main reasons for the acquisition of our company, which is measured The key indicators of the success of M amp; A activity. Therefore, the in-depth study on the financial synergies of M amp; A will help to achieve the M amp; A strategic objectives and enhance the market competitiveness of the Company. This paper uses two methods of literature and case study to study and analyze the financial synergies between 58 cities and mergers and acquisitions. Firstly, it introduces the research background of Internet industry mergers and acquisitions, analyzes and summarizes the current research situation at home and abroad, analyzes and summarizes the related concepts of M amp; A and M amp; A, and then summarizes the related concepts The Theory of M amp; A Motivation Related to Financial Synergy. Using the case analysis met