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| Title: | 移動互聯網產業的企業併購研究 ——以阿里巴巴併購高德軟件為例
Analysis on M&A Performance of Mobile Internet Industry ——A Case Study of Alibaba Acquires AutoNavi |
| Authors: | 姜悅
Jiang, Yue |
| Contributors: | 陳威光
林靖庭
姜悅
Jiang, Yue |
| Keywords: | 移動互聯網
企業併購
行動網路
阿里巴巴
mobile Internet
merger and acquisition (M&A)
mobile networks
Alibaba |
| Date: | 2016 |
| Issue Date: | 2016-08-22 10:46:33 (UTC+8) |
| Abstract: | 本文關注於移動互聯網產業的併購現象，以阿里巴巴併購高德軟件為例，探討了阿里巴巴併購高德軟件的併購動機、併購價值及併購預期效益。
研究表明，阿里巴巴併購高德軟件的動機主要包括：佈局移動互聯網入口、為上市增加籌碼、完善移動互聯網產業生態圈。相對而言，高德軟件則可以借助此次併購加速向移動互聯網領域的轉型、與阿里生態鏈深入融合、並進一步提高市場份額。
本文回顧了企業併購傳統估值方法，總結了傳統估值方法在移動互聯網併購估值中存在的缺陷，進而提出以企業生命週期理論下的淨現金流法估值可在一定程度克服估值缺陷。本文嘗試以企業生命週期理論下的淨現金流法對高德公司進行估值，發現去除溢價成分後的企業併購價格與本文估值結果較為接近。本文認為，企業生命週期理論下的淨現金流估值法能為互聯網企業估值提供一定參考價值。
此外，本文分析研究了近年來阿里巴巴併購活動發生後的市場反應。並通過與競爭對手騰訊對比，總結了互聯網企業獲得資本市場認可的併購活動所要滿足的市場條件：鞏固本公司在互聯網入口及出口壟斷地位、本公司業務與被併購公司高度相關或形成互補、被併購公司屬細分行業龍頭。本文認為，阿里巴巴併購高德滿足上述特徵，能獲得較好的市場認可和預期效益。
This research focuses on the merger and acquisition (M&A) activities within the mobile Internet industry. Based on the M&A case of Alibaba merging AutoNavi, this research analyzes the motivation, valuation and anticipated benefit of the M&A.
The research shows that, the motivation for Alibaba to merge AutoNavi includes: distributing mobile Internet portal, raising stakes for the listing, and improving the mobile industry ecosystem. For AutoNavi, this M&A could accelerate its transition towards the mobile Internet industry, deepen its integration with Alibaba’s industrial chain, and further increase its market share.
This research reviews the traditional valuation methods of M&A, and summarizes the limitation of traditional valuation methods being used in the M&A of the mobile internet enterprise, thus proposes that the net cash flow valuation method based on the enterprise life cycle theory could address the limitation to some extent. The research tries to value AutoNavi using the net cash flow valuation method based on the enterprise life cycle theory, and found that the M&A price with the premium deducted is close to the valuation results of the research. Thus, this research suggests that the net cash flow valuation method based on the enterprise life cycle theory has some reference value for mobile internet enterprises.
Apart from that, the research also analyzes the M&A activities and subsequent market reactions of Alibaba in recent years. The result shows that in order to gain market recognition, an M&A should meet the following requirements: consolidating the company`s monopoly on Internet access and exports, the company`s business and the acquired company are highly correlated or complementary, the acquired company is leading in the subdivision industry. The M&A between Alibaba and AutoNavi meets all these requirements, thus it can be recognized by the market. |
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| Description: | 碩士
國立政治大學
金融學系
103352033 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0103352033 |
| Data Type: | thesis |
| Appears in Collections: | [Department of Money and Banking] Theses
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