政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/100466

政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/100466

English | 正體中文 | 简体中文 | Post-Print筆數 : 27 | Items with full text/Total items : 113656/144643 (79%)
Visitors : 51763347 Online Users : 512

RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.

Scope

please add "double quotation mark" for query phrases to get precise results

please goto advance search for comprehansive author search

Adv. Search

Home ‧ Login ‧ Upload ‧ Help ‧ About ‧ Administer

Goto mobile version

政大典藏 > College of Commerce > Department of Money and Banking > Theses > Item 140.119/100466

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/100466

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.
Reference:	參考文獻 [1] Miller, M., and F. Modigliani, 1961. Dividend Policy, Growth and the Valuation of Shares[J]. Journal of Business, 1961,34(5):411-487 [2] Fama, E., 1965. The Behavior of Stock Market Price, Journal of Business 38(1), January [3] Neil Gandal, 2001. The Dynamics of Competition in the Internet Search Engine Market. 2001,1 [4] Driek Desmet, Tracy Francis, Alice Hu, Timothy M.Koller, George A. Riedel, 2000. Valuing dot-coms [J].The McKinsey Quarterly,2000,148-157. [5] Manfred Krafft, Markus Rudolf , Elisabeth Rudolf-Sipötz, 2005. Valuation of customers in growth companies-a scenario based model [J].Schmalenbach Business Review, 2005, 57（2）：103-127. [6] Thoms R.Eisenmann, 2003. Internet Companies’ Growth Strategies: Determinates of Investment Intensity and Long Term Performance [J].Strategic Management Journal, 2003, 27（12）,1183-1204． [7] Kadiyala,P, 2000. The Relation between the Magnitude of Growth Opportunities and Duration of Equity[J].The Journal of Financial Research,Vol.23,No.3,2000. [8] 周金泉，2006。網絡公司價值評估的理論模式。《江蘇社會科學》, 2006第S1期。 [9] 呂發欽，2000。上市網絡公司評估方法。《中國資產評估》,2000 年第5 期。 [10] 李晟，2014。基於企業生命週期的互聯網企業的估值研究。《江蘇商論》, 201408期:120-121 [11] 李雷，周暉，2008。DCF 法與DDM 法對上市公司估值的對比分析。《華商》, 2008, 08期:39-40 [12] 陳曉丹，2010。生命週期視角下的上市公司價值評估方法研究。博士學位論文，《西南財經大學》, 四川。 [13] 王巍，呂發欽，2000。網絡價值評估與上市[M]。北京：經濟科學出版社，6：32-57. [14]王少豪，李博，2000。網絡公司價值分析及評估方法[J]。中國資產評估，2000（6）：21-26. [15] 馮耕中，吳月琴，於洋，2003。新興網絡企業價值評估研究述評[J]預測。2003.22（5）：68-70． [16] 董小輝，2006。網絡公司價值評估研究。碩士論文，哈爾濱工程大學，哈爾濱。 [17] 杜勝利，2005。公司經營業績評價。經濟科學出版社。 [18] 彭進軍，2003。股份制公司兼並與收購。中國人民大學出版社。 [19] 李麟，1999。公司價值評估理論及其應用研究。博士學位論文，背北京大學，北京。 [20] 姜卓成，2005。中國網絡公司價值評估標準探討。中國計算機報，2005.6。 [21] 木易，2005。中國網絡市場的現狀及走勢。互聯網世界，2005.2.6。 [22] 秦喜傑，陳洪，2004。成功並購—目標企業選擇理論[M]。北京經濟管理，2004(12)。
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

Files in This Item:

File	Size	Format
203301.pdf	1273Kb	Adobe PDF2	35	View/Open

All items in 政大典藏 are protected by copyright, with all rights reserved.

社群 sharing

著作權政策宣告 Copyright Announcement

1.本網站之數位內容為國立政治大學所收錄之機構典藏，無償提供學術研究與公眾教育等公益性使用，惟仍請適度，合理使用本網站之內容，以尊重著作權人之權益。商業上之利用，則請先取得著作權人之授權。
The digital content of this website is part of National Chengchi University Institutional Repository. It provides free access to academic research and public education for non-commercial use. Please utilize it in a proper and reasonable manner and respect the rights of copyright owners. For commercial use, please obtain authorization from the copyright owner in advance.

2.本網站之製作，已盡力防止侵害著作權人之權益，如仍發現本網站之數位內容有侵害著作權人權益情事者，請權利人通知本網站維護人員(nccur@nccu.edu.tw)，維護人員將立即採取移除該數位著作等補救措施。
NCCU Institutional Repository is made to protect the interests of copyright owners. If you believe that any material on the website infringes copyright, please contact our staff(nccur@nccu.edu.tw). We will remove the work from the repository and investigate your claim.

DSpace Software Copyright © 2002-2004 MIT & Hewlett-Packard / Enhanced by NTU Library IR team Copyright © - Feedback