我国互联网上市公司并购的财务风险研究

A Study of the Fnancial Rsks Existed in the Mergers and Acquisitions of Internet Lsted Cmpany of China

并购是互联网上市公司进行资源配置、争夺市场份额的重要途径,但客观存在的估价、融资、支付及整合等风险没有得到很好的计量和评估。本文选择2014-2015年间存在并购行为的19家互联网上市公司为样本,以其并购前后各两年及并购当年的财务数据为样本数据,运用F-score模型对我国互联网上市公司并购的财务风险水平进行评估,并利用spss统计分析软件进行分析,得出了并购的财务风险会在以后年度产生累积效应,及采用混合支付方式要比单纯的现金或股票支付方式产生的财务风险低等结论,为互联网上市公司降低并购财务风险提供较为可靠的依据。

Mergers and acquisitions is an important approach for Internet listed companies to undertake resource allocation and fight for market shares. However, objectively there exist problems that valuation, financing,payment and integration of risk cannot be better measured and evaluated. Choosing 19 Internet listed companies thatexisted M＆A behaviors as samples, with the financial data two years before and after the mergers and acquisitionsand the financial data of current year as sample data, using the F - score model, this paper evaluates the financialrisks standard. With SPSS, this paper analyzes and comes to the conclusions that the financial risks in mergers andacquisitions will produce accumulative effect in following years; it would produce low financial risks by adoptingmixed payment than mere cash payment or stock payment style, which provides reliable basis for Internet companiesto lower financial risks in mergers and acquisitions