互联网企业并购绩效分析——以阿里巴巴并购饿了么为例

Performance Evaluation of Internet Enterprises'Merger and Acquisition——Take Alibaba's Acquisition of Ele.Me as an Example

近年来,互联网并购随着互联网行业的迅速崛起成为热门话题,众多互联网企业通过这种方式获取优质资源、进行企业扩张、提升自身竞争力,但针对互联网行业并购绩效评价的研究内容并不丰富。作为行业巨头之一的阿里巴巴,在2018年完成了当年国内市场金额最大的并购交易,用95亿现金的交易价格全资并购了饿了么,并成为中国互联网行业史上规模最大的全现金交易。阿里巴巴作为互联网行业的巨头之一,其并购行为和并购方式具有代表性意义,本文通过平衡计分卡的四个维度为出发点进行分析该并购行为,选取阿里巴巴2017-2020年三年数据,从财务维度、客户维度、内部运营维度和学习与成长维度列举多个指标进行分析,对其并购绩效进行综合评价。最后针对本次并购,总结其优势,以期对互联网行业提供启示和经验。

In recent years,with the rapid rise of the Internet industry,Internet M&A has become a hot topic.Many Internet companies obtain high-quality resources,expand their enterprises and improve their competitiveness through this way,but the research content on the performance evaluation of Internet M&A is not rich.As one of the industry giants,Alibaba completed the largest merger and acquisition transaction in the domestic market in 2018,and wholly acquired Ele.me with a transaction price of 9.5 billion cash,and became the largest all-cash transaction in the history of China's Internet industry.As one of the giants in the Internet industry,Alibaba's merger and acquisition behavior and merger and acquisition method are of representative significance.This paper analyzes the merger and acquisition behavior from four dimensions of the Balanced Scorecard,selects the three-year data of Alibaba from 2017 to 2020,and lists multiple indicators from the dimensions of finance,customer,internal operation and learning and growth for analysis.This paper makes a comprehensive evaluation of its M&A performance.Finally,it summarizes the advantages of this merger and acquisition in order to provide inspiration and experience for the Internet industry.