I互联网企业并购风险防范研究--以阿里巴巴集团并购网易考拉为例摘 要在“互联网+”的背景下，互联网企业不断走向成熟和良性发展。互联网企业为了获得更多的市场份额，赢得更强的竞争力，往往会在互联网行业内部进行并购。与传统企业相比，互联网企业具有自身的独特性及不同的并购风险。本文从互联网企业并购入手，分析阿里巴巴并购网易考拉事件。先分析了阿里巴巴并购网易考拉海购的背景与企业的并购动因，进而探讨了互联网企业不同时间段的风险，如并购前期阶段存在的战略决策风险和财务估值风险，并购中期存在支付风险，并购后期存在经营风险、文化整合风险和人事整合风险。针对并购不同阶段可能面临的风险，提出了并购前围绕自身战略目标出发制定并购策略和选择合适的财务估值方法，并购中期结合自身情况选择合适的支付手段，并购后期注重提高企业业务整合能力、制定相应的人力资源政策和采取科学合理的文化整合措施等互联网企业并购风险的防范措施。关键词：互联网企业；并购风险；风险防范；阿里巴巴；网易考拉IIResearch on the Risk Prevention of Internet Enterprise Merger and Acquisition-take Alibaba Group's Acquisition of Netease koala as an ExampleAbstractUnder the background of "Internet plus", Internet companies are developing towards maturity and development. Internet companies for the sake of gain more market share and win more competitiveness, often carry out merger and acquisition within the Internet industry. However, compared with traditional enterprises, Internet enterprises have their own uniqueness and different merger and acquisition risks. This dissertation starts with the merger and acquisition of Internet enterprises, and analyzes the event of Alibaba's merger and acquisition of Netease koala. This dissertation analyzes the background of Alibaba's merger and acquisition of koala.com and the motives of the merger and acquisition, and then discusses the risks of Internet enterprises in different periods of time. If there are strategic decision risks and financial valuation risks i...
