互联网企业跨界并购的价值评估—以阿里集团为例摘要企业并购是企业法人在平等自愿、等价有偿基础上，以一定的经济方式取得另一个企业资产或是股权控制的行为，可以看作是一种企业权利的让渡行为，成功的并购常常能够给企业带来新的机遇和发展前景。随着国内经济的迅速发展和资本市场的完善，越来越多的企业采取同行业并购或是跨界并购来完成资本的扩张。普华永道发布数据显示，2020年中国的并购活动交易金额增长了30%，达到7338亿美元，是自2016年以来的最高水平。业内人士表示，2021年企业整体并购规模仍将继续保持增长。但纵观这些年企业并购的交易情况，并购过程并不那么顺利，很多并购案例没有达到预期的效果,对目标企业估价的准确性与否在很大程度上决定了交易的成败。价值评估是并购交易过程中的一个重要环节，如何对并购目标企业的价值进行有效评估成为并购过程中的一个重点。本文以阿里巴巴并购饿了么为研究案例，首先，在文献综述和梳理企业并购与价值评估相关理论的基础上，阐述了目前我国常用企业价值评估方法包括市场法、成本法和收益法等，在并购企业的估值实践中发挥着重要作用。其次，分析企业跨界并购的国内外环境与并购双方的经营状况，分析阿里集团本次并购活动的动因及并购后的发展前景。本文通过深入探究适合于互联网企业并购的估值方法，为今后互联网企业跨界并购的价值评估提供借鉴，为投资者的投资决策提供参考意义。关键词：互联网企业，跨界并购，价值评估IValueEvaluationofCross-borderM&AofInternetEnterprises--TakingAliGroupasanExampleAbstractMergerandacquisitionreferstothebehaviorofenterpriselegalpersontoacquireanotherenterprise'sassetsorequitycontrolinacertaineconomicwayonthebasisofequality,voluntenessandequivalentcompensation,whichcanberegardedasakindoftransferofenterpriserights.Successfulmergerandacquisitioncanoftenbringnewopportunitiesanddevelopmentprospectstoenterprises.Withtherapiddevelopmentofthedomesticeconomyandtheimprovementofthecapitalmarket,moreandmoreenterprisestakethesameindustrymergersandacquisitionsorcross-bordermergersandacquisitionstocompletethecapitalexpansion.AccordingtodatareleasedbyPwC,thevalueofdealsinChina'sM&Aactivityrose30percentto$733.8billionin2020,thehighestlevelsince2016.Industryinsiderssaidthattheoverallscaleofmergersandacquisitionswillcontinuetogrowin2021.However,throughareviewoftheM&Atransactionsintheseyears,theM&Aprocessisnotsosmooth,manyM&Acasesdidnotachievetheexpectedeffect,theaccuracyofthetargetenterprisevaluationtoalargeextentdeterminesthesuccessorfailureofthetransaction.ValueevaluationisanimportantlinkintheprocessofM&A.HowtoeffectivelyevaluatethevalueofthetargetenterprisebecomesakeypointintheprocessofM&A.ThispapertakesAlibaba'sacquisitionofEle.measacasestudy.Firstofall,onthebasisofliteraturereviewandsortingoutrelatedtheoriesofM&Aandvalueassessment,itexpoundsthatcurrentlycommonlyusedenterprisevalueassessmentmethodsinChinaincludemarketmethod,costmethodandincomemethod,whichplayanimportantroleinthevaluationpracticeofM&Aenterprises.Secondly,itanalyzesthedomesticandforeignenvironmentofcross-borderM&Aandtheoperatingconditionsofbothparties,andanalyzesthemotivationofthisM&AactivityofAliGroupandthedevelopmentprospectaftertheM&A.Throughin-depthexplorationofthevaluationmethodsuitableforthemergerandacquisitionofInternetenterprises,thispaperprovidesreferenceforthevalueevaluationofthecross-bordermergerandacquisitionofInternetenterprisesinthefuture,andprovidesreferencesignificanceforinvestors'investmentdecisions.KeyWords:Internetenterprises,cross-borderM&A,valueassessmentII目录第1章绪论..............................................
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