| Since 2012, Internet companies are active in China’s M & A market, causing widespread concern. The thesis selects a representative Internet company- Alibaba, and discusses the motives, effects and problems of its strategic acquisitions. It is desirable to provide theoretical and practical reference for Internet companies on strategic acquisitions.The first part of the thesis, as the case introduction, introduces the industry background, Alibaba’s basics and M & A process. The second part is the case analysis. First, along the lines of "what is the strategy- why put forward this strategy- why implement the strategy by strategic acquisitions", the thesis uses theories of expansion strategy motives, theories of M & A motives, network theories to analyze Alibaba’s motives of strategic acquisitions; Second, the thesis explores micro and macro impact of strategic acquisitions, including synergy effects and industrial agglomeration effects; Finally, the thesis analyzes the problems of Alibaba’s strategic acquisitions, and then offers advices in three stages: pre-merger, M & A, after merger.Followings are the views of this paper: First, the aim of Alibaba’s acquisition is not just to improve the valuation of listed, but to achieve Alibaba’s strategic. As the Internet industry has a first-mover advantage, the early "burn" and other features, the best way to implement Alibaba’s expansion strategy is strategic acquisitions; Second, Alibaba’s strategic acquisition brought not only synergy, but also agglomeration, formatting monopoly; Third, strategic acquisitions is a long-tern M&A activity, before acquisition, Internet companies have to pay attention to the strategic positioning of the acquired brands and their valuation; In the course of M&A, Internet companies should choose a variety of payment methods to prevent transfer of control right; After acquisition, Internet companies should attach great importance to the integration of the data, people and organization. |
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