Research On Financial Risk And Prevention Of Internet Enterprise Merger And Acquisition

In recent years, in order to obtain more market share and enhance their own competitiveness, more and more Internet companies through mergers and acquisitions or merge to achieve its strategic goal of expansion. But due to the Internet enterprises M & A has its own features, and mergers and acquisitions both organizational structure, resources, human resources and market conditions of different, often make the M & A of different stages faced with traditional enterprises do not have the financial risk, and become the enterprise merger and acquisition and success of an important measure. To this end, the financial risk of the Internet enterprises, and effectively to ensure prevention has important practical significance of mergers and acquisitions of Chinese Internet business success. This paper selects the Ctrip where the network with the case on the merger of financial risk theory based on the following three aspects and draws the corresponding conclusion.First, the analysis of the characteristics of M & A of Chinese Internet enterprises in mergers and acquisitions business links between close and financial profitability strong, mergers and acquisitions business side of the potential value of large and strong financial solvency, industry span and multi field makes the financial and operational capacity is weak. On this basis, summed up the Chinese Internet enterprises M & A at different stages have different financial risk:the merger of Internet enterprise value evaluation of the financial risk, mergers and acquisitions in the Internet enterprise financing and payment of financial risk of M & A and Internet enterprise financial integration risk.Second, from the theory of scale economy, financial cooperative theory, transaction cost and competitive advantage theory, and put forward the Internet business mergers and acquisitions of financial risk prevention countermeasures:one is from their own strategic goals of making M & a strategy; the second is to fully understand their own operating conditions for choice of payment; the third is actively building after the merger of financial organization structure to realize the effective integration between enterprises of both sides.Third, to the research as the foundation, in order to carry Cheng mergers and acquisitions to where the network as an example, revealing the is the financial risk of M & A, to where the network growth and profit of poor and lead to financial valuation is too high, the acquisition of the convertible merger resulted in Ctrip equity dilution, wind cast by shareholders after the merger arbitrage of stock price volatility, the post merger integration of the two businesses adversely cause government to its antitrust litigation, and cultural integration caused by poor enterprises of their respective original old customer lost. Subsequently, summed up the Ctrip in mergers and acquisitions to where net financial risk prevention measures, including before the merger to make correct financial assessment, through a share swap payments to avoid financial pressure on cash risk and mergers and acquisitions equity ratio, the reasonable control and business innovation reduce financial integration.In this study, with a view to China's Internet companies in mergers and acquisitions in the effective financial risk identification and prevention to provide effective inspiration.