Research On The Value Of Merger & Acquisition Of Internet Enterprise Based On The Perspective Of Intellectual Capital

The world's seventh wave of mergers and acquisitions has swept the world since 2011.In China,BAT(Baidu,Alibaba,Tencent)as an outstanding representative of Internet companies,based on unique platform-grade products,through a large number of foreign mergers and acquisitions to expand the business map,build their own business ecosystem,and eventually become a high-profile leader.At the same time,with the advent of the era of knowledge economy,the role of intellectual capital in the creation of enterprise value is increasingly prominent.Internet enterprises more and more through M & A means to snare intellectual capital,and then with intellectual capital to enhance the competitiveness of enterprises.So,in the logical chain of "M & A-intellectual capital-enterprise value",how do Internet enterprises obtain intellectual capital through mergers and acquisitions? What are the characteristics of intellectual capital mergers and acquisitions? What path does intellectual capital help enterprises maintain competitiveness and performance in a super-competitive environment? It has become an important subject that needs to be studied urgently at present.In this paper,Tencent is selected as a research case.Based on the detailed and in-depth review of the existing relevant research,through the collection of its major M & A a events from 2011 to 2018 as a research sample,this paper mainly carries out three aspects of research work.Firstly,at the industry level,this paper focuses on the characteristics of Internet enterprises different from traditional enterprises: platform ecosystem,Community network effect,scope effect and resource complementarity,and redefines the motivation of Internet industry M & A-in order to obtain intellectual capital.Secondly,at the enterprise value level,this paper explains the three elements of intellectual capital respectively(Human capital,structural capital,relationship capital)to realize the path of enterprise value improvement.At the same time,combined with relevant literature,it is pointed out that intellectual capital does not directly create enterprise value.Only when intellectual capital enhances the dynamic ability of enterprises,through the intermediary role of dynamic ability to enhance enterprise value.Third,this paper is based on the The logical chain of "acquiring intellectual capital-enhancing dynamic capacity-creating enterprise value" puts forward two hypotheses,makes empirical studies by using the long-term event research method(HBAR method)and mathematical derivation,and verifies the correctness of the hypothesis.The research significance of this paper is mainly two points.Firstly,it demonstrates that Tencent takes the acquisition of intellectual capital as the driving force of M & A to provide a possible perspective for the study of M & A motivation of light assets Internet enterprises.Secondly,this paper puts forward hypotheses and empirically in the case of Tencent Group's M & A.