| Under the background of global economic integration,most of our enterprises are in a critical period of upgrading and transformation.More and more companies are using cross-border mergers and acquisitions to carry out foreign direct investment activities.Cross-border mergers and acquisitions can not only help companies develop international markets,introduce technology and attract investment,but also help companies quickly enter the host country market at low cost.But while advantages exist,companies implementing cross-border mergers and acquisitions also bear many risks.Since the cross-border M&A activities have not yet reached the maturity stage,the ability of enterprises to conduct risk analysis and prevention is still insufficient,resulting in a low M&A success rate.In recent years,the proportion of cross-border M&A activities initiated by emerging companies has increased.Alibaba Group,as a leading Internet technology company in China that integrates e-commerce,third-party payment and logistics providers,is a typical emerging enterprise.And Alibaba Group’s M&A activities in overseas markets have been very active in recent years.As the size of Alibaba Group’s consumer market in China is constantly being divided by newly developed companies,Alibaba Group needs to expand its business field to overseas markets urgently.Therefore,the risk analysis of Alibaba Group’s cross-border M&A activities is very representative.By constructing a risk evaluation model,this will help the Alibaba Group in effectively predicting and preventing and controlling cross-border M&A risks.This article analyzes and summarizes the significant risks encountered by Alibaba Group in the process of cross-border M&A on the basis of combing the current situation of Alibaba Group’s cross-border M&A.The study found that in general cross-border M&A activities,the risks brought about by the host country’s social environment,overseas bank loan financing,choice of payment methods,and later integration of human resources have had a more significant impact on Alibaba Group.This paper conducts an empirical analysis of Alibaba Group’s merger and acquisition of e-commerce company LAZADA,establishes a risk assessment model,summarizes the expert evaluation results recovered,uses fuzzy comprehensive evaluation method to quantify the evaluation results,and evaluates the risks of Alibaba Group’s cross-border M&A process.Synthesizing the conclusions obtained by qualitative analysis and the conclusions obtained by establishing a risk evaluationmodel to determine the types and magnitudes of risks faced by Alibaba Group when facing specific cases.And according to the index factors that affect the risk,put forward more targeted risk prevention and control countermeasures.Through empirical analysis,it can be found that using a combination of qualitative and quantitative analysis to conduct a risk assessment of the Alibaba Group’s cross-border M&A process can help Alibaba Group obtain evaluation results and formulate prevention and control countermeasures.Qualitative analysis can provide the analysis direction for quantitative analysis,and quantitative analysis can verify the comprehensiveness and accuracy of the qualitative analysis method,and can also sort the evaluation results according to the numerical value.Due to the difficult to predict and constantly changing characteristics of cross-border M&A risks,using data to describe the magnitude of risks will give decision makers a more intuitive feeling.The results obtained from the analysis can help Alibaba Group to formulate M&A plans before M&A,choose financing and payment methods during M&A,and provide a reference for M&A integration.Assist the decision makers of Alibaba Group in the process of making M&A strategy,aiming to solve problems in an orderly manner according to the degree of risk. |
