Research On Performance Evaluation Of Ali’s Acquisition Of Netease Koala

With the slowdown of the incremental market of internet,the original internet industry giants have made great efforts through large-scale and high-frequency M & A activities to occupy the leading position in the industry.Under the circumstances,the importance of performance evaluation after M & A has become increasingly prominent.In view of this,this paper takes Koala founded by Netease,the representative of the imported e-commerce platform acquired by Ali,as the research object,for specific analysis and makes a conclusion of problem on the performance evaluation system of target enterprises after M & A.An effective M & A performance evaluation system is constructed in this process in order to provide guidance for internet enterprises on how to carry out and provide some help for shopping activities.This paper combs and summarizes several mainstream traditional methods of enterprise performance evaluation,confirms the advantages and disadvantages of traditional evaluation methods,and finally selects the balanced scorecard as the basis for the construction of performance evaluation system.In the proceed of establishing the performance evaluation system,the paper started from the enterprise strategy map,draw the strategy map consistent with internet enterprises,from the perspective of Balanced Scorecard,four dimensions are determined,finance、customers、internal processes and learning and growth.Then,based on the above dimensions and main characteristics of the internet enterprise,select the corresponding indicators,and use the analytic hierarchy process to weight the four dimensions.In the specific case analysis operation,the event research method is used to calculate the abnormal return and cumulative abnormal return of M & A events,complete the analysis,and then show the index trend from four dimensions.Combined with the weighting and index weighting of four dimensions,a comprehensive weighting is formed.Finally,Ali’s performance evaluation results from2017 to 2020 are scored,and the scoring results and index performance of each dimension are analyzed in detail.The main conclusions are as follows: the performance system constructed in this paper can more comprehensively evaluate Ali’s M & A performance;Analytic hierarchy process(AHP)is helpful to endow Ali M & a performance evaluation with more accuracy;Ali’s performance has improved significantly after the implementation of the M & A activity,which means that the M & A activity has achieved some success.However,it also exposes the problem of short maintenance time of M & A performance.