| Since China’s full-featured access to the Internet in1994,the all-round popularization of communication networks and the development of Internet technology have made all kinds of Internet enterprises develope prosperously.It promoted the organizational and operation paradigm and technological innovation model of modern enterprises.At the same time,the report of the 20 th National Congress of the Communist Party of China proposed to accelerate the construction of a "network power,a digital power".The Internet platform economy,represented by e-commerce,social networking and online payment,promotes the development of digital economy.Under the background of international and domestic dual-cycle development,many Internet platform enterprises have strengthened international cooperation to achieve economic growth.Due to the large amount and number of mergers and acquisitions of Internet enterprises,the academic community lacks targeted performance evaluation.Therefore,this article selects targeted indicators for the characteristics of Internet platform enterprises to provide reference for mergers and acquisitions in the Internet industry.Based on Alibaba’s acquisition of Net Ease Koala as an example,this paper first studies the relevant M&A performance literature at home and abroad,supported by market forces,synergies and business ecology.Select targeted indicators from the three dimensions of market share and user flow,financial collaboration and ecological resource sharing,build an evaluation system,and analyze the selected indicators in detail.Finally,the entropy method is used to comprehensively analyze the selected evaluation indicators,and the performance of case enterprises before and acquisitions is studied in multiple dimensions and comprehensively.The research conclusions of this article are as follows:(1)Market share and user flow.Alibaba’s market share jumped to 65% from 25% before mergers and acquisitions,once again widening a gap with other competitors in the industry that is difficult to catch up in the short term.The number of active users increases and user stickiness increases.(2)Financial coordination.In terms of solvency: the asset-liability ratio has decreased slightly,and other indicators have increased.Mergers and acquisitions are conducive to the improvement of Alibaba’s solvency level.In terms of profitability: the decline in the rate of return on net assets and the rate of return on total assets may be due to the low efficiency of resource integration after mergers and acquisitions,and the synergy effect has not been significantly exerted.In terms of operating capacity: all turnover indicators are rising.Because Alibaba is a light asset enterprise,changes in operating income will greatly affect the changes in overall operating indicators.In terms of growth ability: various growth rate indicators show a downward trend.Mergers and acquisitions have improved Alibaba’s growth ability in the short term.In the long run,mergers and acquisitions have not offset the pressure brought by competitors.(3)In terms of ecological resource sharing,the management cost rate and sales cost rate have been reduced,and the addition of Net Ease Koala excellent employees has improved the per capita contribution rate of Alibaba employees.(4)Comprehensive evaluation system of entropy method.The overall score of mergers and acquisitions shows fluctuations.Judging from the nodes before and after mergers and acquisitions,in the second quarter of 2019,the comprehensive score began to decline.After mergers and acquisitions,the score went up slightly,from 7 to 8.The reason is that after Alibaba completed the merger and acquisition,it integrated Net Ease Koala’s team,retained its core management personnel and properly arranged ordinary employees.In addition,Alibaba complements the advantages of the two sides in terms of business structure,and completes the mutual integration of the logistics and supply chain capabilities of the two sides,indicating that the merger and acquisition has achieved the performance of mergers and acquisitions.Based on this,relevant suggestions are put forward: when evaluating the performance of Internet platform enterprises,pay attention to the evaluation of market share and user flow indicators;Alibaba needs to solve the problems of financial coordination;optimize the integration of business ecosystem resources;reasonably choose mergers and acquisition targets;and achieve benign mergers and acquisitions.As the first case of mergers and acquisitions in China’s crossborder e-commerce industry,this case has far-reaching guiding significance. |
