互联网企业并购的财务风险及对策 摘要：近几年，中国互联网企业不断上演并购结盟的大戏，优酷和土豆 2012 年 3 月 12 日宣布以换股方式合并，2013 年 5 月 7 日，百度宣布以 3.7 亿美元现金收购 PPS 视频业务，2015 年 1 月 26 日，腾讯文学与盛大文学合并成立为“阅文集团”，越来越多的互联网企业并购，也意味着中国的互联网经济发展迈入更高的层次，而随着企业并购，企业并购的财务风险随即出现。在企业财务风险研究方面，美国著名经济学家 H.M.马可威茨、W.F 夏普、M.H 米勒等做出了较大的贡献，他们先后针对企业财务风险理论进行了深入的研究，提出了证券组合的效率边界风险理论，股票预期收益的资本资产定价模型（CAPM）、公司价值与资本结构关系的 MM 理论等，为以后开展企业财务风险研究奠定了基础，而我国对风险理论和风险管理研究于上个世纪八十年代也逐渐开始。本文在参考以往大量文献的基础上，通过分析企业并购的财务风险及防范相关理论,并以滴滴打车和快的打车的合并案例(合并成为滴滴出行)为例, 结合国外成功与失败案例，提出合并中可能出现的财务风险以及相应的防范措施(的建议)，这对其他企业也起到一定的借鉴参考意义。关键字：财务风险；评价；诊断；对策 Financial Risks and Countermeasures of Internet Enterprises' Mergers and Acquisitions Abstract ： In recent years, China's Internet companies have continued to form a merger and acquisition alliance. Youku and Tudou announced on March 12, 2012 that they would merge in a share swap form. On May 7, 2013, Baidu announced that it had purchased PPS video services for US$370 million in cash. 2015 On January 26, 2010, Tencent Literature and Shanda Literature were merged to form the “Reading Group.” More and more Internet companies’ mergers and acquisitions also mean that China’s Internet economy has entered a higher level, and with the acquisition of enterprises, The financial risk of corporate mergers and acquisitions immediately appeared. In the field of corporate financial risk research, well-known American economists HM Markowitz,...
