摘要随着社会的进步，时代的发展，互联网企业如雨后春笋般出现，其中又以网络视频网站最为突出。自2012年3月12日优酷土豆共同宣布将以100%换股的形式合并后，中国互联网进入了一个互相并购联合的高峰阶段，这不仅让人思考是否互联网企业只有通过合并才能更好地发展。然而提及并购又必须注意到并购活动本身存在着巨大风险，而财务风险又是重中之重。本文共分四个部分，第一部分是对各理论概念进行具体解释，包括并购理论及概念、互联网的特征与发展趋势、并购中财务风险的相关理论、并购中并购企业财务风险的分析内容，方法，进行概述和说明；第二部分是针对于优酷合并土豆进行案例分析，主要是介绍优酷及土豆的相关情况、简述并购过程、对各项具体财务风险进行分析。第三部分是对优酷合并土豆案例中并购企业财务风险分析后存在的问题及相应的对策进行研究。通过分析可知并购企业对目标企业估值过高，存在风险；由于选择的是100%换股的支付方式，因此在融资和支付两方面风险较低，而通过对各项指标、比率的计算得知并购企业的短期偿债风险较低，长期偿债风险偏高。关键词：新常态；网络保险；网络安全AbstractWiththeprogressofsocietyandthedevelopmentofthetimes,Internetenterpriseshavesprunguplikebambooshootsafteraspringrain,amongwhichnetworkvideowebsitesarethemostprominent.SinceMarch12,2012,YoukuPotatoannouncedthatitwillmergeintheformof100%stockexchange,theChineseInternethasenteredapeakstageofmergersandacquisitions,whichnotonlymakespeoplewonderwhetherInternetenterprisescandevelopbetteronlythroughmergersandacquisitions.However,whenreferringtomergersandacquisitions,wemustpayattentiontothehugerisksofmergersandacquisitionsitself,andfinancialrisksarethemostimportant.Thispaperisdividedintofourparts.Thefirstpartisadetailedexplanationofthetheoreticalconcepts,includingM&Atheoryandconcepts,thecharacteristicsanddevelopmenttrendoftheInternet,therelatedtheoryoffinancialriskinM&A,theanalysiscontentandmethodsoffinancialriskinM&A,andthesecondpartisacasestudyofYouku'smergerofpotatoes,mainlyintroducingit.Youkuandpotatoesrelatedinformation,abriefdescriptionofthemergerandacquisitionprocess,thespecificfinancialriskswereanalyzed.ThethirdpartistostudytheexistingproblemsandcorrespondingcountermeasuresafteranalyzingthefinancialriskofmergerandacquisitionenterprisesinYoukumergerpotatocase.Throughtheanalysis,wecanknowthatM&Aenterpriseshavehighvaluationandriskstothetargetenterprises;becausetheychoosethepaymentmethodof100%stockexchange,theyhavelowrisksinfinancingandpayment,andthroughthecalculationofvariousindicatorsandratios,weknowthatM&Aenterpriseshavelowshort-termdebtrepaymentriskandhighlong-termdebtrepaymentrisk.Keywords:newnormal;networkinsurance;networksecurity目录摘要..................................................................II第1章相关概念及理论概述................................................1第1节企业并购理论..........................................................................................................1第2节互联网行业的概念..................................................................................................2第2章优酷合并土豆案例分析..............................................3第1节并购背景介绍..........................................................................................................3第2节优酷合并土豆中并购企业的财务风险分析..........................................................7第3章优酷合并土豆中的财务风险的问题与对策..............................9第1节存在的问题.................................................................
