摘要本文通过对阿里巴巴近年来重大并购事件的分析来探讨企业并购运作的问题。先对阿里巴巴公司的背景做了一个简单的介绍，从基本情况到重大并购事件以及对结构调整和上市推迟进行了分析。然后着重介绍了阿里巴巴并购雅虎中国和入股新浪微博的事件从而来研究并购运作的一系列问题。本文所运用的数据是通过查阅一些近年来与阿里巴巴相关信息的资料来查找，并借鉴了一些专家的意见经过分析研究对这一问题提出了自己的见解。研究结果表明企业并购决策准确，可带来比较好的收益，决策失误，则会给企业带来巨大的损失，这是一种大规模的战略性投资。并购专家瓦瑟斯坦也指出，并购成功与否不是仅仅靠被收购企业创造价值的能力，在更大程度上依靠并购后的整合。那么本文也对并购后整合问题做了相应研究。关键词阿里巴巴；雅虎；新浪微博；企业并购动因；企业并购运作；企业并购整合AbstractThisarticlethroughtheanalysisofalibabamajorm&aeventinrecentyearstoexploretheproblemsofm&aoperations.Toalibabafirstthebackgroundofthecompanymadeasimpleintroduction,fromthebasicsituationtothemajorm&aeventaswellastotherestructuringandlistingdelayareanalyzed.ThenintroducedalibababuyyahooChinaandtakeastakeinsinaweiboeventandoperationofaseriesofproblemstostudym&a.Datausedinthispaperisbylookingatsomeoftherecentyearswiththealibabatofindtherelatedinformationdata,throughanalysisandstudyanddrawlessonsfromsomeexpertsputforwarditsownviewsonthisissue.Researchresultsshowthattheenterprisem&adecisioncorrectly,canbringgoodprofits,decision-makingerrors,willgiveenterprisetobringthehugelosses,itisamassivestrategicinvestment.Wassersteinm&aexpertsalsopointedoutthatthemergerissuccessfulornotdoesnotonlydependonbeingacquiredabilitytocreatevalueforenterprises,relymoreonintegrationafterm&a.Sothispaperalsodosomeresearchproblemsofintegrationafterthemerger.KeywordsAlibaba;Yahoo;Sinamicroblog;Mergersandacquisitionsmotivation;Mergersandacquisitionsoperations;Enterprisemergerandacquisitionintegration目录目录............................................................................................................................................I前言............................................................................................................................................1一、阿里巴巴公司背景............................................................................................................2（一）基本情况概述............................................................................................................2（二）重大事项....................................................................................................................2（三）结构调整....................................................................................................................2（四）上市推迟....................................................................................................................3二、阿里巴巴重大并购事件....................................................................................................3（一）2005年8月11日阿里巴巴并购雅虎中国..............................................................3三、并购的动因........................................................................................................................6（一）获得规模经济优势....................................................................................................6（二）降低交易费用..............................................................................
