中國大型互聯網公司投資併購行為的策略研究——以騰訊、阿里巴巴、百度為例

Abstract

2010年以來，中國互聯網行業興起一波投資併購的熱潮。為了探索這個現象及其原因與影響，本文選取了騰訊、阿里巴巴、百度三家中國大型互聯網公司，整理分析了它們歷年的投資併購案件，並各取一個重要投資案進行深入探討。研究發現，中國大型互聯網公司進行投資併購實現的主要策略目的包括：加強公司核心能力；實現新領域擴張、提供綜合服務、壯大平臺生態圈；佈局未來機會。其他策略目的還包括：收編優秀人才與團隊；獲取資本回報。本文也對這輪投資併購熱潮的驅動因素以及其對行業的影響進行了探討。

The Internet industry in China experienced a boom of investments, mergers and acquisitions since 2010. To explore the impacts and driving forces behind this wave of mergers and acquisitions, this thesis selects three China Internet giants, namely, Tencent, Alibaba, and Baidu, analyzestheir historical investment behavior, and further discusses an important case from each of the companies. The results show that, through investments, these Internet giants could achieve the following main strategic objectives: enhancement of core competencies; expansion of new scope, providing comprehensive service, and building platform ecosystem. Other strategic benefits includeacquisition of talents and capital gains.