互聯網企業發展生態圈的併購策略分析 – 以騰訊和阿里巴巴為例

Abstract

對於互聯網企業而言，投資併購是其用來擴展生態圈的一個重要手段，透過生態圈的擴展，企業可以達到一站式服務、提升用戶黏著、提升用戶轉換成本和建立產業進入障礙等好處。 本論文主旨為探究騰訊和阿里巴巴兩家企業在生態圈發展策略上的差異。在眾多互聯網企業都搶著建立自己的生態圈的時代，不同結構、不同核心業務的互聯網企業在發展生態圈時的策略會基於本身業務結構的差異而發展出不同的生態圈擴張策略。本研究就此現象挑出中國兩大網際網路公司龍頭 – 騰訊和阿里巴巴作對比，研究這兩家企業基於核心業務所建立起的生態圈策略有何異同。 在這兩家企業核心業務造成的結構差異下，騰訊透過較廣且分散的投資併購策略來擴張自己的生態圈，積極尋找可以為集團的核心業務帶來金流的附屬平台業務。反之，阿里巴巴本身就具有高度獲利能力的核心業務 – 電子商務平台，因此在進行投資併購策略時會採取較慢但高控制度的方式來進行擴張。 本研究主要分為四個部分，第一部分為文獻回顧，第二部分將分析騰訊在發展自有業務和投資併購領域上的布局，以及其核心業務對於其建立生態圈的各種影響，並了解若騰訊並非採用現在的方法會有什麼結果。第三部分則是比照騰訊，分析阿里巴巴在發展阿里巴巴生態圈的策略，第四部份則比較兩家企業的策略差異，並針對具有不同核心業務的互聯網企業提出建議。

M&A is an important method for the Internet companies to establish their own ecosystem. The Establishment of ecosystem can help the companies to reach one-stop shopping, increase the users’ stickiness to the platform, increase the customer switching cost and raise the barriers to entry. Therefore, enhance the competitive advantages of the companies. The purpose of this thesis is to find out the differences between the strategies of ecosystem developments of the internet companies. The internet companies with different structures and core business will result in different strategies to establish their own ecosystems. In order to understand the influence, this thesis compare Tencent and Alibaba to find out the similarities and differences in the companies with different core business. Influenced by the non-monetizable core business, Tencent uses a comprehensive M&A strategies to broaden its ecosystem to explore more opportunities to earn profit. However, the core business of Alibaba is a monetizable e-commerce website. Therefore, the M&A strategies of Alibaba is to enhance the competitive advantage of the core business by using a slower but more controlling strategy. There are four parts in this essay. The first one is Literature review. The second one is the analysis of how Tencent develop their own businesses and the investments, mergers and acquisitions to build the Tencent Ecosystem. The third one is about how Alibaba build the Alibaba Ecosystem, including their own businesses and the investments, mergers and acquisitions. The last part is the comparisons between the strategies of Tencent and Alibaba and my suggestion to the internet companies with different core business.