| Internet has been developed more than twenty years in China,it has become an important part of social activities and national economy.The development of the internet changes the way of people's life,transfom the structure of our contry as well.With the arrival of the "Internet+" era,internet has more link with artificial intelligence,big data,cloud computing and other new ecnomic growth point,and domestic competition get more fierce.The industrial structure of the global economy is undergoing in deep adjustment,facing the global business transactions in new era,how to evaluate the performance of Internet enterprise Mergers&Acquisitions,how to carry out M&A activities of Internet enterprises reasonably to promote the prosperity of the new third industry in the context of globalization,which is the biggest problem that should be solved by the Internet enterprises in the process of M&A activities in China.Frist,this paper describes the macro background of the development of China's Internet enterprise according to the national economic development situation and the adjustment of industrial structure,explain the concept of M&A and M&A performance.On this basis,the relevant literature on the transnational merger and acquisition of Internet enterprises and their performance measurement are combed.Then this paper introduces the methods of performance measurement,analyzes the current development situation of Internet industry in China,as well as characteristics of global M&A under the contrast between Internet industry and traditional industry,describe current situation of the global M&A in the Internet industry and find the existing problems.This paper selects Tencent M&A SUPERCELL as the research object in Internet industry,introduce the current situation of both side,set acquisition performance goals on the basis of Tencent's M&A motive,to study whether this activity bring the promotion of the business profitability,whether Tencent can make up the short board of business.Then use shareholder value analysis method to study the short-term performance of the case,use financial indicators and non-financial indicators method to study the long-term performance,through the analysis of result it can be found that,after the acquisition of SUPERCELL,although the net profit growth rate appear brief decline,but relying on good project investment operation,it soon appears the improvement of capital turnover ability and the improvement of revenue performance,Tecent stay stable profit level and enlarge of the overseas market share,which the leadership postion in the global network game.Meanwhile,SUPERCELL also absorbs Tencent's social user resources and develops other businesses by using Tencent E-sports platform.The M&A case had brought positive feedback on both sides.As case research shows that Internet companies should combine their own strategic objectives to chose methods and set goals of mergers and acquisitions,they must focus on the changes of important property index of the fund and the operational risk,strengthen business management and operation ability,pay attention to attract and accumulate users,focus on the integration of intellectual capital,so that we can make both sides synergy to achieve good M&A performance. |
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