国际经济与贸易学院知识库

      随着我国信息技术的进步，网民规模和互联网普及率的高速增长使我国互联 网产业“弯道超车”，众多互联网企业在短时间内跻身全球前 500 强企业。同时， 经济全球化背景下，跨国并购逐渐成为企业海外发展的重要途径。基于互联网企 业的良好发展和我国宏观政策鼓励进行跨国并购，越来越多的中国互联网企业开 始根据自身发展情况和发展目标着眼于世界开启跨国并购。但因互联网行业市场 环境变化快、涉及数据隐私和产品文化属性强等原因，跨国并购成功率并不高， 更别提资源共享实现协同效应。研究互联网企业跨国并购的短期协同效应与长期 协同效应，能直观地判断并购为企业带来是的是风险还是收益，从而更好的调整 未来发展规划。通过梳理国内外协同效应的文献研究，发现平衡计分卡的四个维 度与协同效应的三个方面有所重合，可以在财务绩效评价的基础上，拓宽原有的 评价方法角度，从多维度出发更能满足互联网企业在市场规模、内部整合、核心 技术和研发团队方面的并购协同效应评价需求。

      因此，本文基于跨国并购协同效应相关理论，以互联网行业发展状况为背景， 对并购背景和方案进行梳理，分析了腾讯跨国并购 Supercell 的真实驱动因素。 在短期协同效应的研究采取事件研究法，通过分析腾讯企业并购后的股价市场变 化反应并购影响。长期协同效应采用平衡计分卡建立指标体系，融入互联网行业 发展重要指标，分别从财务、经营、管理三方面分析其并购的长期协同效应实现 情况及实现原因。再运用熵值法为各个指标客观赋权对长期协同效应进行综合评 价，结果表明并购后长期协同效应整体上升。最后，基于协同效应评价结果，总 结该案例中互联网企业跨国并购的成功经验，以期为增进我国互联网企业跨国并 购实现协同效应提供参考和建议。

With the progress of China's information technology, the rapid growth of the scale of netizens and the penetration rate of the Internet has made China's Internet industry "overtake in the corner", and many Internet companies have ranked among the top 500 enterprises in the world in a short period of time. At the same time, in the context of economic globalization, cross-border mergers and acquisitions have gradually become an important way for enterprises to develop overseas. Based on the good development of Internet enterprises and China's macro policies to encourage cross-border mergers and acquisitions, more and more Chinese Internet companies have begun to focus on the world to start cross-border mergers and acquisitions according to their own development conditions and development goals. However, due to the rapid changes in the market environment of the Internet industry, data privacy and strong product cultural attributes, the success rate of crossborder mergers and acquisitions is not high, let alone the synergy effect achieved by resource sharing. Studying the short-term synergies and long-term synergies of cross-border mergers and acquisitions of Internet enterprises can intuitively determine whether mergers and acquisitions bring risks or benefits to enterprises, so as to better adjust future development plans. By combing the literature research on synergies at home and abroad, it is found that the four dimensions of the balanced scorecard overlap with the three aspects of synergies, which can broaden the perspective of the original evaluation method on the basis of financial performance evaluation, and better meet the needs of Internet enterprises in the evaluation of M&A synergies in terms of market size, internal integration, core technology and R&D team from multiple dimensions.

Therefore, based on the theory of cross-border M&A synergies, this paper reviews the background and plans of M&A against the background of the development of the Internet industry, and analyzes the real driving factors of Tencent's cross-border M&A with Supercell. In the study of short-term synergies, the event research method is adopted, and the impact of mergers and acquisitions is reflected by analyzing the changes in the stock price market after Tencent's mergers and acquisitions. Longterm synergies are based on the balanced scorecard to establish an index system, integrate important indicators of the development of the Internet industry, and analyze the realization of long-term synergies of mergers and acquisitions and the reasons for their realization from three aspects: finance, operation and management. Then, the entropy method is used to objectively weight each index to comprehensively evaluate the long-term synergy, and the results show that the long-term synergy effect increases as a whole after the merger. Finally, based on the results of synergy evaluation, the successful experience of cross-border M&A of Internet enterprises in this case is summarized, in order to provide reference and suggestions for improving the synergistic effect of cross-border M&A of Internet enterprises in China.