Financial Performance of M&A: Focusing on E-commerce Companies in ChinaM&A 기업성과: 중국 전자상거래 기업을 중심으로
- Other Titles
- M&A 기업성과: 중국 전자상거래 기업을 중심으로
- Authors
- 장총; 김산월
- Issue Date
- Apr-2022
- Publisher
- 한국디지털정책학회
- Keywords
- 알리바바; 전자상거래; M& A; 재무성과; 사건연구; Alibaba; e-commerce; M& A; financial performance; event study
- Citation
- 디지털융복합연구, v.20, no.4, pp.119 - 126
- Journal Title
- 디지털융복합연구
- Volume
- 20
- Number
- 4
- Start Page
- 119
- End Page
- 126
- URI
- https://scholarworks.bwise.kr/gachon/handle/2020.sw.gachon/84147
- DOI
- 10.14400/JDC.2022.20.4.119
- ISSN
- 2713-6434
- Abstract
- With the rise and rapid development of the “Internet+” economic model, the internet is deeply integrated with the social economy and penetrates every corner of life. Compared with expanding the scale of business operations through internal investment and capital accumulation, e-commerce companies are more inclined to directly gain control of other companies through efficient merger and acquisition (M&A). The purpose of this study is to analyze changes in financial performance before and after M&A of Alibaba, China’s largest e-commerce company in the Internet era. To present the impact of M&A events on Alibaba’s stock price and shareholder wealth more intuitively, this study selected the market model in the event study method to measure abnormal returns. The results show that an M&A event led to a reduction in Alibaba’s shareholder wealth in the short term. This study presents the theoretical basis for the M&A performance of e-commerce companies.
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