摘要：近年来，腾讯公司选择采用并购方式来实现其全球化多样化发展的战略。然而，并购究竟对腾讯企业带来了哪些影响，并购结果是否成功达成了战略目标，这些问题均需要通过对并购绩效的分析才能得出答案。本文采用了单案例研究方法，对腾讯公司并购58同城进行研究。本文首先整理了企业并购的相关理论知识，其次介绍了腾讯并购的现状及特征，接着选择适合互联网企业并购的绩效评价方法，分析财务指标、非财务指标。我们可以得出结论：此项并购完成后，58同城的盈利能力，偿债能力和成长性均下降，只有营运能力有提升，用户活跃度和下载量提高后一年内又下降，总体来说并没有很好地完成其战略目标。最后建议腾讯企业在考虑负债规模的前提下进行并购，注意并购速度和规模，谨慎挑选被并购对象，以及关注并购后公司的整合，以求更理想的并购效果。

关键词：腾讯；并购；并购绩效

A Study on Mergers&Acquisitions Performance of Tencent

Abstract: In recent years, Tencent chooses to adopt mergers and  acquisitions(M&A)  to promote the development of globalization and the realization of the strategy of persifying. However, what influence did these M&A activities bring to Tencent? Did they promote the realization of the goals? In order to answer these questions, we need to analyse the M&A performance of Tencent. This paper adopts the single-case method when studying the mergering of Tencent with 58.com. Firstly, this paper introduces the M&A relevant theoretical knowledge. Secondly, this paper has a view of present situation and characteristics of Tencent’s M&A. Thirdly, it chooses the performance evaluation method that is suitable for Internet enterprise M&A to analyze from the financial indicators, non-financial indicators and so on. At last, we come to the conclusion that after the M&A activities, the profitability, debt paying capability and the growth of 58.com have declined , only the operational capability have been improved, the vitality of users and the amount of downloads increased at once but decreased a year later. In general, their strategic goals have not been completed. In the end, it suggests that when

Tencent prepares for M&A next time，takes the scale of debt into account, pays attention to the

speed and scale of M&A, carefully selects the object of M&A, and attaches importance to the integration of the company after M&A so that it can get better M&A performance.

Keywords：Tencent; M&A; M&A performance

目录

一、绪论 1

（一）定义 1

（二）研究现状 1

（三）研究目的和意义 1

1、研究目的 1

2、研究意义 1

（四）并购绩效分类 2

1、财务绩效 2

2、非财务绩效 2

二、腾讯企业并购概况 3

（一）并购双方简介 3

1、并购方简介 3

2、被并购方简介 3

（二）并购背景 3

（三）并购过程 3

三、并购过程中财务绩效实证分析 4

（一）并购财务绩效的评价方法 4

1、绩效评价方法概述