数字化浪潮的兴起，带动了“互联网+”形势下的新零售业态模式的快速发展，既能够保障居民对于便捷生活日益升级的需求，又推动了国内消费恢复和经济的企稳回升，2021 年政府工作报告再次明确强调应“推进线上线下更广更深融合，发展新业态新模式”。通过并购传统零售企业来实现新零售发展模式，已成为了越来越多互联网企业的选择，然而并购过程中，如何布局新零售、新零售会带来怎样的影响都是值得研究的对象，对于未来新零售业态布局的发展、国家相关政策的制定都有着一定的意义。

       本文通过梳理国内外企业并购的现有研究、界定主要概念，同时以相关理论为依据明确了具体的研究思路与方法；厘清了目前新零售业态下并购形势，总结了其特殊性与影响因素；以阿里巴巴并购高鑫零售为案例对象，结合整个并购过程从并购方与被并购方两个视角分析其选择并购的动机；使用事件研究法分析了并购所引起的短期效应，采用平衡计分卡分析方法，从财务、客户、内部流程、学习成长四个维度细化分析了并购所引起的长期效应。

       分析发现阿里巴巴的并购动机主要包括开拓新的发展机会，寻求市场增长突破口；改善线下资源布局，促进线上线下优势联动；扩大新零售业态版图，增强竞争实力。高鑫零售的主要动机有：解决市场拓展进程中的被动局面；通过并购获取优质互联网技术资源；优化影响盈利能力的内部组织管理结构。在绩效方面，并购带来的短期效果并不理想，但长期来看并购为阿里巴巴在疫情前绩效变化实现了积极影响，尽管受到疫情影响未能产生亮眼数据，但是为疫情后的快速恢复打下坚实基础，达到了新零售业态布局的目的，为新零售业态下的并购展现了具有代表性的成功示范。结合以上分析，针对未来新零售业态下的并购行为提出了主动把握新零售业态风向、发挥企业优势推进战略选择、并购后合理的业务整合三点启示，期望能够对我国零售业未来发展提供案例支持。

The rise of the digital wave has led to the rapid development of new retail models under the "Internet+" situation, which not only ensures the needs of residents in their daily lives, but also promotes the recovery of domestic consumption and the stabilization of the economy. 2021 government work report once again clearly proposed to "promote the wider and deeper integration of online and offline, and the development of new business models. The government's work report in 2021 once again clearly states that it should "promote wider and deeper integration of online and offline, and develop new business models". The development of new retail models through mergers and acquisitions of traditional retail enterprises has become the choice of more and more Internet companies. However, during the process of M&A, how to lay out the new retail and what the new retail will bring are objects worth studying, which have certain significance for the future development of new retail layout and the formulation of national policies.

This paper compares the existing research on domestic and international M&A, defines the main concepts, and clarifies the specific research ideas and methods based on the relevant theories; clarifies the current M&A situation in the new retail industry, and summarizes its special features and influencing factors; takes Alibaba's M&A of Gao Xin Retail as a case study, and analyzes the motives of the M&A from the perspective of both the acquirer and the acquiree in the whole M&A process; uses the event study method to analyze the motives of the M&A. The short-term effects caused by the M&A were analyzed using the event study method, and the long-term effects caused by the M&A were analyzed in four dimensions: financial, customer, internal process, and learning and growth, using the balanced scorecard analysis method.

The analysis found that Alibaba's M&A motives mainly include exploring new development opportunities and seeking market growth breakthroughs; improving the layout of offline resources and promoting the linkage of online and offline advantages; and expanding the new retail business landscape to enhance competitive strength. Gao Xin Retail's main motives include: resolving the passive situation in the market expansion process; acquiring high-quality Internet technology resources through M&A; and optimizing the internal organization and management structure that affects profitability. In terms of performance, the short-term effect brought by M&A was not ideal, but in the long term M&A achieved a positive impact for Alibaba before the epidemic, and although it failed to produce bright data due to the impact of the epidemic, it laid the foundation for a rapid recovery after the epidemic and achieved the purpose of new retail business layout, showing a representative successful demonstration for M&A in the new retail business. Combined with the above analysis, three insights are proposed for future M&A behavior in the new retail industry: proactively grasping the wind direction of the new retail industry, promoting strategic choices by taking advantage of corporate strengths, and reasonable business integration after M&A, which is expected to provide case support for the future development of China's retail industry.

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