基于戰(zhàn)略動(dòng)因騰訊并購(gòu)Supercell績(jī)效評(píng)價(jià)案例研究

基于戰(zhàn)略動(dòng)因騰訊并購(gòu)Supercell績(jī)效評(píng)價(jià)案例研究摘要：

隨著中國(guó)互聯(lián)網(wǎng)企業(yè)的全球化趨勢(shì)，騰訊作為中國(guó)互聯(lián)網(wǎng)領(lǐng)域的龍頭企業(yè)，也開始尋找全球化的戰(zhàn)略機(jī)會(huì)。2016年，騰訊以84億美元的價(jià)格收購(gòu)了芬蘭游戲公司Supercell，這也是迄今為止中國(guó)企業(yè)對(duì)外并購(gòu)的最大交易之一。本文運(yùn)用戰(zhàn)略動(dòng)因理論和績(jī)效評(píng)價(jià)方法，對(duì)騰訊并購(gòu)Supercell的戰(zhàn)略動(dòng)因和績(jī)效進(jìn)行了深入分析。

本文首先介紹了戰(zhàn)略動(dòng)因理論和績(jī)效評(píng)價(jià)方法的相關(guān)理論知識(shí)，然后分析了騰訊并購(gòu)Supercell的具體情況和背景，并分析了并購(gòu)決策的戰(zhàn)略動(dòng)因。接著，本文從財(cái)務(wù)和非財(cái)務(wù)績(jī)效兩個(gè)方面，對(duì)并購(gòu)后的績(jī)效進(jìn)行了評(píng)價(jià)，并得出了結(jié)論：通過收購(gòu)Supercell，騰訊成功進(jìn)入了全球游戲市場(chǎng)，實(shí)現(xiàn)了戰(zhàn)略轉(zhuǎn)型，同時(shí)也取得了巨大的商業(yè)回報(bào)。

關(guān)鍵詞：戰(zhàn)略動(dòng)因；績(jī)效評(píng)價(jià)；并購(gòu)；騰訊；Supercell

Abstract:

WiththeglobalizationtrendofChineseInternetcompanies,Tencent,asaleadingcompanyintheChineseInternetindustry,hasalsobeguntoseekstrategicopportunitiesforglobalization.In2016,TencentacquiredtheFinnishgamecompanySupercellfor$8.4billion,whichisoneofthelargestoverseasacquisitionsbyChinesecompaniestodate.ThispaperusesthestrategiccausalitytheoryandperformanceevaluationmethodtoanalyzethestrategiccausesandperformanceofTencent'sacquisitionofSupercell.

Thispaperfirstintroducestherelevanttheoreticalknowledgeofstrategiccausalitytheoryandperformanceevaluationmethod,andthenanalyzesthespecificsituationandbackgroundofTencent'sacquisitionofSupercell,andanalyzesthestrategiccausesoftheacquisitiondecision.Then,thispaperevaluatestheperformanceoftheacquisitionfromtwoaspects:financialandnon-financialperformance,anddrawsconclusions:ThroughtheacquisitionofSupercell,Tencentsuccessfullyenteredtheglobalgamemarket,realizedstrategictransformation,andalsoachievedhugecommercialreturns.

Keywords:strategiccausality;performanceevaluation;acquisition;Tencent;SupercellIntroduction

AsoneoftheleadingChinesetechnologycompanies,Tencenthasbeenactiveinthefieldofonlinegamesformanyyears.However,itsinfluencewasmainlylimitedtothedomesticmarket,anditfacedchallengesinexpandingitsbusinessglobally.Inthiscontext,TencentannouncedtheacquisitionofSupercell,aFinnishmobilegamedeveloper,inJune2016.ThisacquisitionwasthelargestforeignacquisitioninTencent'shistory,valuedat$8.6billion.Thispaperanalyzesthestrategiccausesoftheacquisitiondecisionandevaluatesitsperformancefromfinancialandnon-financialaspects.

StrategicCausesoftheAcquisitionDecision

TheacquisitionofSupercellwasastrategicmoveforTencenttoentertheglobalgamemarketandachievestrategictransformation.Firstly,SupercellisaleadingmobilegamedeveloperwithsuccessfultitlessuchasClashofClansandClashRoyale,whicharepopularglobally.Withitsstronggamedevelopmentcapability,SupercellcanprovideTencentwithvaluableresourcesandexpertiseingamedevelopment,especiallyformobiledevices,whichisthemainplatformforonlinegamesintheglobalmarket.ByacquiringSupercell,Tencentcanleverageitsstrongpositioninthedomesticmarketandexpanditsbusinessglobally,especiallyinEuropeandNorthAmerica,whereSupercellhasastrongpresence.

Secondly,theacquisitionofSupercellcanhelpTencentachievestrategictransformationfromacompanythatprimarilyfocusesonsocialandcommunicationservicestoacompanywithamorediversifiedbusinessportfolio.ThistransformationcanprovideTencentwithacompetitiveadvantageinthelongrun,asthegameindustryisexpectedtocontinuegrowingatafastpace,especiallywiththeriseofmobilegaming.Moreover,TencentcanalsobenefitfromthesynergiesbetweenSupercellandothersubsidiaries,suchasWeChat,astheseplatformscanprovideamoreintegratedgamingandsocialexperienceforusers.

PerformanceEvaluation

TheacquisitionofSupercellhasbeensuccessfulfrombothfinancialandnon-financialaspects.Onthefinancialside,theacquisitionhasbroughtsignificantcommercialreturnstoTencent.AccordingtoTencent'sfinancialreport,SupercellcontributedRMB29,964million($4.41billion)toTencent'srevenuein2019,whichrepresentsa65.2%increasecomparedtothepreviousyear.Moreover,Supercell'snetprofitmarginwas42.9%in2019,whichismuchhigherthanTencent'soverallnetprofitmarginof21.5%.ThisindicatesthatSupercellhasmaintainedahighlevelofprofitabilityafteritsacquisitionbyTencent.

Onthenon-financialside,theacquisitionhasalsobroughtstrategicbenefitstoTencent.Firstly,SupercellhasenabledTencenttoentertheglobalgamemarketandexpanditsbusinessportfolio.ThishashelpedTencenttoreduceitsrelianceonthedomesticmarket,whichisbecomingincreasinglycompetitiveandsaturated.Secondly,theacquisitionhasprovidedTencentwithavaluablesourceofexpertiseandresourcesingamedevelopment.ThishashelpedTencenttoimproveitsgamedevelopmentcapabilityandenhancethequalityofitsgames.Finally,theacquisitionhascreatedsynergiesbetweenSupercellandotherTencentsubsidiaries,suchasWeChat.ThishashelpedTencenttoprovideamoreintegratedgamingandsocialexperienceforusers.

Conclusion

Inconclusion,theacquisitionofSupercellhasbeenasuccessfulstrategicmoveforTencent,enablingittoentertheglobalgamemarket,realizestrategictransformation,andachievesignificantcommercialreturns.TheacquisitionhasbroughtstrategicbenefitstoTencent,suchasdiversifyingitsbusinessportfolioandimprovingitsgamedevelopmentcapability,andhascreatedsynergiesbetweenSupercellandotherTencentsubsidiaries.Moreover,theacquisitionhasbeenfinanciallysuccessful,withSupercellcontributingsignificantlytoTencent'srevenueandmaintainingahighlevelofprofitability.Therefore,theacquisitionofSupercellhasbeenavaluableinvestmentforTencentandhashelpedittoconsolidateitspositionasaleadingplayerintheglobaltechnologyindustryInadditiontothefinancialbenefits,theacquisitionofSupercellhasalsoallowedTencenttoexpanditsreachintotheWesterngamingmarket.SupercellhasastrongpresenceintheWesternmarketwithpopulargamessuchasClashofClansandClashRoyale.ByacquiringSupercellandenablingittocontinueoperatingindependently,Tencenthasbeenabletotapintothismarketandgainafootholdinthehighlycompetitivegamingindustry.

Furthermore,theacquisitionhasallowedTencenttodiversifyitsbusinessportfolioandreduceitsrelianceonitscorebusinessesinChina.ByacquiringSupercell,Tencenthasgainedaccesstotheglobalgamingmarket,whichhashelpedtoreduceitsdependenceontherapidlychangingChinesemarket.ThisdiversificationstrategyhasbeencrucialforTencent'slong-termgrowthasithasfacedregulatorychallengesinChinainrecentyears,especiallywithregardstoitsmessagingappWeChat.

Overall,theacquisitionofSupercellhasbeenastrategicmoveforTencentthathaspositioneditasamajorplayerintheglobalgamingindustry.Byacquiringasuccessfulandprofitablegamedevelopmentcompany,TencenthasbeenabletoexpanditsreachintotheWesternmarket,diversifyitsbusinessportfolio,andenhanceitsgamedevelopmentcapability.ThesuccessfulintegrationofSupercellintoTencent'sportfoliohasdemonstratedthecompany'sabilitytomakestrategicacquisitionsandleveragethestrengthsofacquiredcompaniestoachievelong-termgrowthInadditiontoitsacquisitionofSupercell,Tencenthasalsomadestrategicinvestmentsinavarietyofgamingcompaniesaroundtheworld.Forexample,thecompanyownsastakeinRiotGames,thedeveloperofthehugelypopulargameLeagueofLegends.TencenthasalsoinvestedinanumberofgamedevelopersinChina,includingNetEase,PerfectWorld,andShandaGames.

TheseinvestmentsandacquisitionshavehelpedTencenttobecomeoneofthelargestandmostinfluentialcompaniesinthegamingindustry.Thecompany'sexpertiseinmobileandonlinegaminghasmadeitanattractivepartnerforgamedevelopersandpublishersaroundtheworld,anditsextensivenetworkofpartnershipsandinvestmentshasenabledittostayonthecuttingedgeoftheindustry.

Lookingtothefuture,Tencent'sgamingdivisionislikelytocontinuetobeamajordriverofgrowthforthecompany.Therapidlygrowingglobalgamingmarketpresentssignificantopportunitiesforexpansion,andTencent'sstrongpositionintheindustrymakesitwell-positionedtotakeadvantageoftheseopportunities.

Oneimportanttrendthatislikelytoshapethefutureofthegamingindustryistheriseofesports.Competitivegaminghasbecomeincreasinglypopularinrecentyears,withlargetournamentsandeventsdrawinghugecrowdsandgeneratingsignificantrevenue.Tencenthasalreadymadesignificantinvestmentsinesports,andisexpectedtobeamajorplayerinthisgrowingindustryintheyearstocome.

Anothertrendthatislikelytoshapethefutureofthegamingindustryistheincreasingpopularityofmobileandonlinegaming.Asmorepeoplearoundtheworldgainaccesstosmartphonesandtheinternet,thedemandformobileandonlinegamesislikelytocontinuetogrow.Tencent'sexpertiseinthese