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1.0 Introduction 介绍
EBAY是一个在线拍卖和购物网站，允许人们在线购买和销售商品，它成立于1995年，eBay现在是世界上最大的电子市场之一（Shang et al。，2017）。中国已成为全球最大的电子交易市场之一，而EBAY在中国的业务量非常低，EBAY急于在未来几年迅速扩大其在中国的份额，选择收购或联盟是EBAY遇到的问题，这个文章将讨论这个问题。
EBAY is an online auction and shopping website that allows people to buy and sell goods online, it was founded in 1995, eBay is now one of the world's largest electronic markets (Shang et al., 2017). China has become one of the world's largest electronic trading market, and EBAY’s amount of business is very low in China, EBAY is anxious to quickly expand its share in China in the coming years, choosing acquisition or alliance is a problem now EBAY encounters, this article will discuss this problem.
2.0 Main body主体
2.1 Timing时间安排
EBAY首次进入中国市场时必须采用联盟的策略，因为EBAY最初并不熟悉中国的法律和金融体系，但并购涉及更多的金融和法律问题，并不容易匆忙进入M＆ A.其次，EBAY对中国市场的影响仍然相对较低，处于弱势地位，鲁莽的并购（并购）不利于EBAY后期对公司的管理和控制。最后，EBAY可能不太了解中国市场和中国电子商务的特点，很难找到最佳的收购目标，轻率收购可能会增加他们的收购成本。
EBAY在熟悉中国市场后可以采用并购战略。首先，EBAY对中国的法律和金融体系有了更清晰的认识，可以减少并购的障碍。其次，EBAY在扩大其在中国的影响力后，更能够加强对并购的管理和控制。最后，它可以更清楚地了解采集对象的价值，找到最合适的采购目标的冗余资产。
EBAY has to tap into an alliance's strategy when it first enters the Chinese market, as EBAY is not familiar with China's legal and financial system at first, but M & A involves more financial and legal issues and it is not easy to rush into M & A. Second, EBAY’s impact on the Chinese market is still relatively low, it is in a weak position, rash M&A (Mergers and Acquisitions) is not conducive to EBAY's later management and control of the company. Finally, EBAY may not have a very understanding of the Chinese market and the characteristics of Chinese e-commerce, it is difficult to find the best acquisition targets, rash acquisitions may increase their acquisition costs.
EBAY can adopt the strategy of M & A after becoming familiar with the Chinese market. First, EBAY has a more clear understanding of China's legal and financial system and can reduce the obstacles to M & A. Second, EBAY is more able to strengthen the management and control of M & A after the expansion of its influence in China. Finally, it can more clearly understand the value of the acquisition objects, the redundant assets to find the most suitable acquisition targets.
2.2 Advantages and disadvantages of M & A并购的利弊
优势包括，首先，它是通过企业并购来扩大企业规模，市场份额将增加，盈利能力和竞争力将相应提高，实现资源优化，从而成为市场的领导者。其次，它可以优化资源配置，实现资源共享，从而实现当今社会的强强联合。第三，企业通过并购可以使企业在保持原有业务领域的同时扩大新领域。第四，企业并购可以节省研发成本，并降低营销费用。
缺点包括需要清楚了解并购目标的实际运作情况，否则将导致并购成本大幅增加。它需要投入大量资金来购买目标，以及收购后的业务管理和员工安置。需要有足够的能力来调整收购后的业务管理和生产，以满足公司发展的要求。
Advantages include, first, it is through corporate M & A to expand the scale of the enterprise, the market share will increase, profitability and competitiveness will be enhanced accordingly to achieve resource optimization, and thus becoming the market leader. Second, it can optimize the allocation of resources to achieve resource sharing, so as to achieve powerful combination in today's society. Third, enterprises through M & A can enable enterprises to maintain the original business areas at the same time to expand in new areas. Fourth, corporate M & A can save on research and development costs, as well as reduce the cost of marketing expenses.
The disadvantage includes that it needs to have a clear understanding of the situation for the actual operation of the M & A targets, otherwise it will result in a substantial increase in M & A costs. It needs to invest a lot of money to buy the targets and for post-acquisition business management and staff placement. There needs to be sufficient capacity to adjust the post-acquisition business management and production to meet the requirements of the company's development.
2.3 Advantages and disadvantages of alliances
Alliances has the advantage of helping to strengthen the technical exchange among collaborators so that they can maintain their competitive edge in their own independent markets and form alliances with their competitors to prevent excessive investment by both parties in excessive competition, it helps them to have a faster access to new markets, it also helps to share market risk and cost together to cope with common market competitors (Perez-Truglia, 2017).
The disadvantage of alliance lies in that how to solve the contradiction and conflict between the alliance partners and who will control the alliance is a difficult problem to be solved. Therefore, the stability and sustainability of alliance are relatively not high. Alliance partners face the risk of disclosure of their own core technology. There is a risk of abuse of technology developed jointly by alliance partners.
2.4 Evaluation on EBAY’s development in China
The overall development EBAY in China is failed, the author analyzes the reasons for the failure as follows. In 2002, EBAY just entered the Chinese market, they invested heavily in the acquisition of Eachnet. EBAY attempted to direct use its successful experience in other countries in the operation towards Eachnet. However, Chinese market has its peculiarities in many aspects, such as consumer culture, market environment, laws and regulations, etc. EBAY failed to pay attention to these particularities and did not do a good job of localization. This is why EBAY succeeded in other countries while failed in China. If EBAY can start alliances with China's e-commerce companies, after being familiar with China's fundamentals to conduct the acquisition might be suitable.
3.0 Conclusion
It can be seen from the experience of EBAY's failure in China that forcible acquisition carried out by virtue of its own capital advantage will have the risk of failure, both acquisitions and alliances have advantages and disadvantages, companies should choose an appropriate strategy according to their own characteristics and external conditions.
References
Perez-Truglia, R. (2017). Markets, trust and cultural biases evidence from eBay. Journal of Behavioral and Experimental Economics, 72(2), 17-27.
Shang, G. et al. (2017). How much do online consumers really value free product returns? Evidence from eBay. Journal of Operations Management, 2(8), 214-226.
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