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一、资本市场为网络行业的发展提供了坚强的后盾。 网络行业对于资本运营的需求表现在两个方面:其一,网络业公司出于自身发展战略的考虑,需要通过资本运作的手段来扩大规模,调整产品结构或业务结构,以增强在所处行业中的竞争力;其二,作为一个新兴行业,网络业在发展过程中,可能会产生一些结构性的问题,如规模分布不合理、行业集中度低等等,资本运作中兼并、重组等手段可以有效地解决这些问题,而且这两个方面是相互联系的。 网络行业的特点决定了该行业中的公司必须要具有相当的规模才能生存和发展,而且由于这个行业瞬息万变,每天都有新的技术、新的公司出现,若要占得先机,则完成规模扩张的速度必须要快。靠自身的成长是一个方面,如果要加快进程,资本运作是必要的手段。依托资本市场进行有效的资本运作,可以实现低成本的扩张。从去年到今年,在美国的网络行业,通过资本市场进行资本扩张的案例不胜枚举。去年,Yahoo分别以36亿美元和60亿美元收购了虚拟社区公司Geocites和网上传播公司Broadcast.com,使Yahoo的用户数量成几何级数增长。同年11月,AOL(美国在线)兼并网景公司,以低成本进入网络浏览器市场。今年1月,名不见经传的互联网公司@ Home在电信巨人AT&T的支持下收购网络引擎Excite,成为与雅虎、微软?
First, the capital market for the development of the network industry provides a strong backing. Network industry demand for capital operation in two aspects: First, the network industry companies for their own development strategy considerations, the need for capital operation to expand the scale, adjust the product structure or business structure to enhance the industry Second, as an emerging industry, the network industry may have some structural problems in the development process. For example, the scale distribution is not reasonable, the industry concentration is low and so on, the merger and reorganization of capital operation and other means These problems can be effectively solved, and these two aspects are interrelated. The characteristics of the network industry determine the companies in the industry must have a considerable scale to survive and develop, and because of this rapidly changing industry, new technologies every day, new companies appear, to gain the upper hand, the completion of the scale Expansion must be fast. By one’s own growth is an aspect, if you want to speed up the process, capital operation is a necessary means. Rely on the capital market for effective capital operation, can achieve low-cost expansion. From last year to this year, there were numerous cases of capital expansion through the capital market in the U.S. network industry. Last year, Yahoo acquired Geocites, a virtual community company, and Broadcast.com, for $ 3.6 billion and $ 6 billion, respectively, to increase the number of users in Yahoo! a geometric series. In November of the same year, AOL (AOL) merged with Netscape to enter the web browser market at a low cost. In January of this year, little-known Internet company @ Home acquired the network engine Excite with the support of telecommunications giant AT & T, becoming a partner with Yahoo and Microsoft?