从近几年中国互联网三大巨头百度、阿里巴巴、腾讯(以下简称“BAT”)几个关注度较高的并购案的梳理中,我们发现大多数情况下并购方在经营权的安排上,并没有更换被并购方的首席执行官。在控制权的安排上,甚至仍保留原有团队的控股权。传统企业的并购倾向于获得控制权,凭借控制权对被并购方的管理团队进行清理,换成并购方自己的高管组成新的管理团队,这是一种从控制权到经营权全面收归自有的方式。和传统企业并购案相比,互联网企业对控制权、经营权的理解似乎有所 In recent years, in the review of several high-profile mergers and acquisitions involving Baidu, Alibaba and Tencent (hereinafter referred to as “BAT”), we find that in most cases, the arrangement of management rights And did not replace the CEO of the acquired party. In the control of the arrangement, and even retain the original team control. The merger of traditional enterprises tend to gain control, with the control of the acquired party’s management team to clean up, mergers and acquisitions own executives to form a new management team, which is a full control from the right to control the operation Own way. Compared with the traditional mergers and acquisitions, Internet companies seem to have some understanding of control and management rights