The Selection Of The Mode Of Capital Operation To The Listed Hotel Companies In China

In recent years, "capital operation" has become a research topic of concern regarding hotel management in China. The capital operation of listed hotel companies with broad representation will be the main study. For the problems that its capital operation showed in practice, this paper studied on the selection of the mode of capital operation from a strategic perspective, considering the companies' long-term development and their own company situation. There are also many scholars who have studied on the mode of capital operation. But they mostly concentrated on the mode of merger & acquisition and the mode of restructuring. And they rarely involved in the selection of the mode of capital operation. The characteristics of the hotel industry decide that the listed hotel companies should use the mode of merger & acquisition to achieve scale, and use the mode of management output to seek economies of scale in management size at the same time.From the perspective of this paper, the process of the selection of the mode of capital operation is also a strategic planning process. This is not only related to strategy and tactics level, but also to specific decision-making level, that is, the technical level. The strategic level is to locate the capital operation strategy by SWOT analysis, on the basis of knowing well of the listed hotel companies's internal situation and the external environment. This will play a guiding role for the selection; The tactics level is to determine its tactics from the start with the leading driving force currently. Once the tactics determined, the feasible modes of capital operation can be found. And this will play a screening role; The technical level is to make a grey situation decision based on the basic features especially the performance factors of the modes, cross reference to the practice of the company's capital operation. That is to establish a situation set, select the objective assessment, make comprehensive evaluation on the options, and then get the preference rank.This paper aims to develop a selection framework of the mode of capital operation for reference for the future practice of China's hotel industry.