Research On Motivations And Effects Of Hotel Enterprise Merger

In recent years,China's a-share securities market is gradually improving,and the quality enterprises listed abroad have accelerated the pace of privatization.Relative to the overseas market,both domestic macro policy and the a-share market valuation have the advantage.At the same time,domestic regulators have also taken active measures to promote the return of high-quality overseas listed companies to the a-share securities market.On August 9,2014,the state council issued "about several opinions to promote the development of tourism industry reform,vigorously promote the development of tourist industry,hotel industry which is closely linked with the tourism industry rapid development is affected by this again.In 2014-2016,the hotel industry started a merger and acquisition spree,and the occurrence of over 30 large-scale mergers and acquisitions in three years caused a great change in the hotel industry pattern.In 2017,the work report of the government further proposes "accelerating the development of mixed ownership economy",and a new round of state-owned enterprise reform will attract private capital to the top priority.In recent years,with the deepening of reform,the merger and acquisition of enterprises is developing rapidly.The reform of state-owned enterprises is in full swing,which is the trend of The Times.Based on the above background,this article selects the typical state-owned Beijing capital tourism hotel hotel industry mergers and stock return shares of home inns hotel case,combined with the scholars from all over the world for mergers and acquisitions motivation and m&a performance and other aspects of the research literature and all kinds of theory about the enterprise merger of mergers and acquisitions motivation and m&a performance is studied.First of all,the paper introduces the research background and significance of the thesis,and summarizes the literature on enterprise m&a motivation and m&a performance.Then,this paper adopts literature research and case analysis with the combination of research methods,through to the domestic and foreign literature about performance evaluation of enterprise mergers and acquisitions motivation and m&a reading,in the domestic macroeconomic environment,Beijing capital tourism hotel and home inns hotel based on their individual situation to analysis the reason of the merger,found that the acquisition is in the state-owned enterprises reform and generalized wave of delisting from the United States to promote complete,is to conduct resource integration,complementary advantages,play a synergistic effect,is in order to improve the market share,improve market competitiveness,and strengthen the long-term strategic cooperation with ctrip online,offline,implement the strategy of "Internet +".Then,this paper use event study method from the aspects of short-term performance evaluation of m&a success or failure of home inns hotel Beijing capital tourism hotel from debt paying ability,operation ability,profit ability,growth ability,four Angle through calculation of financial indicators to analyze the changes before and after the merger and acquisition,and then using the financial data analysis in enterprise resource integration,the market share of the acquisition performance evaluation.Through the analysis found that m&a happens after a period of time,Beijing capital tourism hotel each performance index decreased,but with further integration of the work is completed,the indicators improved significantly rise,in the end,come to the conclusion that the acquisition is successful m&a,the success of the acquisition enterprise has a certain reference value for the hotel,and connecting with the actual of hotel industry of our country put forward the corresponding Suggestions.