Research On Risk Response Strategies For Merger And Acquisition Projects Of JL Group

The history of practical development shows that merger and acquisition is an effective way for enterprises and society to recombine resources to achieve expansion and development.For enterprises,mergers and acquisitions can help them quickly acquire high-quality resources.By controlling assets or property rights,they can reduce costs,expand markets,extend industrial chains,improve their core competitiveness and achieve scale effect.In terms of society,mergers and acquisitions can promote the redistribution of existing social resources.Through the flow and complementarity of resources,they can get rid of the traditional constraints,correct the original mismatch,and make resources flow to more efficient industries and enterprises,thus rapidly promoting the adjustment of industrial structure and industrial upgrading.However,not all mergers and acquisitions can achieve the desired resource integration and synergies,both internal and external environment changes in mergers and acquisitions,the chaos of the acquisition process,as well as the method of integration failure a combination of many uncertain factors,such as failure to achieve a expected effect of mergers and acquisitions,the uncertainty is the merger and acquisition risk,risk means possible failure of mergers and acquisitions.Therefore,it is particularly necessary to study the identification of merger and acquisition risks and risk response strategies.Western countries through the fifth wave of mergers and acquisitions,has accumulated a lot of merger cases with empirical research materials,relatively speaking,mergers and acquisitions in China started late,development time is short,to coincide with changes in the industry to the economic cycles of the industrial adjustment,the key to the development of m&a practice in exploratory stage,risk identification and response is Paramount for m&a.Concrete to the case of this paper,the hotel industry mergers and acquisitions frequent,Fuli Wanda hotel,Marriott acquisition of Starwood,Jin Jiang Group mergers and acquisitions of orange hotel and so on,industry and cross-industry mergers and acquisitions has become the general trend of the hotel industry.Undoubtedly,mergers and acquisitions can help the hotel to enrich the product,brand series,enrich the business chain of the enterprise,at the same time complementary resources,expand the market,and achieve scale effect.However,it should not be ignored that the huge acquisition may not be as bright as the surface.The excessive premium,the financial pressure brought by the acquisition,the operational pressure and the difficult integration of management methods and corporate culture have all become the "minefield" of hotel acquisition,and many risks are hidden in the merger and acquisition of the hotel industry.For the key risk points out of control will often cause the failure of mergers and acquisitions,to the hotel enterprise caused huge economic losses.Based on the merger and acquisition of JL group HS hotel project as the object of empirical study,based on the point of project risk,and based on the project identified in the risk of systemic response,to avoid project risk,and promote merger smooth realization is important,at the same time hope that through this study practice,work for JL group in the future to carry out mergers and acquisitions to provide support and method guidance,in terms of m&a risk control system of Wanda group to build a beneficial attempt and accumulate.The introduction of the paper first discusses the background of the topic,the significance of the research,the research ideas and the structure of the framework,as the beginning of the full text;Secondly,the domestic and foreign research on M&A theory is reviewed from three perspectives of M&A motivation,M&A risk and risk response,and the identification and risk response theory of M&A risk are emphatically elaborated,which serves as the theoretical basis for the full empirical analysis.The third part focuses on the merger and acquisition project of JL group,mainly evaluates the current operation and financial situation,and forms the practical basis for the empirical analysis in this paper.The fourth part systematically identifies and analyzes the risks of merger and acquisition projects of JL group,combines segmented identification with risk tree identification,and forms the framework of merger and acquisition risks according to HHM merger and acquisition risk framework,and analyzes the identified risks.The fifth part formulates the risk process and the principle,then relies on the risk analysis,proposes the countermeasure.In the end,the summary and prospect are given.