Merger And Acquisition Performance Analysis Under The Background Of Mixed-ownership Reform

With the development of economic globalization,China as an economic power plays an increasingly important role in the world.Meanwhile,China faces the great pressure that countries race to catch up with each other,it makes our country has to promote comprehensively deepen reform,strengthen the competitiveness,innovation and influence of the state-owned enterprise on the world stage,the mixed ownership reform is one of the “magic weapon” to improve the strength of state-owned enterprises.Since the reform and opening up,China has made various attempts to the mixed-ownership reform,from the "decentralization and profit transfer" of state-owned enterprises to the joint-stock reform,and from encouraging the development of mixed-ownership economy to actively carrying out the mixed-ownership reform pilot of state-owned enterprises.It can be seen that China has never stopped on the road of mixed-ownership reform.After nearly 40 years of mixed ownership reform,the state-owned enterprises work better and better.since 2016,according to different industries in China’s state-owned enterprises carried out steadily and orderly,mixed ownership reform pilot work has so far has identified three batches of a total of 50 list of the local state-owned enterprises,in the global industry division of labor pattern in the future on the deployment of laid a solid foundation.At the same time,M&A have become a hot trend in China after years of development.Therefore,the research on how to realize the mixed-ownership reform through M&A has become an era topic to better realize the strategy of comprehensive deepening of China’s reform.This article selects the BTG Hotels’ M&A case of mixed-ownership reform as the research object,the case method as the main research methods,focus on analysis of BTG Hotels at the completion of the corporate performance changes,according to the performance and non-mixed-ownership reform case comparison found that the mixed-ownership reform can make BTG Hotels’ short-term performance,mid-term and long-term performance and operating efficiency improved significantly,and the market influence and competitiveness increases.According to the main line of research,this paper is divided into three parts.Firstly,literature review on mixed ownership reform and enterprise performance is summarized to provide research clues and directions for this paper,and case analysis is guided by property right theory,super-property right theory,principal-agent theory,synergistic effect theory and different enterprise performance evaluation methods.Secondly,describes the home inns hotel beforehand agent Beijing capital tourism hotel mergers and acquisitions,mergers and acquisitions process and rectification process of concrete,using event study,comprehensive analysis of financial index analysis and data envelopment analysis Beijing capital tourism hotel business performance change before and after the change,and through the longitudinal comparison with different cases to analyze the effectiveness of the mixed ownership reform,and case summary;Finally,combined with relevant theories,this paper mainly draws some conclusions that are beneficial to the mixed reform and can be promoted nationwide from the aspects of mixed reform path,equity structure and corporate governance structure,and puts forward some specific Suggestions to guide the better and faster progress of mixed reform.To sum up,the mixed-ownership reform completed by BTG Hotels is a relatively successful mixed-ownership reform practice,which not only encourages the continuous promotion of the mixed-ownership reform in China,but also provides references and practical experiences for the mixed-ownership reform of state-owned enterprises in fully competitive industries.