Research On The Construction Of Financial Risk Evaluation System Of Hotel Enterprise Merger And Acquisition

With the national implementation of supply side structural reform,all walks of life in China are actively adjusting the industrial structure.As an important part of the tertiary industry service industry,the hotel industry is facing major structural adjustment and resource integration.With the fierce competition of economy hotel,the domestic hotel market is facing the trend of transforming from economy hotel to medium and high-end hotel.There is a wave of M&A in the industry,and hotel enterprises are frequently involved in M&A and restructuring.As the main content of M&A risk,the financial risk of M&A is the key point of M&A research.Financial risk is related to the success or failure of M&A and the long-term development of the enterprise.The M&A process itself is a complex transaction process,with potential risks throughout the whole process.If the financial risk of M&A is not strengthened,the enterprise may fall into financial difficulties due to excessive financial risks,and eventually lead to bankruptcy.The reasonable evaluation of the financial risk of merger and acquisition is the basis of taking risk prevention measures.At present,the theory and practice of the financial risk evaluation of merger and acquisition of hotel enterprises are still lacking,so this paper plans to build a financial risk evaluation system of merger and acquisition of hotel enterprises,and strengthen the management of financial risk in merger and acquisition of hotel enterprises.In this paper,the definition of M&A,M&A risk identification and M&A risk evaluation literature are read and sorted out.On this basis,the status quo of financial risk of M &A of hotel enterprises in China is analyzed,and the establishment of financial risk evaluation system of M&A of hotel enterprises is proposed.The core part of this paper is the construction of M &A financial risk evaluation index system and M &A financial risk evaluation model.This paper is divided into six parts.The first part explains the research background and purpose of this paper,constructs the research framework of this paper,reviews the development of the connotation of the financial risk of M&A systematically in the literature review part,combs the theory of the recognition and evaluation of the financial risk of M&A at home and abroad,and lays a theoretical foundation for the construction of the M&A system.The second part is the related concepts and theoretical basis,mainly expounds the related concepts of hotel enterprises and merger and acquisition financial risk,and expounds the connotation and development of information asymmetry theory,modern capital structure theory and synergy effect theory.The third part is the analysis of the current situation and the main sources of the risk of Hotel M&A,and puts forward that the risk sources of the financial risk of Hotel M&A are respectively the financial risk,pricing risk,financing risk and financial integration risk.The fourth part is the core part.Based on the analysis of the third part,the paper constructs the financial risk evaluation index system of hotel enterprise M&A,which includes four secondary indexes and 16 tertiary indexes.Before and after the paper,AHP and fuzzy comprehensive evaluation are used to determine the index weight and risk level.The fifth part is the case analysis of the application of the system.This paper uses the typical case of BTG Hotels to evaluate the financial risk of M&A qualitatively and quantitatively.In the sixth part,the author puts forward some suggestions on risk prevention in the case of BTG Hotels,in order to provide some reference for other hotel enterprises to evaluate the financial risk of M&A,so as to help hotel enterprises improve the success rate of M&A.The innovation of this paper is to study the financial risk of M&A deeply into the hotel enterprises,and construct the financial risk evaluation system of M&A of hotel enterprises by using AHP and fuzzy comprehensive evaluation.In addition,the case study of the financial risk assessment system of hotel merger and acquisition is carried out to provide management reference and experience reference for other hotel enterprises.