| In recent years,with the continuous advancement of China’s economic transformation and the continuous growth of people’s disposable income,the development of China’s tourism industry has ushered in a good opportunity for developing.In the case of increasing downward pressure on China’s economy,China’s tourism revenue and the number of tourists have repeatedly reached new high levels.The rapid development of tourism has fostered the development of China’s hotel industry,and various types of hotels have sprung up like bamboo shoots after a spring rain.Meanwhile,a variety of hotels mixed and the industry competition is more and more heated.Many hotels are facing the dilemma of elimination,so more and more hotels gradually choose the way to achieve rapid development and enhance competitiveness through corporate mergers and acquisitions.Merger and acquisition is one of the important strategic decisions of enterprises strategies.Through mergers and acquisitions,enterprises can realize the optimal allocation,integration and innovation of resources and play a synergistic role,which helps achieve rapid development,surpass competitors,and thus create more value.This thesis selects a series of BTG hotel’s M&A activities as a case study of hotel industry M&A,and it mainly analyzes the motivation and performance of a series of BTG hotel’s M&A in detail.First of all,based on the theory of M&A motivation and related literature,combining with the development and present situation of China’s hotel industry and considering the trend and the actual situation of BTG hotel,this thesis makes a detailed analysis of the motivation of BTG hotel’s series of M&A.It thinks the motivations of BTG hotel’s series of M&A mainly consist of three respectives and they are brand strategy related respective,regional layout related respective and resource integration related respective.Every respective contains a number of specific motivations.Secondly,event study method,EVA method,financial indicators and non-financial indicators are used to analyze the performance of a series of BTG hotel’s M&A from different angles in this thesis.Then combining the motivation analysis and performance analysis,this thesis draws a conclusion that the BTG hotel’s series of M&A have basically achieved its strategic objectives,and it significantly improve the performance of BTG hotel and increase the market competitiveness of BTG hotel,which represents the good effects of the series of M&A activities.At the same time,the BTG hotel’s M&A activities also exposed some problems which affect the performance of M&A activities.Finally,the thesis summarizes some relevant experiences and suggestions of M&A that China’s hotel industry may use as some good references for the future M&A activities. |
