【作者】 刘斌；

【导师】 邹高峰； 胡建春；

【作者基本信息】 天津大学 ， 会计硕士（专业学位）， 2021， 硕士

【摘要】 近年来,随着我国经济转型的不断推进和人民可支配收入的不断增长,旅游业的发展迎来了发展的良好机遇。在我国经济下行压力加大的情况下,我国旅游业收入和旅游人数却屡创新高。旅游业的快速发展加快了我国酒店行业的发展与升级,各种类型的酒店如雨后春笋般出现。但与此同时各种酒店鱼龙混杂,行业竞争越来越白热化,不少酒店面临着淘汰出局的困境,于是越来越多的酒店走上了通过企业并购来实现快速发展和提升竞争力的道路。企业并购是企业的重要战略决策之一。通过并购,企业可以实现资源优化配置、整合和创新,发挥协同作用,进而实现快速发展,超越竞争对手,从而创造更多的价值。本文选取了首旅酒店系列并购作为研究酒店业并购的案例,主要对首旅酒店系列并购动因和绩效进行了详细的分析。首先,本文根据企业并购动因理论和相关文献并结合了我国酒店行业发展现状和趋势以及首旅酒店的实际情况,对首旅酒店系列并购动因进行了详尽的分析,认为首旅酒店系列并购活动主要有三个层面的动因分别是品牌战略动因、地区布局动因和资源整合动因。每个层面动因下又包含若干个具体动因。其次,本文在首旅酒店系列并购绩效评价中分别使用了事件研究法、EVA法、财务指标法和非财务指标法共四个绩效评价方法从不同角度对并购绩效进行了分析评价。然后本文结合首旅酒店系列并购动因分析和绩效分析结果得出了结论,首旅酒店系列并购活动基本上实现了其战略目标,显著地改善了首旅酒店的经营绩效,提升了首旅酒店的市场竞争力,体现了首旅酒店系列并购的良好效果,但同时也暴露了一些影响并购绩效的问题。最后,本文对相关并购经验进行了总结并提出了相关建议以期为未来我国酒店行业的并购提供一些借鉴和参考。更多还原

【Abstract】 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.更多还原